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 "markdown": "Table of Contents\n\n\nThe following charts set forth our total outstanding balance sheet first mortgage loans, other commercial real estate-related loans, and conduit first mortgage\nloans as of June 30, 2026, and a breakdown of our loan portfolio by loan size and geographic location and asset type of the underlying real estate by loan\nbalance.\n\n\n<figure type=\"CHART\">Loan Type <table><tr><td>Loan Category</td><td>Amount</td></tr><tr><td>Balance Sheet First Mortgage Loans</td><td>$2,787M</td></tr><tr><td>Conduit First Mortgage Loans</td><td>$27M</td></tr><tr><td>Other CRE-Related Loans</td><td>$3M</td></tr></table> \n\n<description>The figure is a donut chart titled 'Loan Type'. The vast majority of the chart is represented by a large, dark blue segment labeled 'Balance Sheet First Mortgage Loans' with a value of $2,787M. Two much smaller segments represent 'Conduit First Mortgage Loans' ($27M) and 'Other CRE-Related Loans' ($3M).</description></figure>\n\n<figure type=\"CHART\">Geographic Location <table><thead><tr><th>Category</th><th>Percentage</th></tr></thead><tbody><tr><td>Northeast</td><td>36%</td></tr><tr><td>South</td><td>25%</td></tr><tr><td>Southwest</td><td>15%</td></tr><tr><td>Midwest</td><td>13%</td></tr><tr><td>West</td><td>10%</td></tr><tr><td>Various</td><td>1%</td></tr></tbody></table>\n\n<description>This figure is a donut chart titled 'Geographic Location'. The chart is divided into six segments of varying sizes, representing different geographic regions: Northeast (36%), South (25%), Southwest (15%), Midwest (13%), West (10%), and Various (1%). The segments are colored in varying shades of blue, with the Northeast segment being the largest and the 'Various' segment being the smallest.</description></figure>\n\n<figure type=\"CHART\">Loan Size <table><tr><th>Loan Size Category</th><th>Percentage</th></tr><tr><td>Below $25M</td><td>27%</td></tr><tr><td>$25M - $50M</td><td>39%</td></tr><tr><td>$51M - $75M</td><td>17%</td></tr><tr><td>$76M - $100M</td><td>6%</td></tr><tr><td>Above $100M</td><td>11%</td></tr></table>\n\n<description>A donut chart titled 'Loan Size' displays the distribution of loan sizes in percentages. The chart is divided into five segments, each color-coded with varying shades of blue. The segments represent different loan size ranges: 'Below $25M' (27%), '$25M - $50M' (39%), '$51M - $75M' (17%), '$76M - $100M' (6%), and 'Above $100M' (11%). The largest segment, representing loans between $25M and $50M, occupies the largest portion of the chart.</description></figure>\n\n<figure type=\"CHART\">Asset Type\n\n<description>A donut chart titled 'Asset Type' showing the distribution of asset categories. The chart is divided into seven segments of varying sizes, colored in shades of blue from dark to light. The segments and their corresponding percentages are as follows: Multifamily (58%), Office (21%), Industrial (8%), Mixed Use (5%), Retail (4%), Hotel (2%), and Other (2%).</description><table><thead><tr><th>Asset Type</th><th>Percentage</th></tr></thead><tbody><tr><td>Multifamily</td><td>58%</td></tr><tr><td>Office</td><td>21%</td></tr><tr><td>Industrial</td><td>8%</td></tr><tr><td>Mixed Use</td><td>5%</td></tr><tr><td>Retail</td><td>4%</td></tr><tr><td>Hotel</td><td>2%</td></tr><tr><td>Other</td><td>2%</td></tr></tbody></table></figure>\n\n**Real Estate**\n*Net Leased Commercial Real Estate Properties.* As of June 30, 2026, we owned 149 single tenant net leased properties with an undepreciated book value of\n$596.9 million. These properties are fully leased on a net basis where the tenant is generally responsible for payment of real estate taxes, property, building and\ngeneral liability insurance and property and building maintenance expenses. As of June 30, 2026, our net leased properties comprised a total of 3.4 million\nsquare feet, 100% leased with an average age since construction of 13 years and a weighted average remaining lease term of 3.6 years. Commercial real estate\ninvestments in excess of $20.0 million require the approval of our board of directors\u2019 Risk and Underwriting Committee. The majority of the tenants in our net\nleased properties are necessity-based businesses. During the three months ended June 30, 2026, we collected 99% of rent on these properties.\n\n\n51\n\n<!-- doc_id=parse-01m0xrqfragq0zcmnmbsav7kpv -->",
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