{ "chunks": [ { "id": "dd99ec7c-8dd1-4b45-ab95-a5c46ad3d20a", "grounding": { "box": { "bottom": 0.13480159640312195, "left": 0.06890049576759338, "right": 0.7358717918395996, "top": 0.06976202875375748 }, "page": 0 }, "markdown": "\n\nLOAN PORTFOLIO OVERVIEW", "type": "text" }, { "id": "b1d5524c-719b-454d-9b2e-f5a1364e609b", "grounding": { "box": { "bottom": 0.19462135434150696, "left": 0.07444050908088684, "right": 0.6680790185928345, "top": 0.15585815906524658 }, "page": 0 }, "markdown": "\n\nSENIOR-SECURED, MIDDLE-MARKET LENDING FOCUS", "type": "text" }, { "id": "cba89deb-b846-4dee-9f9f-5066c95f8d9c", "grounding": { "box": { "bottom": 0.5578777194023132, "left": 0.05026598274707794, "right": 0.3443322777748108, "top": 0.2061196118593216 }, "page": 0 }, "markdown": "\n\nLOAN TYPE\n<::donut chart showing the breakdown of loan types and their values:\nBalance Sheet First Mortgage Loans: $2,210M\nConduit First Mortgage Loans: $28M\nOther CRE-Related Loans: $7M\n: chart::>\n", "type": "figure" }, { "id": "b598f087-4423-4c1c-8e37-43fd992c96a9", "grounding": { "box": { "bottom": 0.9207274317741394, "left": 0.0523989200592041, "right": 0.32203230261802673, "top": 0.5688926577568054 }, "page": 0 }, "markdown": "\n\nGEOGRAPHY\n<::donut chart showing geographical distribution by percentage:\nNortheast: 29%\nMidwest: 16%\nWest: 10%\nSouthwest: 11%\nSouth: 34%::>", "type": "figure" }, { "id": "cf4a569c-a3d1-4a5e-b743-4fad825e6977", "grounding": { "box": { "bottom": 0.5575127005577087, "left": 0.3414478898048401, "right": 0.6105437874794006, "top": 0.20684295892715454 }, "page": 0 }, "markdown": "\n\n<::LOAN SIZE: donut chart::>\n<::Below $25M: 32%\n$25M - $50M: 30%\n$51M - $75M: 16%\n$76M - $100M: 12%\nAbove $100M: 10%: chart::>", "type": "figure" }, { "id": "351f5f68-3709-4ec2-b0dc-d2f2e08632a4", "grounding": { "box": { "bottom": 0.9374180436134338, "left": 0.34098705649375916, "right": 0.6085988283157349, "top": 0.5703967213630676 }, "page": 0 }, "markdown": "\n\nPROPERTY TYPE\n<::donut chart\n: Multifamily: 55%\nOffice: 26%\nIndustrial: 7%\nMixed Use: 6%\nOther: 3%\nRetail: 3%\nHotel: 1%::>", "type": "figure" }, { "id": "ce266fcf-4550-4229-912c-792a1346785c", "grounding": { "box": { "bottom": 0.5829253792762756, "left": 0.6266739368438721, "right": 0.9976729154586792, "top": 0.20743884146213531 }, "page": 0 }, "markdown": "\n\n## LOAN PORTFOLIO KEY METRICS\n\n$2.2B LOAN PORTFOLIO\n\n~$25M-$30M AVERAGE LOAN SIZE\n\n69% W.A. LTV \u00b9\n\n**2.9-YEAR** W.A. EXTENDED MATURITY\n\n**LIGHT-TRANSITIONAL FOCUS** WITH NO CONSTRUCTION LOANS\n\n**LIMITED FUTURE FUNDING** COMMITMENTS ($93M)", "type": "text" }, { "id": "334a4946-78b1-41dd-bc3e-47a1654a4f8a", "grounding": { "box": { "bottom": 0.9074879288673401, "left": 0.6236765384674072, "right": 0.9885908365249634, "top": 0.6617494225502014 }, "page": 0 }, "markdown": "\n\n**OFFICE LOAN PORTFOLIO METRICS**\n\n11% OF TOTAL ASSETS\n\n68% W.A. LTV\u00b9\n87% CLASS A PROPERTIES\n71% ACQUISITION LOANS\n86% POST-COVID LOANS", "type": "text" }, { "id": "2bbd5955-b750-4b53-bd39-b8c95ae7d930", "grounding": { "box": { "bottom": 0.9748468399047852, "left": 0.02770647406578064, "right": 0.7868974208831787, "top": 0.9374289512634277 }, "page": 0 }, "markdown": "\n\nNote: As of 12/31/2025. Amounts shown in charts before $47.1 million CECL allowance. Other Commercial Real Estate-Related loans include mezzanine and subordinate loans.