{ "document": "a533e0356b8c8e42", "scans": [ { "page": 4, "status": "figures", "reason": "", "picture_classes": [ "bar_chart", "bar_chart", "bar_chart" ], "table_refs": [], "job_id": "cmsi49t4s06r5fo01yj6gzx9k", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "a533e0356b8c8e42.p4.ade.json", "figures": [ { "page": 4, "text": "\n\n<::LOAN VINTAGE ($ in billions)\nBar chart showing loan vintage by performing and non-performing categories across years.\n\nY-axis: Amount in billions ($)\nX-axis: Year\n\nLegend:\n- Performing: Orange bar\n- Non-performing: Dark blue bar\n\nData:\n- 2020 and prior:\n - Performing: $0.1 billion\n - Non-performing: $0.1 billion\n- 2021:\n - Performing: $0.4 billion\n - Non-performing: $0.3 billion\n- 2022:\n - Performing: $0.7 billion\n - Non-performing: $0.3 billion\n- 2023:\n - Performing: $0.1 billion\n - Non-performing: Not present\n- 2024:\n - Performing: $0.2 billion\n - Non-performing: $0.1 billion\n- 2025:\n - Performing: $0.1 billion\n - Non-performing: Not present\n: bar chart::>", "box": { "bottom": 0.9118087887763977, "left": 0.0419999361038208, "right": 0.3423845171928406, "top": 0.5018472075462341 }, "chunk_id": "1ab5f724-ca2a-4b69-97c4-72aebff94d38", "job_id": "cmsi49t4s06r5fo01yj6gzx9k", "picture_ref": "#/pictures/5" }, { "page": 4, "text": "\n\n<::60+ DQ MIGRATION ($ in millions) waterfall chart. The y-axis ranges from $400 to $650. The x-axis shows categories:\n- Beg 60+: 614\n- Sales/Payoffs: (40)\n- Foreclosure: (24)\n- Reperforming/Modified: (42)\n- New 60+: 133\n- Other: (10)\n- End 60+: 631\n: waterfall chart::>", "box": { "bottom": 0.9247826933860779, "left": 0.3522963523864746, "right": 0.6624631881713867, "top": 0.5019182562828064 }, "chunk_id": "784060c5-b7af-4320-a6da-3f21f9bde21f", "job_id": "cmsi49t4s06r5fo01yj6gzx9k", "picture_ref": "#/pictures/6" }, { "page": 4, "text": "\n\n<::\n: chart::\nQTD INVESTMENT ROLL ($ in billions)\nY-axis: $2.0, $2.1, $2.2, $2.3, $2.4, $2.5, $2.6, $2.7, $2.8\n\nX-axis categories and their corresponding values:\nBeg CV: 2.71 (orange bar)\nSales/ Paydowns: (0.34) (dark blue bar, negative value)\nOriginations: 0.09 (orange bar)\nAllowance/ Other: (0.06) (dark blue bar, negative value)\nEnd CV: 2.40 (orange bar)\n::>", "box": { "bottom": 0.921592116355896, "left": 0.666109561920166, "right": 0.9764763116836548, "top": 0.5015506744384766 }, "chunk_id": "e1c9da63-82fc-4c12-a468-437ca5e71268", "job_id": "cmsi49t4s06r5fo01yj6gzx9k", "picture_ref": "#/pictures/7" } ], "tables": [ { "page": 4, "cells": [ [ "", "COUNT⁶", "UPB", "ALLOWANCE", "CARRY VALUE", "60+ DQ STATUS⁷", "WA RISK RATING", "GROSS YIELD", "CASH YIELD" ], [ "PERFORMING", "128", "1.71B", "131M", "1.55B", "—%", "2.84", "8.3%", "6.3%" ], [ "NON-PERFORMING", "44", "994M", "146M", "846M", "73.0%", "4.65", "2.1%", "2.1%" ], [ "TOTAL", "172", "2.70B", "277M", "2.40B", "25.7%", "3.48", "6.1%", "4.8%" ], [ "", "", "", "", "", "", "", "", "" ], [ "SECURITIZED", "716", "639M", "3M", "636M", "2.6%", "1.41", "4.9%", "4.9%" ] ], "cell_boxes": [ [ { "bottom": 0.26752550183526225, "left": 0.04123345702211356, "right": 0.21132405123724982, "top": 0.22383074919774826 }, { "bottom": 0.2675182507672032, "left": 0.21131191428688897, "right": 0.30617352959993555, "top": 0.22385110077827422 }, { "bottom": 0.26751420831490813, "left": 0.3061466042686511, "right": 0.4008866711064605, "top": 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"status": "figures", "reason": "", "picture_classes": [ "bar_chart", "bar_chart" ], "table_refs": [], "job_id": "cmsi49te606r7fo0125916l37", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "a533e0356b8c8e42.p5.ade.json", "figures": [ { "page": 5, "text": "\n\nLOAN PRODUCT⁸\nCOLLATERAL\nRISK RATING\nMODIFICATION STATUS⁹\n<::\nPie chart 1: LOAN PRODUCT⁸\n- Bridge: 70%\n- Construction: 23%\n- Fixed rate: 5%\n- Other: 2%\n\nPie chart 2: COLLATERAL\n- Multi-family: 81%\n- Land: 10%\n- Industrial: 5%\n- Other: 4%\n\nPie chart 3: RISK RATING\n- 1&2: 38%\n- 3: 38%\n- 4&5: 24%\n\nPie chart 4: MODIFICATION STATUS⁹\n- Extensions: 42%\n- Modifications: 31%\n- Not Modified: 27%\n: