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 "markdown": "<a id='2f1419fb-5b46-48bd-8d65-e2ce9c254c00'></a>\n\nUNENCUMBERED ASSET POOL\n\n<a id='c91030fb-1477-4d4a-a8fe-c3fe49c3c278'></a>\n\nPREDOMINANTLY **SENIOR SECURED**, **FINANCEABLE** UNENCUMBERED ASSET BASE\n\n<a id='0df19330-fcb1-483a-9ffd-f94e17c48ea3'></a>\n\n<::UNENCUMBERED ASSET POOL COMPOSITION\npie chart\n\nCenter:\n$4.2B\nTotal unencumbered assets\n\nSegments:\nFirst Mortgage Loans: $2,238 (53%)\nSecurities: $1,381 (33%)\nCRE Equity: $411 (10%)\nOther Assets: $110 (3%)\nUnrestricted Cash: $38 (1%)\nMezzanine Loans: $7 (0.2%)\n: pie chart::>\n\n<a id='c50b9b1d-055f-4801-8382-a6c3cbdcecb7'></a>\n\n# KEY UNENCUMBERED POOL HIGHLIGHTS\n\n**81%** OF TOTAL ASSETS ARE UNENCUMBERED\n\n**87%** COMPRISED OF CASH, FIRST MORTGAGE LOANS AND IG SECURITIES\n\n**1.67X** UNENCUMBERED ASSETS / UNSECURED DEBT\n\n**$1.2B** CUSHION VS. 1.20X LEVEL\n\n**>65%** OF IG SECURITIES PORTFOLIO IS UNENCUMBERED\n\n<a id='1cc95811-b2c9-4983-85de-32361b8791fc'></a>\n\nNote: As of 12/31/2025. Dollars in millions, unless noted otherwise. Loan amounts shown before CECL allowance. CRE equity amount represents undepreciated asset value.\n\n<a id='d70543ab-2f2e-48e1-9673-6e24bd8ff893'></a>\n\nS-14",
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