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"text": "\n\n<::\n: pie chart::>\n\nCenter: $5.3B Investment Assets + Unrestricted Cash\n\nCRE Loans: $2,245 (42%)\n- >99% senior secured first mortgages\n- ~$25M-$30M avg. loan size\n- 69% W.A. LTV\n- >95% post-COVID originations\n\nCRE Equity: $966 (18%)\n- $596M net lease (62% of CRE equity)\n- 149 properties\n- ~7-year avg. remaining lease term\n- ~61% IG-rated tenants\n- $38M in-place annual NOI\n\nCRE Securities: $2,088 (39%)\n- 99% IG-rated\n- 97% AAA-rated\n- <3.0-year W.A. duration\n- <$15M avg. investment per CUSIP\n\nUnrestricted Cash & Cash Equivalents: $38 (1%)\n\nLIQUIDITY\n- $608M of liquidity:\n - $38M of unrestricted cash & equivalents\n - $850M unsecured corporate revolver ($570M undrawn)\n",
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"text": "\n\nLOAN TYPE\n<::donut chart showing the breakdown of loan types and their values:\nBalance Sheet First Mortgage Loans: $2,210M\nConduit First Mortgage Loans: $28M\nOther CRE-Related Loans: $7M\n: chart::>\n",
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"text": "\n\nGEOGRAPHY\n<::donut chart showing geographical distribution by percentage:\nNortheast: 29%\nMidwest: 16%\nWest: 10%\nSouthwest: 11%\nSouth: 34%::>",
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"text": "\n\n<::LOAN SIZE: donut chart::>\n<::Below $25M: 32%\n$25M - $50M: 30%\n$51M - $75M: 16%\n$76M - $100M: 12%\nAbove $100M: 10%: chart::>",
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"text": "\n\nPROPERTY TYPE\n<::donut chart\n: Multifamily: 55%\nOffice: 26%\nIndustrial: 7%\nMixed Use: 6%\nOther: 3%\nRetail: 3%\nHotel: 1%::>",
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"text": "\n\n## LOAN PORTFOLIO KEY METRICS\n\n$2.2B LOAN PORTFOLIO\n\n~$25M-$30M AVERAGE LOAN SIZE\n\n69% W.A. LTV ¹\n\n**2.9-YEAR** W.A. EXTENDED MATURITY\n\n**LIGHT-TRANSITIONAL FOCUS** WITH NO CONSTRUCTION LOANS\n\n**LIMITED FUTURE FUNDING** COMMITMENTS ($93M)",
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"text": "\n\n**OFFICE LOAN PORTFOLIO METRICS**\n\n11% OF TOTAL ASSETS\n\n68% W.A. LTV¹\n87% CLASS A PROPERTIES\n71% ACQUISITION LOANS\n86% POST-COVID LOANS",
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"text": "\n\nNote: As of 12/31/2025. Amounts shown in charts before $47.1 million CECL allowance. Other Commercial Real Estate-Related loans include mezzanine and subordinate loans.\n1. For a description of this financial measure, see Selected Definitions on page S-22",
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"text": "\n\noption Q4 2025: [ ]\noption Q3 2025: [ ]\noption Q2 2025: [ ]\noption Q1 2025: [ ]\noption Q4 2024: [ ]",
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"text": "\n\n12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024\nCarrying Value of Assets $2,088 $1,941 $1,966 $1,476 $1,081\nWeighed-Average Yield 5.3% 5.7% 5.9% 5.8% 6.0%\nNumber of CUSIPs 141 139 134 123 121\nAverage CUSIP Size $14.8 $14.0 $14.7 $12.0 $8.9\nWeighted-Average Duration 3.0 Years 2.8 Years 2.4 Years 2.9 Years 2.4 Years\n% AAA-Rated 97% 96% 97% 96% 91%\n% Investment Grade-Rated 99% 99%+ 99%+ 99%+ 98%\n\n<::Securities Portfolio Duration Profile (as of 12/31/2025)\nchart::>\n\n<::\nLegend:\nCategory Weighting\nCumulative Weighting\n\nX-axis: Duration\nY-axis: Percentage (0% to 100%)\n\nData points:\n0-1 year:\n Category Weighting: 13% ($273M)\n Cumulative Weighting: 13% ($273M)\n1-3 years:\n Category Weighting: 20% ($427M)\n Cumulative Weighting: 34% ($701M)\n3-5 years:\n Category Weighting: 66% ($1.4B)\n Cumulative Weighting: 100% ($2.1B)\n: chart::>",