chart::>", "box": { "bottom": 0.495719850063324, "left": 0.043665140867233276, "right": 0.9539273977279663, "top": 0.14041084051132202 }, "chunk_id": "9e6c1546-3a24-4a30-bf0d-eb4dae5f340a", "job_id": "cmsi49te606r7fo0125916l37", "picture_ref": "#/pictures/9" }, { "page": 5, "text": "\n\nHISTORICAL LEVERED YIELD¹⁰\n<::bar chart showing Historical Levered Yield over time:\nY-axis: Percentage from 0% to 12%\nX-axis: Quarters and Years\nData:\n- Q2 2025: 10.9%\n- Q3 2025: 11.0%\n- Q4 2025: 9.6%\n- Q1 2026: 7.0%\n- Q2 2026: 10.1%\n: bar chart::>", "box": { "bottom": 0.9407880306243896, "left": 0.04483592510223389, "right": 0.4911072254180908, "top": 0.524574875831604 }, "chunk_id": "4999c870-1dc2-427b-a43c-1371a2b3d054", "job_id": "cmsi49te606r7fo0125916l37", "picture_ref": "#/pictures/10" } ], "tables": [ { "page": 5, "cells": [ [ "QUARTERLY PORTFOLIO CREDIT MIGRATION", "", "" ], [ "", "Q1'26 CV (%)", "Q2'26 CV (%)" ], [ "CURRENT", "90.0%", "95.7%" ], [ "30-59", "10.0%", "4.3%" ], [ "60+", "—%", "—%" ], [ "TOTAL", "100.0%", "100.0%" ], [ "", "", "" ], [ "ACCRUAL", "81.6%", "84.6%" ], [ "NON-ACCRUAL", "18.4%", "15.4%" ], [ "TOTAL", "100.0%", "100.0%" ] ], "cell_boxes": [ [ { "bottom": 0.5678610656513087, "left": 0.5095939300503602, "right": 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categories:\n- Beginning CV: $844\n- Exits: $(107)\n- New 60+: $128\n- Write-downs: $(19)\n- Ending CV: $846\n: bar chart::>", "box": { "bottom": 0.5333062410354614, "left": 0.3684924244880676, "right": 0.6513134837150574, "top": 0.13481475412845612 }, "chunk_id": "da5d2d34-eec9-4e30-9c62-455d5f416013", "job_id": "cmsi49td3010ndn015q7vluka", "picture_ref": "#/pictures/42" }, { "page": 6, "text": "\n\n<::\nchart title: EXIT TIMELINE ($ in millions)\nchart type: Bar Chart\ny-axis: Value in millions of dollars, ranging from $0 to $400, with increments of $100.\nx-axis: Time periods\n\nData:\n- Q3'26: $315\n- Q4'26: $118\n- Q1'27: $43\n- Q2'27 and beyond: $370\n: chart::>", "box": { "bottom": 0.535009503364563, "left": 0.6800323128700256, "right": 0.9706940054893494, "top": 0.1359778791666031 }, "chunk_id": "9127136e-83f3-4dc3-99a5-a8eb83967e40", "job_id": "cmsi49td3010ndn015q7vluka", "picture_ref": "#/pictures/43" } ], "tables": [ { "page": 6, "cells": [ [ "TOP 10 NON-PERFORMING CRE LOAN POSITIONS", "", "", "", "", "" ], [ "ASSET #", "LOCATION", "COLLATERAL TYPE", "CARRY VALUE (in thousands)", "EXPECTED RESOLUTION", "COMMENTS" ], [ "Asset #1", "TX", "Multi-family", "154,644", "Q3 2026", "Matured 12/10/25 and in a forbearance period; portfolio 87% occupied. RC is discussing a note assumption while also weighing foreclosure to improve operations and stabilize before a sale." ], [ "Asset #2", "TX", "Multi-family", "73,600", "Q4 2027", "Matured and past due since 5/10/26. RC and the borrower are negotiating a long-term modification: maturity extension, borrower contributing additional equity to purchase an in-the-money cap, and full cash management." ], [ "Asset #3", "GA", "Multi-family", "72,725", "Q4 2027", "Matured and past due since 6/10/26; 50% occupied (40% economic). RC plans to foreclose, bring in new receiver, retain existing manager and increase occupancy (will take 18 months), reduce delinquencies, and sell in late 2027 when Austell/Marietta market is expected to be better." ], [ "Asset #4", "TX", "Multi-family", "53,981", "Q3 2026", "Past due; matures 1/10/27. Final DPO executed at $56.0 million with $6.5 million paid down via deposits. Close expected on 8/20/26." ], [ "Asset #5", "GA", "Multi-family", "34,200", "Q4 2027", "Past due; matures 10/10/26. 77% occupied, with significant collection issues. A $50K RC-funded light renovation of 10 units has improved leasing momentum. Plan is to foreclose, bring in new management, continue renovations to lift occupancy to market, then sell once stabilized." ], [ "Asset #6", "TX", "Multi-family", "33,609", "Q4 2026", "Past due; matures 3/10/27. 86.4% occupied as of Q1 26. Borrower is marketing the asset for sale. RC is reviewing pricing to provide feedback to the Sponsor." ], [ "Asset #7", "MN", "Multi-family", "30,200", "Q4 2026", "Past due; matures 9/10/26. 