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"text": "\n\nLoan Portfolio(A)\n\nInvestment Type Interest Rate Type Property Type\n<::pie chart\nSenior Loans 100%\n: chart::> <::pie chart\nFixed 1%\nFloating 99%\n: chart::> <::pie chart\nHospitality 3%\nOther(C) 2%\nLife Science(B) 14%\nOffice 18%\nMultifamily 41%\nIndustrial 22%\n: chart::>",
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"text": "\n\nGeography\n<::Pie chart titled \"Geography\" showing the distribution by location:\n- CA: 18%\n- Other: 16%\n- MA: 12%\n- FL: 11%\n- TX: 11%\n- NC: 7%\n- U.K.: 6%\n- D.C.: 5%\n- PA: 5%\n- NY: 5%\n- MN: 4%\n: pie chart::>\nOriginal Vintage\n<::Pie chart titled \"Original Vintage\" showing the distribution by year:\n- 2021: 41%\n- 2022: 25%\n- 2025: 19%\n- 2017: 4%\n- 2026: 4%\n- 2020: 3%\n- 2018: 2%\n- 2019: 2%\n- 2024: <1%\n: pie chart::>",
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"text": "\n\n<::LTV(D) pie chart::>\n<::\n <60%: 24%\n 60-65%: 15%\n 65-70%: 16%\n 70-75%: 37%\n 75-80%: 8%\n: pie chart::>",
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"text": "\n\n## Our Portfolio\n\nWe have established a $5,725.4 million portfolio of diversified investments, consisting primarily of senior commercial real estate loans as of March 31, 2026.",
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"text": "\n\nAs of March 31, 2026, the average risk rating of our loan portfolio was 3.3, weighted by loan outstanding principal. As of March 31, 2026, the average loan commitment in our portfolio was $107.8 million and multifamily and industrial loans comprised 63% of our loan portfolio.",
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"text": "\n\nIn addition, we owned Real Estate Assets with an investment amount of $505.0 million, comprised of the acquired properties\n(directly or indirectly) and capitalized redevelopment costs, as of March 31, 2026. These properties are reflected on our\nCondensed Consolidated Balance Sheets.",
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"text": "\n\nWe have executed on our primary investment strategy of originating floating-rate transitional senior loans and, as we continue\nto scale our loan portfolio, we expect that our originations will be heavily weighted toward floating-rate loans. As of March 31,\n2026, substantially all of our loans by outstanding principal earned a floating rate of interest. We expect the majority of our\nfuture investment activity to focus on originating floating-rate senior loans that we finance with our repurchase and other\nfinancing facilities. As of March 31, 2026, all of our investments were located in the United States and Europe.",
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"text": "\n\nThe following charts illustrate the diversification and composition of our loan portfolio as of March 31, 2026, based on type of investment, interest rate, underlying property type, geographic location, vintage and LTV:",
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"text": "\n\n(A) Charts are based on outstanding principal of our commercial real estate loans. Excludes fully written off loans, loans held in CMBS investments, and equity method investment, unconsolidated entity.\n\n(B) We classify a loan as life science if more than 50% of the gross leasable area is leased to, or will be converted to, life science-related space.\n\n(C) \"Other\" property type includes Student Housing (2%) and Mixed Use (<1%).\n\n(D) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. Weighted average LTV excludes risk-rated 5 loans.",
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