{
 "chunks": [
  {
   "id": "d3743114-8ef4-428d-9306-e14ff371714c",
   "grounding": {
    "box": {
     "bottom": 0.08787962049245834,
     "left": 0.004500299692153931,
     "right": 0.9274510145187378,
     "top": 0.01449090987443924
    },
    "page": 0
   },
   "markdown": "<a id='d3743114-8ef4-428d-9306-e14ff371714c'></a>\n\nLIQUID UNENCUMBERED ASSET POOL",
   "type": "text"
  },
  {
   "id": "cd70a4d4-02a9-4dd4-87d8-192e0bc4a9e4",
   "grounding": {
    "box": {
     "bottom": 0.20703551173210144,
     "left": 0.20830562710762024,
     "right": 0.7931454181671143,
     "top": 0.16480490565299988
    },
    "page": 0
   },
   "markdown": "<a id='cd70a4d4-02a9-4dd4-87d8-192e0bc4a9e4'></a>\n\nSenior secured, financeable unencumbered asset base",
   "type": "text"
  },
  {
   "id": "517220ec-eeee-441c-acd5-67304fc399ee",
   "grounding": {
    "box": {
     "bottom": 0.7471513748168945,
     "left": 0.04099544882774353,
     "right": 0.4668221175670624,
     "top": 0.2689937651157379
    },
    "page": 0
   },
   "markdown": "<a id='517220ec-eeee-441c-acd5-67304fc399ee'></a>\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::>",
   "type": "figure"
  },
  {
   "id": "2133dd13-4eb0-4c5c-a130-bb1f198a59d4",
   "grounding": {
    "box": {
     "bottom": 0.7473498582839966,
     "left": 0.5006366968154907,
     "right": 0.9814958572387695,
     "top": 0.268145889043808
    },
    "page": 0
   },
   "markdown": "<a id='2133dd13-4eb0-4c5c-a130-bb1f198a59d4'></a>\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",
   "type": "text"
  },
  {
   "id": "809c5e29-8cf1-46b5-a6f8-c6c796a6c504",
   "grounding": {
    "box": {
     "bottom": 0.9592965841293335,
     "left": 0.03447723388671875,
     "right": 0.7046844363212585,
     "top": 0.937028169631958
    },
    "page": 0
   },
   "markdown": "<a id='809c5e29-8cf1-46b5-a6f8-c6c796a6c504'></a>\n\nNote: As of 06/30/2026. Dollars in millions. Loan amounts shown before CECL allowance. CRE equity amount represents undepreciated asset value.",
   "type": "marginalia"
  },
  {
   "id": "9167565a-6681-4b9d-a503-fae4e742a2c9",
   "grounding": {
    "box": {
     "bottom": 0.9834449887275696,
     "left": 0.4818355441093445,
     "right": 0.5185657143592834,
     "top": 0.9641054272651672
    },
    "page": 0
   },
   "markdown": "<a id='9167565a-6681-4b9d-a503-fae4e742a2c9'></a>\n\nS - 14",
   "type": "marginalia"
  }
 ],
 "markdown": "<a id='d3743114-8ef4-428d-9306-e14ff371714c'></a>\n\nLIQUID UNENCUMBERED ASSET POOL\n\n<a id='cd70a4d4-02a9-4dd4-87d8-192e0bc4a9e4'></a>\n\nSenior secured, financeable unencumbered asset base\n\n<a id='517220ec-eeee-441c-acd5-67304fc399ee'></a>\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::>\n\n<a id='2133dd13-4eb0-4c5c-a130-bb1f198a59d4'></a>\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\n\n<a id='809c5e29-8cf1-46b5-a6f8-c6c796a6c504'></a>\n\nNote: As of 06/30/2026. Dollars in millions. Loan amounts shown before CECL allowance. CRE equity amount represents undepreciated asset value.\n\n<a id='9167565a-6681-4b9d-a503-fae4e742a2c9'></a>\n\nS - 14",
