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 "markdown": "Company Overview\n\n\n[\ud83d\udd3a]\n\n\nAn internally managed commercial real estate finance company operating as a REIT, focused on originating and\ninvesting in floating-rate, first mortgage loans secured by institutional-quality transitional properties.\nConservatively managed balance sheet with a granular investment portfolio and a well-balanced funding profile\n\n\n<table>\n<tr><td colspan=\"2\">INVESTMENT PORTFOLIO</td><td colspan=\"2\">CAPITALIZATION</td><td colspan=\"2\">Q1'26 SUMMARY RESULTS</td></tr>\n<tr><td>$1.6 billion<sup>(1)</sup><br>Total Loan<br>Portfolio<br>Commitments<br>Across 40 Loan<br>Investments</td><td>100% Loans<br>100% Senior<br>Loans<br>98% Floating Rate</td><td>$1.6 billion<br>Total Financing<br>Capacity with<br>$1.0 billion<br>Outstanding</td><td>~64%<br>Non-Mark-to-<br>Market Borrowings</td><td>$(0.13)<br>GAAP Net (Loss)<sup>(2)</sup><br>per Basic Wtd.<br>Avg. Common<br>Share</td><td>$(0.06)<br>Distributable<br>Earnings (Loss)<sup>(3)</sup><br>per Basic Wtd.<br>Avg. Common<br>Share</td></tr>\n<tr><td>66.0%<br>Weighted<br>Average Stabilized<br>LTV at Origination</td><td>$37.9 million<br>Average Unpaid<br>Principal Balance</td><td>1.7x<br>Total Leverage<br>Ratio</td><td>$43.6 million<br>Unrestricted Cash<br>Balance;<br>Held $98.2 million<br>in REO<sup>(4)</sup></td><td>13.8%<br>Annualized<br>Dividend Yield<sup>(5)</sup><br>$0.05<br>Dividend per<br>Share</td><td>$(0.07)<br>Distributable<br>Earnings (Loss)<sup>(3)</sup><br>Before Realized<br>Gains and Losses<br>per Basic Wtd. Avg.<br>Common<br>Share</td></tr>\n<tr><td colspan=\"2\">$148.5 million allowance for credit<br>losses, or 9.4% of portfolio<br>commitments, of which 80.6%, or $119.6<br>million, is allocated to specific CECL<br>reserves</td><td colspan=\"2\">$1.6 billion financing capacity with $1.0<br>billion outstanding, including $0.4 billion<br>across four facilities, $0.5 billion in non-<br>recourse and non-mark-to-market<br>borrowings from two CLOs</td><td colspan=\"2\">$7.05<br>Book Value per Common Share</td></tr>\n</table>\n\n3\n\n<!-- doc_id=parse-01m3dcyqr266k0pmbavm7mh8dg -->",
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