80% occupied as of Q1 26. The borrower paused renovations at 53% of planned capex given weak rent growth in the submarket. RC is working with the Borrower to market the portfolio for sale, with offers due in early August." ], [ "Asset #8", "AZ", "Multi-family", "30,000", "Q4 2027", "Matured and past due since 6/10/26; 82% occupied. Overbuilding in the market has stalled rent growth and cash flow does not cover DS. A receiver was installed in June 2026 and is funding unit turns; RC expects to foreclose later this year and remarket for sale in mid-2027." ], [ "Asset #9", "CA", "Multi-family", "29,737", "Q1 2027", "Matured and past due since February 2025; 80% occupied. Cash flow covers neither DS nor unit turns. RC plans to address deferred maintenance, increase occupancy to 90%, and market the property for sale with the borrower in Q1 2027." ], [ "Asset #10", "TX", "Multi-family", "25,207", "Q4 2028", "Past due; matures 10/10/26. Receiver has been put in place. RC is working with the sponsor on loan modification as the receiver works to stabilize the asset and carry on with business plan of turning units." ] ], "cell_boxes": [ [ { "bottom": 0.5700568988461879, "left": 0.02652132821709291, "right": 0.969642694470688, "top": 0.5350885760439843 }, null, null, null, null, null ], [ { "bottom": 0.6059240574192026, "left": 0.026486951608997375, "right": 0.07936096698290951, "top": 0.5699747689818446 }, { "bottom": 0.6059248010662164, "left": 0.07931435942528926, "right": 0.13854836205301332, "top": 0.5699793704175866 }, { "bottom": 0.6059257572032509, "left": 0.13851593019124678, "right": 0.2146997265237073, "top": 0.5699845246351687 }, { "bottom": 0.6059267605504891, "left": 0.21463378351482565, "right": 0.29456774724906903, "top": 0.569991156126573 }, { "bottom": 0.6059276818008597, "left": 0.2945100304789497, "right": 0.3678719941546284, "top": 0.569998111275658 }, { "bottom": 0.6059352411535296, "left": 0.3678505643654376, "right": 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"cmsi49t6j06vpeq01t79v7ew2", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "a533e0356b8c8e42.p7.ade.json", "figures": [ { "page": 7, "text": "\n\n<::donut chart\n: The chart is titled \"Collateral\" in the center. It shows the distribution of collateral by category:\n- Mixed use: $413\n- Multi-family: $81\n- Land: $55\n- Other: $39::>", "box": { "bottom": 0.5519279837608337, "left": 0.08798111975193024, "right": 0.3875918984413147, "top": 0.1746528297662735 }, "chunk_id": "26fc0742-f15a-456e-b4a1-dbce69e8a41e", "job_id": "cmsi49t6j06vpeq01t79v7ew2", "picture_ref": "#/pictures/13" }, { "page": 7, "text": "\n\n<::donut chart with the title \"Geography\" showing the following data:\n- Oregon: $414\n- Texas: $77\n- California: $42\n- Other: $55\n: chart::>", "box": { "bottom": 0.5502089262008667, "left": 0.5892919301986694, "right": 0.8842045068740845, "top": 0.17559483647346497 }, "chunk_id": "870b0027-7fc3-459c-a343-1856748e21c2", "job_id": "cmsi49t6j06vpeq01t79v7ew2", "picture_ref": "#/pictures/15" }, { "page": 7, "text": "\n\nQUARTERLY REO MIGRATION (in thousands)\n<::Bar chart showing Quarterly REO Migration (in thousands).\nY-axis represents values from 500,000 to 700,000.\nX-axis categories and their corresponding values are:\n- Beginning Balance: 625,503 (orange bar)\n- REO acquired via foreclosure/capitalized costs: 25,062 (orange bar)\n- Liquidations: (59,898) (dark blue bar)\n- Depreciation/Impairment: (2,529) (dark blue bar)\n- Ending Balance: 588,138 (orange bar)\n: chart::>", "box": { "bottom": 0.9378687143325806, "left": 0.5113600492477417, "right": 0.9594608545303345, "top": 0.5828754901885986 }, "chunk_id": "09e526ec-c525-4e80-a9c5-9aeefe1c4920", "job_id": "cmsi49t6j06vpeq01t79v7ew2", "picture_ref": "#/pictures/16" } ], "tables": [ { "page": 7, "cells": [ [ "PORTLAND MIXED USE", "1", "$391M" ], [ "OPERATE TO SELL", "5", "$102M" ], [ "SELL", "15", "$87M" ], [ "UNDER CONTRACT", "3", "$8M" ], [ "TOTAL", "24", "$588M" ] ], "cell_boxes": [ [ { "bottom": 0.724743750885616, "left": 0.03800261399982696, "right": 