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   "markdown": "<a id='365345ba-0931-4dc3-8cb3-84e7434f429c'></a>\n\n## II. Investments\n\n### Investment Portfolio\n\nOur Investment Portfolio consists of our Loan Portfolio, our investments in our Bank Loan Portfolio Joint Venture, Net Lease Joint Venture and Homebuilder Finance Joint Venture, our owned real estate assets, and our investment in debt securities. The chart below details the composition of our Investment Portfolio as of June 30, 2026:",
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   "markdown": "<a id='60ce14b7-5e8e-49f0-8c3e-66085e3e93e2'></a>\n\nInvestment Portfolio(1)(2)(3)\n<::pie chart::>\nIndustrial: 23%\nMultifamily: 21%\nUS Office: 16%\nNon-US Office: 5%\nHospitality: 9%\nRetail: 4%\nSelf-Storage: 3%\nLife Sciences/Studio: 1%\nOther Loans: 4%\nNet Lease JV: 3%\nBank Loan JV: 3%\nOther Investments: 1%\nOwned RE: 7%\n::>",
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   "markdown": "<a id='f4e75d9b-e396-474e-9d56-4131e2e7053b'></a>\n\n(1) Our Investment Portfolio reflects the gross amount of our investments as of June 30, 2026, which consists of (i) our Loan Portfolio, which represents net book value less total loans receivable CECL reserves, (ii) our share of the carrying value of investments held by our Net Lease Joint Venture, (iii) our share of the fair value of the loans held by both our Bank Loan Portfolio Joint Venture and Homebuilder Finance Joint Venture, (iv) the aggregate carrying value of our owned real estate assets, and (v) the 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 the allocated value of each property type.\n(3) Investment types that represent less than 1% of our Investment Portfolio are included in Other Investments in the chart, which includes our Homebuilder Finance Joint Venture and investment in debt securities.\n(4) Represents the types of properties securing the loans in our Loan Portfolio.",
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   "markdown": "<a id='a5165fdb-0932-4abc-a4af-37657efa4b4f'></a>\n\nRefer to section VII of this Item 2 for details of our Loan Portfolio, on a loan-by-loan basis.",
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 "markdown": "<a id='365345ba-0931-4dc3-8cb3-84e7434f429c'></a>\n\n## II. Investments\n\n### Investment Portfolio\n\nOur Investment Portfolio consists of our Loan Portfolio, our investments in our Bank Loan Portfolio Joint Venture, Net Lease Joint Venture and Homebuilder Finance Joint Venture, our owned real estate assets, and our investment in debt securities. The chart below details the composition of our Investment Portfolio as of June 30, 2026:\n\n<a id='60ce14b7-5e8e-49f0-8c3e-66085e3e93e2'></a>\n\nInvestment Portfolio(1)(2)(3)\n<::pie chart::>\nIndustrial: 23%\nMultifamily: 21%\nUS Office: 16%\nNon-US Office: 5%\nHospitality: 9%\nRetail: 4%\nSelf-Storage: 3%\nLife Sciences/Studio: 1%\nOther Loans: 4%\nNet Lease JV: 3%\nBank Loan JV: 3%\nOther Investments: 1%\nOwned RE: 7%\n::>\n\n<a id='92227cc4-7dd0-4209-8255-488e132293f2'></a>\n\nIncluded in our Loan Portfolio(4)\n\n<a id='f4e75d9b-e396-474e-9d56-4131e2e7053b'></a>\n\n(1) Our Investment Portfolio reflects the gross amount of our investments as of June 30, 2026, which consists of (i) our Loan Portfolio, which represents net book value less total loans receivable CECL reserves, (ii) our share of the carrying value of investments held by our Net Lease Joint Venture, (iii) our share of the fair value of the loans held by both our Bank Loan Portfolio Joint Venture and Homebuilder Finance Joint Venture, (iv) the aggregate carrying value of our owned real estate assets, and (v) the 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 the allocated value of each property type.\n(3) Investment types that represent less than 1% of our Investment Portfolio are included in Other Investments in the chart, which includes our Homebuilder Finance Joint Venture and investment in debt securities.\n(4) Represents the types of properties securing the loans in our Loan Portfolio.\n\n<a id='a5165fdb-0932-4abc-a4af-37657efa4b4f'></a>\n\nRefer to section VII of this Item 2 for details of our Loan Portfolio, on a loan-by-loan basis.\n\n<a id='1bd7eca6-bc73-4405-aef2-93af73b06e6a'></a>\n\n61",
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   "markdown": "<a id='365345ba-0931-4dc3-8cb3-84e7434f429c'></a>\n\n## II. Investments\n\n### Investment Portfolio\n\nOur Investment Portfolio consists of our Loan Portfolio, our investments in our Bank Loan Portfolio Joint Venture, Net Lease Joint Venture and Homebuilder Finance Joint Venture, our owned real estate assets, and our investment in debt securities. The chart below details the composition of our Investment Portfolio as of June 30, 2026:\n\n<a id='60ce14b7-5e8e-49f0-8c3e-66085e3e93e2'></a>\n\nInvestment Portfolio(1)(2)(3)\n<::pie chart::>\nIndustrial: 23%\nMultifamily: 21%\nUS Office: 16%\nNon-US Office: 5%\nHospitality: 9%\nRetail: 4%\nSelf-Storage: 3%\nLife Sciences/Studio: 1%\nOther Loans: 4%\nNet Lease JV: 3%\nBank Loan JV: 3%\nOther Investments: 1%\nOwned RE: 7%\n::>\n\n<a id='92227cc4-7dd0-4209-8255-488e132293f2'></a>\n\nIncluded in our Loan Portfolio(4)\n\n<a id='f4e75d9b-e396-474e-9d56-4131e2e7053b'></a>\n\n(1) Our Investment Portfolio reflects the gross amount of our investments as of June 30, 2026, which consists of (i) our Loan Portfolio, which represents net book value less total loans receivable CECL reserves, (ii) our share of the carrying value of investments held by our Net Lease Joint Venture, (iii) our share of the fair value of the loans held by both our Bank Loan Portfolio Joint Venture and Homebuilder Finance Joint Venture, (iv) the aggregate carrying value of our owned real estate assets, and (v) the 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 the allocated value of each property type.\n(3) Investment types that represent less than 1% of our Investment Portfolio are included in Other Investments in the chart, which includes our Homebuilder Finance Joint Venture and investment in debt securities.\n(4) Represents the types of properties securing the loans in our Loan Portfolio.\n\n<a id='a5165fdb-0932-4abc-a4af-37657efa4b4f'></a>\n\nRefer to section VII of this Item 2 for details of our Loan Portfolio, on a loan-by-loan basis.\n\n<a id='1bd7eca6-bc73-4405-aef2-93af73b06e6a'></a>\n\n61",
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