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 "markdown": "<a id='57359ae0-11ce-426d-8001-c4ba9907e9f9'></a>\n\nTHREE FORMS OF CRE INVESTING\n\n<a id='8d47e817-f5f8-477f-893b-137e2eeef7cd'></a>\n\nComplementary investment products with focus on credit\n\n<a id='3414ed08-f39c-4c75-86b3-33862a1c79c1'></a>\n\n<::A dark blue circle with a gold border containing the white text \"LOANS\" and a white outline of a teardrop or water drop icon below it.\n: icon::>\n\nPrimary business of originating senior\nsecured first mortgage loans on commercial\nreal estate, with middle-market focus\n\n>30% cushion from property owner equity\u00b9\n\nPrimarily focus on short-term, floating-rate\nloans on properties undergoing light\nrenovations and/or leasing \u2013\n\u201ctransitional\u201d or \u201cbridge\u201d loans\n\nAlso originate longer-term, fixed-rate loans\non stabilized properties and sell into\nsecuritizations \u2013 \u201cconduit\u201d loans\n\n<a id='b3698ac1-6c91-4ddb-80d3-a7eab7cbeb35'></a>\n\n<::circle with text \"SECURITIES\" and a small cloud icon with three vertical lines below the text.\n\nInvest in **AAA bonds** backed by **senior**\n**secured first mortgage loans** on commercial\nreal estate \u2013 **CMBS** and **CRE CLOs**\n\n**Short-duration, liquid, top-of-capital-stack**\npositions with **~50% credit cushion** below\n\n**Complementary to lending business** \u2013\nprovides credit & pricing intelligence\n\n**Holding ground** for capital before\nrotating into loan investments\n: figure::>\n\n<a id='8776840c-8d73-48a3-b45c-2be2e2ad4d2a'></a>\n\n<::A light blue circle with the word \"EQUITY\" in white text, and a white outline icon of a cube below it.\n\nDirectly **own** commercial real estate\n\nPrimarily focus on **net lease** properties with\n**investment grade** tenants\n\nAlso selectively invest in **diversified /**\n**opportunistic** real estate\n\n**Longer-term cash flows** complementary to\nshorter-term interest income on loan &\nsecurities investments\n: figure::>\n\n<a id='fe871a15-edf5-42f6-90c3-71e7c35929c8'></a>\n\n1. Based on 06/30/2026 weighted-average LTV\n\n<a id='3f2b206a-b04d-4c44-895f-512db8330324'></a>\n\n8",
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