0.21229354819060978, "top": 0.693907937705027 }, { "bottom": 0.724734910056769, "left": 0.21228137802493924, "right": 0.309804045860123, "top": 0.6938865931088851 }, { "bottom": 0.724729962825764, "left": 0.30978821749491026, "right": 0.4672687377424017, "top": 0.6938521178279657 } ], [ { "bottom": 0.7553915346737277, "left": 0.038005866298817144, "right": 0.21228137802493924, "top": 0.724734910056769 }, { "bottom": 0.7553789589094134, "left": 0.2122692800755495, "right": 0.3098197708628695, "top": 0.724729962825764 }, { "bottom": 0.7553719190222754, "left": 0.309804045860123, "right": 0.4672781302455821, "top": 0.7247219747936152 } ], [ { "bottom": 0.7860542378934496, "left": 0.038009102771029674, "right": 0.2122692800755495, "top": 0.7553789589094134 }, { "bottom": 0.7860443325605135, "left": 0.2122571737073527, "right": 0.3098355086492094, "top": 0.7553719190222754 }, { "bottom": 0.7860387855042311, "left": 0.3098197708628695, "right": 0.4672875321594852, "top": 0.7553605557880154 } ], [ { "bottom": 0.8166557103120704, "left": 0.038012340818766435, "right": 0.2122571737073527, "top": 0.7860443325605135 }, { "bottom": 0.8166526458066776, "left": 0.21224508986600582, "right": 0.30985121835252644, "top": 0.7860387855042311 }, { "bottom": 0.8166509290223378, "left": 0.3098355086492094, "right": 0.46729691845300647, "top": 0.786029834795688 } ], [ { "bottom": 0.8472474842741065, "left": 0.038015572400398254, "right": 0.21224508986600582, "top": 0.8166526458066776 }, { "bottom": 0.8472406652720084, "left": 0.21223301403643108, "right": 0.3098669145956058, "top": 0.8166509290223378 }, { "bottom": 0.8472368437366202, "left": 0.30985121835252644, "right": 0.4673062937707293, "top": 0.8166481597258142 } ] ], "box": { "bottom": 0.8472474842741065, "left": 0.03800261399982696, "right": 0.4673062937707293, "top": 0.6938521178279657 }, "chunk_id": "db15ed72-7da8-421f-a945-d16ff8f4dd00", "job_id": "cmsi49t6j06vpeq01t79v7ew2", "table_ref": null, "picture_ref": null, "table_id": null } ], "context": [ { "page": 7, "kind": "text", "text": "\n\nReal Estate Owned Exposure", "box": { "bottom": 0.12338852882385254, "left": 0.039826199412345886, "right": 0.4521356225013733, "top": 0.06881652772426605 }, "chunk_id": "8b4511e8-d860-4941-8974-6e13b83ce075" }, { "page": 7, "kind": "marginalia", "text": "\n\n7", "box": { "bottom": 0.977081835269928, "left": 0.9333130717277527, "right": 0.9506924748420715, "top": 0.9503678679466248 }, "chunk_id": "bdebe0ff-bfdf-41d3-a2f8-e623060a2004" } ] }, { "page": 8, "status": "figures", "reason": "", "picture_classes": [ "photograph", "photograph", "photograph", "photograph" ], "table_refs": [], "job_id": "cmsi49ta700c7f4017u0ajvcj", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "a533e0356b8c8e42.p8.ade.json", "figures": [ { "page": 8, "text": "\n\n<::An aerial view of a cityscape at sunset. In the foreground, a tall, modern skyscraper with a glass facade reflects the light. Surrounding it are numerous other buildings of varying heights and styles. In the background, hills are visible on the left, and a bridge can be seen in the distance on the right. The sky is painted with hues of pink, orange, and purple from the setting sun.: photo::>", "box": { "bottom": 0.3749532103538513, "left": 0.03495245426893234, "right": 0.2620255649089813, "top": 0.15203969180583954 }, "chunk_id": "e9c11568-d7c3-41b0-8218-a0b339789143", "job_id": "cmsi49ta700c7f4017u0ajvcj", "picture_ref": "#/pictures/17" }, { "page": 8, "text": "\n\n<::visual content::>\n\n<::visual content::>", "box": { "bottom": 0.7632108330726624, "left": 0.03375180810689926, "right": 0.26254233717918396, "top": 0.38281577825546265 }, "chunk_id": "7a942ef5-659d-4624-91bf-77847897ed6f", "job_id": "cmsi49ta700c7f4017u0ajvcj", "picture_ref": "#/pictures/18" }, { "page": 8, "text": "\n\n<::A luxurious, modern restaurant interior with a long, curved booth seating area on the left. Several dining tables are set with white tablecloths, wine glasses, and tableware. In the background, there's a bar area with high chairs and large windows offering a view of a city or landscape. The decor features warm lighting, wooden paneling, and contemporary furniture.