{ "document": "d6c9f141f570ed8f", "scans": [ { "page": 64, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "parse-01m3d48msmd64g684ac6jdrar0", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.2, "reused": false, "response_artifact": "d6c9f141f570ed8f.p64.ade.json", "figures": [ { "page": 64, "text": "This is a pie chart titled \"Investment Portfolio(1)(2)(3)\" illustrating the percentage breakdown of various investment categories. The chart is divided into several slices of varying sizes, representing the portfolio allocation. The segments are colored in shades of teal, with larger segments in lighter teal and smaller segments in darker teal.\n\n| Investment Category | Percentage |\n| --- | --- |\n| Industrial | 23% |\n| Multifamily | 22% |\n| US Office | 17% |\n| Non-US Office | 6% |\n| Hospitality | 9% |\n| Retail | 3% |\n| Self-Storage | 3% |\n| Life Sciences/Studio | 1% |\n| Other Loans | 3% |\n| Bank Loan JV | 3% |\n| Net Lease JV | 3% |\n| Owned RE | 7% |", "box": { "left": 0.16134, "top": 0.17104, "right": 0.79191, "bottom": 0.65446 }, "chunk_id": "figure-0", "job_id": "parse-01m3d48msmd64g684ac6jdrar0", "picture_ref": "#/pictures/1" } ], "tables": [], "context": [ { "page": 64, "kind": "text", "text": "**II. Investments**\n**Investment Portfolio**\nOur Investment Portfolio consists of our Loan Portfolio, our investments in our Bank Loan Portfolio Joint Venture and Net\nLease Joint Venture, our owned real estate assets, and our investments in debt securities. The chart below details the\ncomposition of our Investment Portfolio as of March 31, 2026:\n", "box": { "left": 0.08665, "top": 0.06213, "right": 0.9149, "bottom": 0.16491 }, "chunk_id": "text-0" }, { "page": 64, "kind": "text", "text": "■ Included in our Loan Portfolio(4)\n", "box": { "left": 0.08714, "top": 0.66715, "right": 0.32228, "bottom": 0.69065 }, "chunk_id": "text-1" }, { "page": 64, "kind": "text", "text": "(1) Our Investment Portfolio reflects the gross amount of our investments as of March 31, 2026, which consists of (i)\nour Loan Portfolio, which represents net book value less total loans receivable CECL reserves, (ii) our share of the\ncarrying value of investments held by our Net Lease Joint Venture, (iii) our share of the fair value of the loans held\nby our Bank Loan Portfolio Joint Venture, (iv) the aggregate carrying value of our owned real estate assets, and (v)\nthe fair value of our investments in debt securities.\n(2) Assets in our Loan Portfolio with multiple components are proportioned into the relevant property types based on\nthe allocated value of each property type.\n(3) Investment types that represent less than 1% of our Investment Portfolio are excluded from the chart.\n(4) Represents the types of properties securing the loans in our Loan Portfolio.\n", "box": { "left": 0.08678, "top": 0.72155, "right": 0.91379, "bottom": 0.86307 }, "chunk_id": "text-2" }, { "page": 64, "kind": "text", "text": "Refer to section VII of this Item 2 for details of our Loan Portfolio, on a loan-by-loan basis.\n", "box": { "left": 0.08932, "top": 0.87139, "right": 0.70007, "bottom": 0.89239 }, "chunk_id": "text-3" }, { "page": 64, "kind": "marginalia", "text": "63\n", "box": { "left": 0.48494, "top": 0.96649, "right": 0.51456, "bottom": 0.98558 }, "chunk_id": "marginalia-0" } ] }, { "page": 67, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "parse-01m3d48mrf9snmhzdmy4a5vzwf", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.1, "reused": false, "response_artifact": "d6c9f141f570ed8f.p67.ade.json", "figures": [ { "page": 67, "text": "The figure consists of two side-by-side pie charts displaying Net Loan Exposure. The chart on the left is titled 'Geographic Diversification (Net Loan Exposure)(1)', and the chart on the right is titled 'Collateral Diversification (Net Loan Exposure)(1)(2)'.\n\n| Geographic Diversification | Percentage |\n| --- | --- |\n| Sunbelt | 23% |\n| West | 11% |\n| Northeast | 11% |\n| Midwest | 4% |\n| Northwest | 3% |\n| UK | 21% |\n| Other Europe | 18% |\n| Australia | 7% |\n| Canada | 2% |\n\n| Collateral Diversification | Percentage |\n| --- | --- |\n| Multifamily | 26% |\n| Industrial | 25% |\n| US Office | 19% |\n| Non-US Office | 7% |\n| Hospitality | 10% |\n| Retail | 4% |\n| Self-Storage | 3% |\n| Other Property | 4% |\n| Life Sciences/Studio | 2% |", "box": { "left": 0.08205, "top": 0.10883, "right": 0.93031, "bottom": 0.51196 }, "chunk_id": "figure-0", "job_id": "parse-01m3d48mrf9snmhzdmy4a5vzwf", "picture_ref": "#/pictures/2" } ], "tables": [], "context": [ { "page": 67, "kind": "text", "text": "The charts below detail the geographic distribution and types of properties securing our Loan Portfolio, as of March 31,\n2026:\n", "box": { "left": 0.08746, "top": 0.06116, "right": 0.91325, "bottom": 0.09834 }, "chunk_id": "text-0" }, { "page": 67, "kind": "text", "text": "(1) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of March 31, 2026,\nwhich is our principal balance net of (i) $961.1 million of asset-specific debt, (ii) $20.3 million of cost-recovery\nproceeds, and (iii) our total loans receivable CECL reserve of $291.6 million. Our asset-specific debt is structurally\nnon-recourse and term-matched to the corresponding collateral loans. Geographic locations that represent less than\n1% of net loan exposure are excluded from the chart.\n(2) Assets with multiple components are proportioned into the relevant property types based on the allocated value of\neach property type.\n", "box": { "left": 0.08747, "top": 0.58321, "right": 0.91464, "bottom": 0.69814 }, "chunk_id": "text-1" }, { "page": 67, "kind": "text", "text": "Refer to section VII of this Item 2 for details of our loan portfolio, on a loan-by-loan basis.\n", "box": { "left": 0.08898, "top": 0.71142, "right": 0.69422, "bottom": 0.73414 }, "chunk_id": "text-2" }, { "page": 67, "kind": "marginalia", "text": "66\n", "box": { "left": 0.48551, "top": 0.96664, "right": 0.51527, "bottom": 0.98566 }, "chunk_id": "marginalia-0" } ] } ], "errors": [ "page 64: note '1' sits on 'Investment Portfolio(1)(2)(3)' and the figure's value table has no value under that label; the note is on the picture only", "page 64: note '2' sits on 'Investment Portfolio(1)(2)(3)' and the figure's value table has no value under that label; the note is on the picture only", "page 64: note '3' sits on 'Investment Portfolio(1)(2)(3)' and the figure's value table has no value under that label; the note is on the picture only", "page 64: note '4' sits on 'Included in our Loan Portfolio(4)' and the figure's value table has no value under that label; the note is on the picture only", "page 67: note '1' sits on 'Geographic Diversification (Net Loan Exposure)(1)', 'Collateral Diversification (Net Loan Exposure)(1)(2)' and the figure's value table has no value under that label; the note is on the picture only", "page 67: note '2' sits on 'Collateral Diversification (Net Loan Exposure)(1)(2)' and the figure's value table has no value under that label; the note is on the picture only" ], "removed": [] }