 "metadata": {
  "credit_usage": 3.0,
  "duration_ms": 7132,
  "filename": "p14.pdf",
  "job_id": "cmsme79k8022rf4015n9iiigh",
  "org_id": "dlh8mka28ml4",
  "page_count": 1,
  "version": "dpt-2-20260410",
  "failed_pages": []
 },
 "splits": [
  {
   "chunks": [
    "d3743114-8ef4-428d-9306-e14ff371714c",
    "cd70a4d4-02a9-4dd4-87d8-192e0bc4a9e4",
    "517220ec-eeee-441c-acd5-67304fc399ee",
    "2133dd13-4eb0-4c5c-a130-bb1f198a59d4",
    "809c5e29-8cf1-46b5-a6f8-c6c796a6c504",
    "9167565a-6681-4b9d-a503-fae4e742a2c9"
   ],
   "class_": "full",
   "identifier": "full",
   "markdown": "<a id='d3743114-8ef4-428d-9306-e14ff371714c'></a>\n\nLIQUID UNENCUMBERED ASSET POOL\n\n<a id='cd70a4d4-02a9-4dd4-87d8-192e0bc4a9e4'></a>\n\nSenior secured, financeable unencumbered asset base\n\n<a id='517220ec-eeee-441c-acd5-67304fc399ee'></a>\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::>\n\n<a id='2133dd13-4eb0-4c5c-a130-bb1f198a59d4'></a>\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\n\n<a id='809c5e29-8cf1-46b5-a6f8-c6c796a6c504'></a>\n\nNote: As of 06/30/2026. Dollars in millions. Loan amounts shown before CECL allowance. CRE equity amount represents undepreciated asset value.\n\n<a id='9167565a-6681-4b9d-a503-fae4e742a2c9'></a>\n\nS - 14",
   "pages": [
    0
   ]
  }
 ],
 "grounding": {
  "d3743114-8ef4-428d-9306-e14ff371714c": {
   "box": {
    "bottom": 0.08787962049245834,
    "left": 0.004500299692153931,
    "right": 0.9274510145187378,
    "top": 0.01449090987443924
   },
   "page": 0,
   "type": "chunkText",
   "confidence": 1.0,
   "low_confidence_spans": []
  },
  "cd70a4d4-02a9-4dd4-87d8-192e0bc4a9e4": {
   "box": {
    "bottom": 0.20703551173210144,
    "left": 0.20830562710762024,
    "right": 0.7931454181671143,
    "top": 0.16480490565299988
   },
   "page": 0,
   "type": "chunkText",
   "confidence": 0.998,
   "low_confidence_spans": []
  },
  "517220ec-eeee-441c-acd5-67304fc399ee": {
   "box": {
    "bottom": 0.7471513748168945,
    "left": 0.04099544882774353,
    "right": 0.4668221175670624,
    "top": 0.2689937651157379
   },
   "page": 0,
   "type": "chunkFigure",
   "confidence": null,
   "low_confidence_spans": []
  },
  "2133dd13-4eb0-4c5c-a130-bb1f198a59d4": {
   "box": {
    "bottom": 0.7473498582839966,
    "left": 0.5006366968154907,
    "right": 0.9814958572387695,
    "top": 0.268145889043808
   },
   "page": 0,
   "type": "chunkText",
   "confidence": 0.992,
   "low_confidence_spans": []
  },
  "809c5e29-8cf1-46b5-a6f8-c6c796a6c504": {
   "box": {
    "bottom": 0.9592965841293335,
    "left": 0.03447723388671875,
    "right": 0.7046844363212585,
    "top": 0.937028169631958
   },
   "page": 0,
   "type": "chunkMarginalia",
   "confidence": 0.959,
   "low_confidence_spans": []
  },
  "9167565a-6681-4b9d-a503-fae4e742a2c9": {
   "box": {
    "bottom": 0.9834449887275696,
    "left": 0.4818355441093445,
    "right": 0.5185657143592834,
    "top": 0.9641054272651672
   },
   "page": 0,
   "type": "chunkMarginalia",
   "confidence": 0.992,
   "low_confidence_spans": []
  }
 }
}