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   "markdown": "<a id='aa19717b-07d0-4e6f-b9c2-9a477c2b94b8'></a>\n\nLOAN SIZE\n<::visual content\n: donut chart showing loan size distribution with segments: Below $25M: 27%, $25M \u2013 $50M: 39%, $51M \u2013 $75M: 17%, $76M \u2013 $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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   "markdown": "<a id='3e3607b2-a99f-45fb-a0a0-13d16784e1f1'></a>\n\n# KEY LOAN PORTFOLIO METRICS\n\n$2.8B Total loan portfolio\n\n99% Senior secured first mortgage loans\n\n$25-30M Granular avg. loan size\n\n68%\u00b9 W.A. LTV\n\n3.5-year W.A. extended maturity\n\n~85% Loan portfolio originated since 2024",
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 "markdown": "<a id='8d1a55cf-7f4d-4b34-9c64-a61e9e246dca'></a>\n\nLOAN PORTFOLIO OVERVIEW\n\n<a id='ab03bd1a-3333-4de2-a721-1d8a1b664d20'></a>\n\n*Middle-market loans provide enhanced liquidity and mitigate concentration risk*\n\n<a id='aa19717b-07d0-4e6f-b9c2-9a477c2b94b8'></a>\n\nLOAN SIZE\n<::visual content\n: donut chart showing loan size distribution with segments: Below $25M: 27%, $25M \u2013 $50M: 39%, $51M \u2013 $75M: 17%, $76M \u2013 $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%::>\n\n<a id='564e32a7-4d80-435d-bf91-a2c8472d7ab7'></a>\n\nORIGINATION YEAR\n<::Donut chart titled \"Origination Year\" with the following segments:\n- 2025: 45%\n- 2026 YTD: 37%\n- pre-2024: 15%\n- 2024: 3%\n: chart::>\n\n<a id='bc02f557-2213-40c0-acae-d9558c5e4d63'></a>\n\nPROPERTY TYPE\n<::donut chart\nMultifamily: 58%\nOffice: 21%\nIndustrial: 8%\nMixed Use: 5%\nRetail: 4%\nHotel: 2%\nOther: 2%::>\n\n<a id='3e3607b2-a99f-45fb-a0a0-13d16784e1f1'></a>\n\n# KEY LOAN PORTFOLIO METRICS\n\n$2.8B Total loan portfolio\n\n99% Senior secured first mortgage loans\n\n$25-30M Granular avg. loan size\n\n68%\u00b9 W.A. LTV\n\n3.5-year W.A. extended maturity\n\n~85% Loan portfolio originated since 2024\n\n<a id='093e0d05-7adb-4dbc-9b67-7995e45d0f94'></a>\n\nNote: As of 06/30/2026. Amounts in charts before $47.1M CECL allowance. Other CRE-related loans include mezzanine and subordinate loans.\n1. For a description of this financial measure, see Selected Definitions on page S-22\n\n<a id='84b44b96-3712-40a5-b62c-59e4a4515d08'></a>\n\nS - 6",
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