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"text": "\n\n<::\npie chart::>\n<::visual content\n: pie chart::>\n\n<::central text of the pie chart::>\n$5.8B\nInvestment Assets +\nUnrestricted Cash\n<::/central text of the pie chart::>\n\n<::pie chart segment 1 with callout::>\nCRE Loans\n$2,817\n(49%)\n\n>99% senior secured\nfirst mortgages\n~$25M-$30M avg. loan size\n68% W.A. LTV\n<::/pie chart segment 1 with callout::>\n\n<::pie chart segment 2 with callout::>\nCRE Equity\n$1,058\n(18%)\n\n$597M net lease (56% of CRE equity)\n149 properties\n~6.2-year avg. remaining lease term\n~61% IG-rated tenants\n$38M in-place annual NOI\n<::/pie chart segment 2 with callout::>\n\n<::pie chart segment 3 with callout::>\nCRE\nSecurities\n$1,872\n(32%)\n\n99% IG-rated / 96% AAA-rated\n3.0-year W.A. duration\n$14M avg. investment per CUSIP\n~50% unencumbered\n<::/pie chart segment 3 with callout::>\n\n<::pie chart segment 4 with callout::>\nUnrestricted Cash &\nCash Equivalents\n$38\n(<1%)\n\n$1.1B liquidity\n$1.05B undrawn revolver\ncapacity\n$38M of unrestricted cash\n<::/pie chart segment 4 with callout::>\n<::/visual content::>",
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"text": "\n\nLOAN SIZE\n<::visual content\n: donut chart showing loan size distribution with segments: Below $25M: 27%, $25M – $50M: 39%, $51M – $75M: 17%, $76M – $100M: 6%, Above $100M: 11%::>\n\nGEOGRAPHY\n<::visual content\n: donut chart showing geographic distribution with segments: South 25%, Southwest 15%, Midwest 13%, West 10%, Various 1%, Northeast 36%::>",
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"text": "\n\nCAPITAL STRUCTURE HIGHLIGHTS\n\n2.3x Adjusted leverage ratio¹\n\n67% Unsecured debt / total debt\n\n83%² Unsecured/non-recourse debt & book equity\n\n$1.25B Unsecured revolver capacity @ S+125 bps\n\n$275M Unsecured term loan @ S+140 bps",
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"text": "\n\nNote: As of 06/30/2026. Dollars in millions. Adjusted leverage ratio 2.3x vs. 3.5x IG covenant maximum. Unencumbered asset/unsecured debt ratio 1.56x vs. 1.20x minimum.\n1. For a description of this non-GAAP financial measures, see Selected Definitions on page S-22\n2. Percentage of total capitalization",
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"text": "\n\nCOMPOSITION\n<::donut chart showing the composition of total unencumbered assets, which are $4.3B. The breakdown is as follows:\n- First Mortgage Loans: $2,682 (63%)\n- Securities: $925 (22%)\n- CRE Equity: $501 (12%)\n- Other Assets: $138 (3%)\n- Unrestricted Cash: $38 (1%)\n: donut chart::>",
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"text": "\n\nSenior secured, financeable unencumbered asset base",
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"text": "\n\nHIGHLIGHTS\n\n73%\nUnencumbered assets % of total assets\n\n85%\nComprised of cash, first mortgage loans and IG securities\n\n1.59x\nUnencumbered assets / unsecured debt ratio\n\n>$1.0B\nCushion vs. 1.20x covenant level\n\n~50%\n% of overall IG securities portfolio unencumbered",
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"text": "\n\n<::DEBT MATURITY PROFILE\n: bar chart::>\n<::Y-axis: Amount in $\n$0\n$200\n$400\n$600\n$800\n$1,000\n\nX-axis: Year\n\nLegend:\nUnsecured (dark blue)\nSecured (IG securities financing) (very dark blue)\nOther Secured (light blue)\n\nData:\n2026:\n Total: $842\n Secured (IG securities financing): $826 (rolling financing on AAA securities)\n Other Secured: $16\n2027:\n Total: $705\n Unsecured: $589\n Other Secured: $116\n2028:\n Total: $25\n Unsecured: $25\n2029:\n Total: $872\n Unsecured: $836¹\n Other Secured: $36\n2030:\n Total: $934\n Unsecured: $775²\n Other Secured: $159\n2031:\n Total: $560\n Unsecured: $500\n Other Secured: $60\n2032 & Beyond:\n Total: $82\n Unsecured: $82::>",
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"text": "\n\nStaggered maturities with focus on unsecured debt",
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"text": "\n\nNote: As of 06/30/2026. Dollars in millions.\n1. 2029 unsecured maturities include $634M corporate bond maturity and $202M corporate revolver maturity\n2. 2030 unsecured maturities include $500M corporate bond maturity and $275M term loan maturity",
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"text": "\n\n<::\nSUMMARY OF CHANGES TO BOOK EQUITY VALUE DURING Q2 2026\n\nChart showing the change in Book Equity Value from 03/31/2026 to 06/30/2026, with components of change:\n\n03/31/2026 Book Equity Value¹:\n GAAP: $1,447\n Undepreciated: $1,714\n\nChanges:\n GAAP Net Income / (Loss): $14\n Distributions & Dividends: ($29)\n Other Comprehensive Income (Securities Portfolio Mark-to-Market): $1\n Equity-Based Compensation: $4\n Stock Repurchases / Other: ($8)\n\n06/30/2026 Book Equity Value²:\n GAAP: $1,429\n Undepreciated: $1,705\n\nBook Value / Share\n\n 03/31/2026 06/30/2026\nUndepreciated³: $13.42 $13.44\nGAAP: $11.33 $11.27\n\nNote (applies to both 03/31/2026 and 06/30/2026 values):\n net of $0.37/share CECL allowance\n: chart::>",
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"text": "\n\nNote: Dollars in millions\n1. Excludes ($2.6) million of noncontrolling interest in consolidated ventures. Net of $47.1 million CECL allowance.\n2. Excludes ($2.6) million of noncontrolling interest in consolidated ventures. Net of $47.1 million CECL allowance.\n3. For a description of this non-GAAP financial measure, see Selected Definitions on page S-22",
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