{
 "markdown": "# Office Loans Progress\n\nOffice loans measured by outstanding principal balance was flat QoQ and decreased 24% YoY\n\n\n<figure type=\"CHART\">Office Loans QoQ and YoY as Measured by Outstanding Principal Balance ($ in millions) \n\n<description>A bar chart displaying the outstanding principal balance of office loans over time. The chart tracks five time periods: Q1 2023, Q1 2024, Q1 2025, Q4 2025, and Q1 2026. A vertical dashed line separates the historical data (Q1 2023 - Q1 2025) from the more recent/projected data (Q4 2025 - Q1 2026). The bar values show a downward trend.</description> <table><thead><tr><th>Time Period</th><th>Outstanding Principal Balance ($ in millions)</th></tr></thead><tbody><tr><td>Q1 2023</td><td>830</td></tr><tr><td>Q1 2024</td><td>780</td></tr><tr><td>Q1 2025</td><td>585</td></tr><tr><td>Q4 2025</td><td>447</td></tr><tr><td>Q1 2026</td><td>447</td></tr></tbody></table></figure>\n\n\u00d8 ARES\n\n\nAs of March 31, 2026, unless otherwise noted. Past performance is not indicative of future results.\n\n\n7\n\n<!-- doc_id=parse-01m2rrjhhk705ckf4fhc5j32p3 -->",
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