\n: photo::>", "box": { "bottom": 0.9738262891769409, "left": 0.03446587175130844, "right": 0.26271331310272217, "top": 0.7734487056732178 }, "chunk_id": "5a365615-dad5-46ba-88c6-9b6548443f5b", "job_id": "cmsi49ta700c7f4017u0ajvcj", "picture_ref": "#/pictures/19" } ], "tables": [ { "page": 8, "cells": [ [ "Total Occupancy:", "28%" ], [ "Office Occupancy:", "23%" ], [ "WA Office Rent/SF:", "$38 NNN" ], [ "Office WAULT:", "9 yrs." ], [ "Retail Occupancy:", "100%" ], [ "WA Retail Rent/SF:", "$46 NNN" ], [ "Retail WAULT:", "11 yrs." ] ], "cell_boxes": [ [ { "bottom": 0.8170198899124965, "left": 0.5050836302543603, "right": 0.6357238339663938, "top": 0.7951719952479538 }, { "bottom": 0.8169453268182074, "left": 0.6356536971680431, "right": 0.7147982225054506, "top": 0.7951494797707284 } ], [ { "bottom": 0.8394859754386406, "left": 0.5050803832691465, "right": 0.6356536971680431, "top": 0.8169453268182074 }, { "bottom": 0.8394559301909152, "left": 0.635581185451386, "right": 0.7147495412690843, "top": 0.816900158495781 } ], [ { "bottom": 0.8582532936946213, "left": 0.5050776728554007, "right": 0.635581185451386, "top": 0.8394559301909152 }, { "bottom": 0.8582616675613799, "left": 0.6355206349155467, "right": 0.7146990988842006, "top": 0.8394377148445813 } ], [ { "bottom": 0.8757173139897231, "left": 0.505075146815274, "right": 0.6355206349155467, "top": 0.8582394907808392 }, { "bottom": 0.8756340042988414, "left": 0.6354646477373371, "right": 0.7146569680935647, "top": 0.8582532936946213 } ], [ { "bottom": 0.8980296225790563, "left": 0.5050719220551799, "right": 0.6354646477373371, "top": 0.8756340042988414 }, { "bottom": 0.897924880755867, "left": 0.6353928438104974, "right": 0.714618199425266, "top": 0.8755834307643415 } ], [ { "bottom": 0.9170704395333603, "left": 0.5050691701182197, "right": 0.6353928438104974, "top": 0.897924880755867 }, { "bottom": 0.9170288081490026, "left": 0.6353313057634166, "right": 0.714568338380198, "top": 0.8978612456499957 } ], [ { "bottom": 0.9392626235270883, "left": 0.5050659729427265, "right": 0.6353313057634166, "top": 0.9170288081490026 }, { "bottom": 0.9393056619294384, "left": 0.6352596856431466, "right": 0.7145254951880661, "top": 0.9170034979257171 } ] ], "box": { "bottom": 0.9393056619294384, "left": 0.5050659729427265, "right": 0.7147982225054506, "top": 0.7951494797707284 }, "chunk_id": "a7cd10eb-d674-48f8-be96-4b128598a901", "job_id": "cmsi49ta700c7f4017u0ajvcj", "table_ref": null, "picture_ref": null, "table_id": null } ], "context": [ { "page": 8, "kind": "text", "text": "\n\nPortland OR, Mixed-Use", "box": { "bottom": 0.12063979357481003, "left": 0.0423455536365509, "right": 0.3644655644893646, "top": 0.07131319493055344 }, "chunk_id": "b0ddae14-c22c-478f-9d2f-f93961d90372" }, { "page": 8, "kind": "text", "text": "\n\n## QUARTERLY UPDATES\n\n* The four-phase condo sellout strategy is ongoing, whereby unit pricing will increase in subsequent phases. Thirty-eight units have been sold YTD ($746 WA PPSF).\n* Phase 1 consisting of twenty-four condos fully sold out in May 2026. Phase 2 consisting of thirty-two units launched in February 2026. Fourteen Phase 2 units have sold (44% of Phase 2), and four units have executed Purchase Agreements.\n* Hotel revenue performance has improved year-over-year, with total June 2026 TTM RevPAR up 14% to $403, driven by a 10% increase in occupancy to 52% and 20% increase in Room RevPAR to $244 compared to June 2025 TTM.