{ "markdown": "# 2026 Portfolio Positioning & Outlook\n\nOur focus is centered on two key priorities: (1) executing a proactive and disciplined resolution strategy across our watch list\nassets and certain legacy office exposures, and (2) positioning a significant portion of our REO portfolio for monetization\n\n\n
Target Loan Portfolio Composition (YE 2026)(1) REO Portfolio Exposure. The chart presents a comparative analysis of four loan categories between YE 2025 and YE 2026.
CategoryYE 2025YE 2026Change
Legacy Office21%<10%Decrease
Watch List13%~0%Decrease
Modified Life Science19%~100%Increase
New Originations(2)19%~50%Increase
\n\nThe figure consists of four side-by-side bar charts, each comparing YE 2025 (grey bars) to YE 2026 (colored bars). The first chart, labeled '<10% Legacy Office', shows a decrease from 21% to <10%. The second, labeled '~0% Watch List', shows a decrease from 13% to ~0%. The third, labeled '100% Modified Life Science', shows an increase from 19% to ~100%. The fourth, labeled '~50% New Originations(2)', shows an increase from 19% to ~50%. Diagonal arrows connect the top of the 2025 bars to the 2026 bars to visually represent the trend.
\n\n# Near Term Resolutions\n\n- West Hollywood, CA (Luxury Condo)\n- Raleigh, NC (Multifamily)\n- Philadelphia, PA (Office)\n\n\n# Medium Term Resolutions\n\n\n - *Mountain View, CA (Office)*\n - *Portland, OR (Redevelopment)*\n\n\n# Long Term Resolutions\n\n- Seattle, WA (Life Science)\n- Boston, MA (Life Science)\n\n\nNote: This information reflects current targets as of the date presented and is subject to change. Actual results may differ\n (1) Represents target composition as of December 31, 2026\n (2) Represents 2024 through 2026 originated loans\n\n\nKREF\n\n\n8\n\n", "structure": { "type": "document", "markdown": null, "children": [ { "type": "page", "page": null, "span": null, "width": null, "height": null, "dpi": null, "grounding": { "page": 1, "range": { "start": 0, "end": 1997 }, "box": { "xmin": 0.0, "ymin": 0.0, "xmax": 1.0, "ymax": 1.0 } }, "markdown": null, "status": "ok", "reason": null, "children": [ { "type": "text", "id": "text-0", "span": null, "grounding": { "page": 1, "range": { "start": 0, "end": 293 }, "box": { "xmin": 0.0551, "ymin": 0.04903, "xmax": 0.91439, "ymax": 0.19879 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 40 }, "box": { "xmin": 0.05741, "ymin": 0.05268, "xmax": 0.64812, "ymax": 0.11164 } }, { "page": 1, "range": { "start": 40, "end": 169 }, "box": { "xmin": 0.06101, "ymin": 0.13563, "xmax": 0.91046, "ymax": 0.16199 } }, { "page": 1, 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