{ "markdown": "Post-Q1 2026 Business Update\n\n\n\u26f0\ufe0f\n\n\nSUBSEQUENT\nEVENTS\n- So far in Q2\u201926, funded about $2.1 million on existing loan commitments\n- In April, the Company resolved a $76.0 million loan secured by a Chicago, IL, retail property, which\npreviously included an office component. The loan had been risk-rated \u201c5\u201d and was on nonaccrual status.\nAs a result of this transaction and the prior resolution on the office component, the Company expects to\nrealize a write-off of approximately $(30.2) million, which had been reserved for through a prior $(31.3)\nmillion allowance for credit losses as of December 31, 2025, and recognized a GAAP benefit from credit\nlosses of approximately $1.1 million during the first quarter of 2026\n- \u25cb As a result of this resolution, the CECL reserve as a percentage of total loan commitments\ndecreased from 9.4% at March 31st to approximately 7.9%\n- In April, the Company sold a subordinate interest in debt secured by a Dallas, TX, office property\n- In April, extended the maturity of the Citibank financing facility to April 2027\n- As of May 4, 2026, carried approximately $55.6 million in unrestricted cash\n\n\n\n5\n\n", "structure": { "type": "document", "markdown": null, "children": [ { "type": "page", "page": null, 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