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"markdown": "\n\n# Average Duration\n\n- **GSE/Agency** \u2013 Predominately five to ten-year fixed-rate loans; includes long-dated prepayment protected servicing income creating a significant annual annuity\n- **Balance Sheet** \u2013 Three to five years on average; feeds pipeline of future GSE/Agency originations\n- **Single-Family Rental** \u2013 One to three years on average; offers us three turns on our capital through construction, bridge and permanent loans\n- **Construction (APC)** \u2013 Multifamily product, one to three years on average; offers us three turns on our capital through construction, bridge and permanent agency loans",
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"markdown": "\n\nSource: Company filings (As of December 31, 2025)\n1) SFR totals include committed amounts that may not be fully funded",
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