\n* Marriott's targeted room rate reduction strategy implemented in Q4 2025 continues to yield RevPAR improvement, with April, May and June 2026 Room RevPAR up 41%, 55%, and 47%, respectively, compared to the same period last year.", "box": { "bottom": 0.4430544972419739, "left": 0.264954149723053, "right": 0.9607595801353455, "top": 0.15191341936588287 }, "chunk_id": "cf66cc07-2b3e-463a-bfbb-99d071c0acb0" }, { "page": 8, "kind": "text", "text": "\n\n# RITZ-CARLTON HOTEL\n\n* 251 rooms (floors 8 – 20)\n* Amenities:\n * Lobby lounge\n * Bellpine restaurant and bar;\n Meadowrue restaurant\n * Ritz-Carlton Club\n * Meeting & Event space\n (12,222 sf)\n * Business center\n * Fitness center, full-service\n spa and swimming pool", "box": { "bottom": 0.757703959941864, "left": 0.2628290355205536, "right": 0.4930245578289032, "top": 0.44748514890670776 }, "chunk_id": "471b4cd5-3cae-4cf4-9ad9-9efeb10dd44e" }, { "page": 8, "kind": "text", "text": "\n\n## Key Metrics (6/30/2026 TTM)\n\n* Occupancy: 52%\n* ADR: $468\n* Room RevPAR: $244\n* Total RevPAR: $403", "box": { "bottom": 0.8992816209793091, "left": 0.27191662788391113, "right": 0.454048216342926, "top": 0.7655075788497925 }, "chunk_id": "c19f93d6-a3be-4693-a4d4-a4563a60b32f" }, { "page": 8, "kind": "text", "text": "\n\nOFFICE/RETAIL\n\n* Class A office: 158,577 sf (floors 3–7)\n* Office Tenants:\n * Davis Wright Tremaine LLP\n * Fisher & Phillips\n * Banneker Partners\n* Retail: 10,638 sf (floors 1–2)\n* Retail Tenants:\n * The Flock (food hall)\n * Mahler Jewelers", "box": { "bottom": 0.7567266225814819, "left": 0.4960344731807709, "right": 0.7263085842132568, "top": 0.4471362829208374 }, "chunk_id": "64ffc859-575c-4a66-a8a9-319375e81f0d" }, { "page": 8, "kind": "text", "text": "\n\n## RITZ-CARLTON RESIDENCES\n\n* 132 Ritz-Carlton branded condominium residences\n* Located on floors 21 – 35\n* Avg. Unit SF: 1,639\n* Amenities:\n * Balcony or terrace\n * Dedicated lobby\n * Hotel amenity access\n * Private rooftop terrace (8th floor)", "box": { "bottom": 0.7507991194725037, "left": 0.730120062828064, "right": 0.9606363773345947, "top": 0.44709843397140503 }, "chunk_id": "f92160e9-2a43-4bcf-9c16-c77b65b4c8b8" }, { "page": 8, "kind": "text", "text": "\n\n## Key Metrics (Sales to Date)¹²\n* # of units sold: 50\n* % of units sold: 38%\n* Avg SF/unit sold: 1,517\n* Avg Sale Price: $1.240M\n* Avg Sale Price/SF: $817", "box": { "bottom": 0.9286895394325256, "left": 0.7349529266357422, "right": 0.9488213062286377, "top": 0.7668783068656921 }, "chunk_id": "373168a0-211d-4fab-8210-3c31ace4ec9b" }, { "page": 8, "kind": "marginalia", "text": "\n\n8", "box": { "bottom": 0.9751932621002197, "left": 0.9350847005844116, "right": 0.948541522026062, "top": 0.9526522159576416 }, "chunk_id": "5628730c-21e8-46f5-b69e-4a77f1f098fe" } ] }, { "page": 9, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "cmsi49t7p06r6fo016xgcx2mm", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "a533e0356b8c8e42.p9.ade.json", "figures": [ { "page": 9, "text": "\n\nCOLLATERAL\n<::Pie chart showing the distribution of collateral categories:\nHotel: 20%\nEating Place: 9%\nRetail: 27%\nDoctors: 6%\nOther: 38%\n: chart::>", "box": { "bottom": 0.8855281472206116, "left": 0.04028640687465668, "right": 0.48953360319137573, "top": 0.49478214979171753 }, "chunk_id": "eda6b345-b3c5-49e7-9046-27158ffa02cb", "job_id": "cmsi49t7p06r6fo016xgcx2mm", "picture_ref": "#/pictures/22" } ], "tables": [ { "page": 9, "cells": [ [ "PROGRAM", "COUNT13", "UPB", "ALLOWANCE", "CARRY VALUE", "60+ DQ STATUS⁷", "WA RISK RATING", "GROSS YIELD", "CASH YIELD" ], [ "LARGE", "1,823", "1.44B", "25M", "1.40B", "3.2%", "1.81", "7.8%", "7.4%" ], [ "SMALL/MICRO", "5,909", "139M", "16M", "120M", "3.4%", "1.36", "10.2%", "8.5%" ], [ "USDA", "29", "39M", "1M", "36M", "—%", "2.58", "9.5%", "8.8%" ], [ "WORKING CAPITAL**", "153", "15M", "—", "1M", "35.6%", "2.86", "8.1%", "8.1%" ], [ "TOTAL", "7,914", "1.63B", "42M", "1.56B", "3.2%", "1.79", "8.1%", "7.5%" ] ], "cell_boxes": [ [ { "bottom": 0.2576912191096379, "left": 0.04656240334238529, "right": 0.19103861392783927, "top": 0.2187148015703796 }, { "bottom": 0.25769155962022616, "left": 0.1909730166839497, "right": 0.28686310465778164, "top": 0.21872870167085393 }, { "bottom": 0.25769189874606613, "left": 0.2867918321180165, "right": 0.38227547048710453, "top": 0.21873792097445866 }, { "bottom": 0.25769223804733715, "left": 0.38222098288076134, "right": 0.47773023560094535, "top": 0.21874710062740046 }, { "bottom": 0.2576925787074787, "left": 0.4776994995114618, "right": 0.5735925631423567, "top": 0.21875628435959044 }, { "bottom": 0.25769291813065764, "left": 0.5735603988505246, "right": 0.6690732200416618, "top": 