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"text": "\n\nCAPITALIZATION\nSUMMARY\n<::pie chart::>\nCentral value: $5.0B Total capitalization\n\nSegments:\n- Book Equity: $1,481 (30%)\n- Repo Debt Facilities: $627 (13%)\n- Non-Recourse Mortgage Financing: $388 (8%)\n- Unsecured Corporate Bonds & Revolver: $2,495² (50%)\n::>",
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"text": "\n\n## KEY LEVERAGE &\nCAPITALIZATION RATIOS\n\n**2.4X** TOTAL LEVERAGE RATIO\n\n**2.0X** ADJUSTED LEVERAGE RATIO ³\n\n**87%** NON-RECOURSE, NON-MARK-TO-MARKET &\nUNSECURED DEBT + BOOK EQUITY ⁴\n\n**82%** NON-MARK-TO-MARKET DEBT / TOTAL DEBT\n\n**71%** UNSECURED DEBT / TOTAL DEBT",
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"text": "\n\nNote: As of 12/31/2025. Dollars in millions.\n1. Leverage ratio: 2.0x (vs. 3.5x IG bond covenant maximum). Unencumbered asset/unsecured debt ratio: 1.64x (vs. 1.20x IG bond covenant minimum). Fixed charge coverage ratio: 2.70x (vs. 1.25x IG bond covenant minimum).\n2. Includes $2.2B of unsecured corporate bonds and $280M drawn on $850M unsecured corporate revolver\n3. For a description of this non-GAAP financial measure, see Selected Definitions on page S-22\n4. Represents percentage of total capitalization\nS-13",
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"text": "\n\n# KEY UNENCUMBERED POOL HIGHLIGHTS\n\n**81%** OF TOTAL ASSETS ARE UNENCUMBERED\n\n**87%** COMPRISED OF CASH, FIRST MORTGAGE LOANS AND IG SECURITIES\n\n**1.67X** UNENCUMBERED ASSETS / UNSECURED DEBT\n\n**$1.2B** CUSHION VS. 1.20X LEVEL\n\n**>65%** OF IG SECURITIES PORTFOLIO IS UNENCUMBERED",
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"text": "\n\n## **Context**\n- Every occurrence of: `<::visual content::>` marks a placeholder for **visual elements** (e.g., photos, diagrams, charts, flowcharts, tables, or logos).\n\n## **Instructions**\n1. **Expand each `<::visual content::>` placeholder** by describing or transcribing the content inside the visual accurately.\n - Replace with:\n ```\n <::transcription of the content\n : chart::>\n ```\n or\n ```\n <::transcription of the content\n : flowchart::>\n ```\n or other descriptors as appropriate.\n2. **Faithfully regroup text**:\n - If surrounding text belongs logically to the visual (e.g., axis labels, captions, or legends), **move it into the placeholder block**.\n - Merge separate placeholders if they represent parts of a **single logical visual element**.\n3. Maintain the **reading order and document hierarchy** as closely as possible to the original layout.\n4. Ensure **balanced placeholders** for every expanded block (`<::` and `::>` must match).\n\n\n✅ **Output Requirements**\n- Return in a json format as shown in the following pydantic. No commentary, only valid JSON.\n```python\nfrom typing import Dict\nfrom pydantic import BaseModel\n\n# Figure schemas for structured figure output\nclass FigureSchemaStage2(BaseModel):\n markdown: str\n category: Literal[\"figure\", \"not_figure\"] = \"figure\"\n\n```\n\nWhere category is `figure` only if the primary content of the image is a figure, chart, diagram, or other visual.\n\n## Normalization for downstream tasks:\n\n1. When a document contains any type of selectable options (e.g., checkboxes, radio buttons, toggles, multiple-choice answers, dropdown selections, highlighted choices, tick marks, or circled answers), they must be converted into a consistent normalized format to ensure reliable use in downstream tasks.\n - ### General Rule\n Represent each selectable item using the structure:\n ```\n option