\n1. For a description of this financial measure, see Selected Definitions on page S-22", "type": "text" }, { "id": "ef48997c-f7a8-4f26-80bd-3801e951e95f", "grounding": { "box": { "bottom": 0.9716556668281555, "left": 0.9637472629547119, "right": 0.9951332807540894, "top": 0.945956289768219 }, "page": 0 }, "markdown": "\n\nS-6", "type": "marginalia" } ], "markdown": "\n\nLOAN PORTFOLIO OVERVIEW\n\n\n\nSENIOR-SECURED, MIDDLE-MARKET LENDING FOCUS\n\n\n\nLOAN TYPE\n<::donut chart showing the breakdown of loan types and their values:\nBalance Sheet First Mortgage Loans: $2,210M\nConduit First Mortgage Loans: $28M\nOther CRE-Related Loans: $7M\n: chart::>\n\n\n\n\nGEOGRAPHY\n<::donut chart showing geographical distribution by percentage:\nNortheast: 29%\nMidwest: 16%\nWest: 10%\nSouthwest: 11%\nSouth: 34%::>\n\n\n\n<::LOAN SIZE: donut chart::>\n<::Below $25M: 32%\n$25M - $50M: 30%\n$51M - $75M: 16%\n$76M - $100M: 12%\nAbove $100M: 10%: chart::>\n\n\n\nPROPERTY TYPE\n<::donut chart\n: Multifamily: 55%\nOffice: 26%\nIndustrial: 7%\nMixed Use: 6%\nOther: 3%\nRetail: 3%\nHotel: 1%::>\n\n\n\n## LOAN PORTFOLIO KEY METRICS\n\n$2.2B LOAN PORTFOLIO\n\n~$25M-$30M AVERAGE LOAN SIZE\n\n69% W.A. LTV \u00b9\n\n**2.9-YEAR** W.A. EXTENDED MATURITY\n\n**LIGHT-TRANSITIONAL FOCUS** WITH NO CONSTRUCTION LOANS\n\n**LIMITED FUTURE FUNDING** COMMITMENTS ($93M)\n\n\n\n**OFFICE LOAN PORTFOLIO METRICS**\n\n11% OF TOTAL ASSETS\n\n68% W.A. LTV\u00b9\n87% CLASS A PROPERTIES\n71% ACQUISITION LOANS\n86% POST-COVID LOANS\n\n\n\nNote: As of 12/31/2025. Amounts shown in charts before $47.1 million CECL allowance. Other Commercial Real Estate-Related loans include mezzanine and subordinate loans.\n1. For a description of this financial measure, see Selected Definitions on page S-22\n\n\n\nS-6", "metadata": { "credit_usage": 3.0, "duration_ms": 7289, "filename": "p6.pdf", "job_id": "cmsgx4y7q069jeq014vcymfd2", "org_id": "dlh8mka28ml4", "page_count": 1, "version": "dpt-2-20260410", "failed_pages": [] }, "splits": [ { "chunks": [ "dd99ec7c-8dd1-4b45-ab95-a5c46ad3d20a", "b1d5524c-719b-454d-9b2e-f5a1364e609b", "cba89deb-b846-4dee-9f9f-5066c95f8d9c", "b598f087-4423-4c1c-8e37-43fd992c96a9", "cf4a569c-a3d1-4a5e-b743-4fad825e6977", "351f5f68-3709-4ec2-b0dc-d2f2e08632a4", "ce266fcf-4550-4229-912c-792a1346785c", "334a4946-78b1-41dd-bc3e-47a1654a4f8a", "2bbd5955-b750-4b53-bd39-b8c95ae7d930", "ef48997c-f7a8-4f26-80bd-3801e951e95f" ], "class_": "full", "identifier": "full", "markdown": "\n\nLOAN PORTFOLIO OVERVIEW\n\n\n\nSENIOR-SECURED, MIDDLE-MARKET LENDING FOCUS\n\n\n\nLOAN TYPE\n<::donut chart showing the breakdown of loan types and their values:\nBalance Sheet First Mortgage Loans: $2,210M\nConduit First Mortgage Loans: $28M\nOther CRE-Related Loans: $7M\n: chart::>\n\n\n\n\nGEOGRAPHY\n<::donut chart showing geographical distribution by percentage:\nNortheast: 29%\nMidwest: 16%\nWest: 10%\nSouthwest: 11%\nSouth: 34%::>\n\n\n\n<::LOAN SIZE: donut chart::>\n<::Below $25M: 32%\n$25M - $50M: 30%\n$51M - $75M: 16%\n$76M - $100M: 12%\nAbove $100M: 10%: chart::>\n\n\n\nPROPERTY TYPE\n<::donut chart\n: Multifamily: 55%\nOffice: 26%\nIndustrial: 7%\nMixed Use: 6%\nOther: 3%\nRetail: 3%\nHotel: 1%::>\n\n\n\n## LOAN PORTFOLIO KEY METRICS\n\n$2.2B LOAN PORTFOLIO\n\n~$25M-$30M AVERAGE LOAN SIZE\n\n69% W.A. LTV \u00b9\n\n**2.9-YEAR** W.A. EXTENDED MATURITY\n\n**LIGHT-TRANSITIONAL FOCUS** WITH NO CONSTRUCTION LOANS\n\n**LIMITED FUTURE FUNDING** COMMITMENTS ($93M)\n\n\n\n**OFFICE LOAN PORTFOLIO METRICS**\n\n11% OF TOTAL ASSETS\n\n68% W.A. LTV\u00b9\n87% CLASS A PROPERTIES\n71% ACQUISITION LOANS\n86% POST-COVID LOANS\n\n\n\nNote: As of 12/31/2025. Amounts shown in charts before $47.1 million CECL allowance. Other Commercial Real Estate-Related loans include mezzanine and subordinate loans.\n1. 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