0.21876550730348637 }, { "bottom": 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"cmsi49t7p06r6fo016xgcx2mm", "table_ref": null, "picture_ref": null, "table_id": null }, { "page": 9, "cells": [ [ "QTD SALES BY PROGRAM", "", "", "" ], [ "PROGRAM", "SALES", "PROCEEDS", "% PREMIUM" ], [ "LARGE", "$61M", "$67M", "9.7%" ], [ "SMALL/MICRO", "$25M", "$27M", "11.1%" ], [ "USDA", "$4M", "$5M", "14.7%" ], [ "WORKING CAPITAL", "$41M", "$41M", "1.2%" ] ], "cell_boxes": [ [ { "bottom": 0.5359155114490632, "left": 0.5238885791928087, "right": 0.9599978182214102, "top": 0.5003621894060637 }, null, null, null ], [ { "bottom": 0.5933573997058179, "left": 0.5239235077350759, "right": 0.6585701854360818, "top": 0.5358811510941263 }, { "bottom": 0.5933321371087833, "left": 0.6585300008528243, "right": 0.7579147852091277, "top": 0.5358557994421764 }, { "bottom": 0.5933134803214852, "left": 0.757897064725013, "right": 0.8573203838155061, "top": 0.5358304322239936 }, { "bottom": 0.5932948167842663, "left": 0.8573000790420697, "right": 0.9597572875859968, "top": 0.5358042914499894 } ], [ 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0.9599978182214102, "top": 0.5003621894060637 }, "chunk_id": "37e9dc54-067d-44b0-90b3-c84feb8d75ce", "job_id": "cmsi49t7p06r6fo016xgcx2mm", "table_ref": null, "picture_ref": null, "table_id": null } ], "context": [ { "page": 9, "kind": "text", "text": "\n\nSmall Business Lending Portfolio Review*", "box": { "bottom": 0.12292289733886719, "left": 0.040039896965026855, "right": 0.6151164770126343, "top": 0.06949858367443085 }, "chunk_id": "64825811-cbb8-4aa3-ac2b-5428012f8eb5" }, { "page": 9, "kind": "text", "text": "\n\n*Includes assets offset by guaranteed loan financing liabilities of $950 million.\n**Purchased as part of the Funding Circle acquisition. 57% 60+ days delinquent at the time of purchase.", "box": { "bottom": 0.983954668045044, "left": 0.0511302649974823, "right": 0.6404268741607666, "top": 0.9337934255599976 }, "chunk_id": "41f2b5fc-45fa-49ed-95de-43cd1443a619" }, { "page": 9, "kind": "marginalia", "text": "\n\n9", "box": { "bottom": 0.9753552675247192, "left": 0.9333573579788208, "right": 0.9499572515487671, "top": 0.9524016380310059 }, "chunk_id": "6cde21f8-1c1e-4990-a29f-40933c4b1d68" } ] }, { "page": 10, "status": "figures", "reason": "", "picture_classes": [ "bar_chart" ], "table_refs": [], "job_id": "cmsi4a1mm06r9fo014lboaonx", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "a533e0356b8c8e42.p10.ade.json", "figures": [ { "page": 10, "text": "\n\n<::Stacked bar chart showing financial values in millions of dollars across five quarters: Q2'25, Q3'25, Q4'25, Q1'26, and Q2'26. The y-axis ranges from 0 to 600.\n\nLegend:\n- Bridge\n- Bridge Off- Balance Sheet\n- Construction\n- Freddie Mac\n- SBA\n- USDA\n- Working Capital\n\nData for each quarter:\n\nQ2'25: Total $532.2M\n- Freddie Mac: $173.4\n- SBA: $216.1\n- USDA: $96.5\n- Working Capital: $46.1\n\nQ3'25: Total $421.9M\n- Construction: $58.0\n- Freddie Mac: $81.2\n- SBA: $173.5\n- USDA: $67.3\n- Working Capital: $41.9\n\nQ4'25: Total $374.6M\n- Bridge: $89.4\n- Freddie Mac: $145.4\n- SBA: $84.4\n- USDA: $18.4\n- Working Capital: $37.0\n\nQ1'26: Total $464.3M\n- Bridge Off- Balance Sheet: $171.7\n- Freddie Mac: $115.9\n- SBA: $110.0\n- USDA: $28.5\n- Working Capital: $38.2\n\nQ2'26: Total $278.8M\n- Freddie Mac: $155.9\n- SBA: $82.1\n- Working Capital: $40.8\n: chart::>", "box": { "bottom": 0.9229367971420288, "left": 0.04827043414115906, "right": 0.9499032497406006, "top": 0.1548267900943756 }, "chunk_id": "1ba8d3d5-642e-4c6c-8cc9-72c47f9fdcd8", "job_id": "cmsi4a1mm06r9fo014lboaonx", "picture_ref": "#/pictures/24" } ], "tables": [], "context": [ { "page": 10, "kind": "text", "text": "\n\nQuarterly Investment Activity⁴", "box": { "bottom": 0.12680146098136902, "left": 0.04088500142097473, "right": 0.4469049572944641, "top": 0.06348810344934464 }, "chunk_id": "185d90a1-fdef-44c3-beb7-4c193620f239" }, { "page": 10, "kind": "marginalia", "text": "\n\n10", "box": { "bottom": 0.9755601286888123, "left": 0.9297060370445251, "right": 0.9490981698036194, "top": 