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"markdown": "\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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"markdown": "\n\n## HIGHLIGHTS\n\n73% Unencumbered assets % of total assets\n\n85% Comprised of cash, first mortgage loans and IG securities\n\n1.59x Unencumbered assets / unsecured debt ratio\n\n>$1.0B Cushion vs. 1.20x covenant level\n\n~50% % of overall IG securities portfolio unencumbered",
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"markdown": "\n\nLIQUID UNENCUMBERED ASSET POOL\n\n\n\nSenior secured, financeable unencumbered asset base\n\n\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\n\n## HIGHLIGHTS\n\n73% Unencumbered assets % of total assets\n\n85% Comprised of cash, first mortgage loans and IG securities\n\n1.59x Unencumbered assets / unsecured debt ratio\n\n>$1.0B Cushion vs. 1.20x covenant level\n\n~50% % of overall IG securities portfolio unencumbered\n\n\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\n\n25",
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