0.9523609280586243 }, "chunk_id": "e6501f24-ac84-4db1-becc-f5321f0151fd" } ] }, { "page": 13, "status": "figures", "reason": "", "picture_classes": [ "bar_chart" ], "table_refs": [], "job_id": "cmsi4a3r206rafo01i8sfu9po", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "a533e0356b8c8e42.p13.ade.json", "figures": [ { "page": 13, "text": "\n\n<::waterfall chart::>\n- **Y-axis:** Values from $6.00 to $7.50\n- **X-axis labels:** Q1'26 GAAP BVPS, CECL and Valuation Allowance, Losses from loan sales, Losses from operations, Other, Q2'26 GAAP BVPS\n- **Data:**\n - Q1'26 GAAP BVPS: $7.43\n - CECL and Valuation Allowance: $(0.12)\n - Losses from loan sales: $(0.23)\n - Losses from operations: $(0.28)\n - Other: $0.03\n - Q2'26 GAAP BVPS: $6.83\n<::>", "box": { "bottom": 0.7873185873031616, "left": 0.10059529542922974, "right": 0.8636581897735596, "top": 0.20448830723762512 }, "chunk_id": "fc057593-29a1-4075-a04b-e174e2465376", "job_id": "cmsi4a3r206rafo01i8sfu9po", "picture_ref": "#/pictures/28" } ], "tables": [], "context": [ { "page": 13, "kind": "text", "text": "\n\nBook Value per Share", "box": { "bottom": 0.1238773912191391, "left": 0.03966696560382843, "right": 0.3495807647705078, "top": 0.06828619539737701 }, "chunk_id": "3aef5f6a-dca1-4354-9842-6062f7cd79a7" }, { "page": 13, "kind": "marginalia", "text": "\n\n13", "box": { "bottom": 0.9753196835517883, "left": 0.9300732612609863, "right": 0.9488552808761597, "top": 0.9524824023246765 }, "chunk_id": "e5277f11-88ee-4be8-b934-8524bac1dbd0" } ] }, { "page": 14, "status": "figures", "reason": "", "picture_classes": [ "bar_chart", "pie_chart" ], "table_refs": [], "job_id": "cmsi4a7ee06rcfo0180kl3s3u", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "a533e0356b8c8e42.p14.ade.json", "figures": [ { "page": 14, "text": "\n\n<::\nDebt Balance and Leverage Ratio Bar Chart\n\n| Debt Type | Debt Balance ($ in millions) | Leverage Ratio |\n|:---------------------------------|:-----------------------------|:---------------|\n| Securitized Debt Obligations | $639 | 0.5x |\n| Non-Recourse Secured Borrowings | $970 | 0.8x |\n| Recourse Secured Borrowings | $906 | 0.7x |\n| Corporate Debt | $1,194 | 1.0x |\n: bar chart::>", "box": { "bottom": 0.9515911340713501, "left": 0.048784926533699036, "right": 0.5115144848823547, "top": 0.16340216994285583 }, "chunk_id": "7bb4c1bf-f24a-4d7f-9c82-dd3fe1819668", "job_id": "cmsi4a7ee06rcfo0180kl3s3u", "picture_ref": "#/pictures/29" }, { "page": 14, "text": "\n\nUNENCUMBERED ASSET POOL\n\n<::donut chart\nCenter text: $0.7B UNENCUMBERED ASSET POOL\n\nSegments:\n- 18%: Unrestricted cash\n- 34%: Loans\n- 15%: Servicing rights\n- 9%: REO\n- 24%: Other Assets\n: chart::>\n", "box": { "bottom": 0.5415172576904297, "left": 0.5169892907142639, "right": 0.9680654406547546, "top": 0.14032772183418274 }, "chunk_id": "426c4935-8af7-462a-bf0c-05198884f47a", "job_id": "cmsi4a7ee06rcfo0180kl3s3u", "picture_ref": "#/pictures/31" } ], "tables": [], "context": [ { "page": 14, "kind": "text", "text": "\n\nCapitalization", "box": { "bottom": 0.13398879766464233, "left": 0.04109034687280655, "right": 0.2354116141796112, "top": 0.08221618831157684 }, "chunk_id": "d2fe3e23-814b-4c2e-8bba-b15d441a3858" }, { "page": 14, "kind": "text", "text": "\n\n# HIGHLIGHTS\n\n* **1.5x** unencumbered assets to unsecured debt\n* **$1.9 billion** in available warehouse borrowing capacity across **10** counterparties\n* Limited usage of securities repo financing at **2.9%** of total debt\n* Full mark-to-market liabilities and credit mark-to-market liabilities represent **41%** of total debt", "box": { "bottom": 0.9234059453010559, "left": 0.5166151523590088, "right": 0.9690321683883667, "top": 0.5854302048683167 }, "chunk_id": "b13547fa-1ac2-43c0-88e8-83c84656dcb3" }, { "page": 14, "kind": "marginalia", "text": "\n\n14", "box": { "bottom": 0.9721285700798035, "left": 0.9295467734336853, "right": 0.9487717747688293, "top": 0.946917712688446 }, "chunk_id": "42221e76-1b94-4a1d-9f10-fc3982e684da" } ] } ], "errors": [ "page 6: figure-value read failed: Exceeded maximum output retries (1)" ], "removed": [] }