{
 "markdown": "Table of Contents\n\n\nThe following charts summarize our commercial mortgage loans, held for investment, by coupon rate type, collateral type, geographical region and state as\nof March 31, 2026 and December 31, 2025:\n\n\n<figure type=\"CHART\">Rate Type - March 31, 2026<table><tr><td>Category</td><td>Percentage</td></tr><tr><td>Fixed</td><td>9.7%</td></tr><tr><td>Floating</td><td>90.3%</td></tr></table>\n\n<description>This is a pie chart illustrating the distribution of rate types as of March 31, 2026. The chart is divided into two segments: a large blue segment representing 'Floating' rates, which accounts for 90.3% of the total, and a smaller grey segment representing 'Fixed' rates, which accounts for 9.7% of the total. A legend below the chart confirms the color coding: grey corresponds to 'Fixed' and blue corresponds to 'Floating'.</description></figure>\n\n<figure type=\"CHART\">\n\n<description>The figure is a pie chart titled 'Rate Type - December 31, 2025'. The chart illustrates the distribution of rate types, with a large blue segment representing 'Floating' rates at 89.6% and a smaller grey segment representing 'Fixed' rates at 10.4%.</description><table><thead><tr><th>Rate Type</th><th>Percentage</th></tr></thead><tbody><tr><td>Floating</td><td>89.6%</td></tr><tr><td>Fixed</td><td>10.4%</td></tr></tbody></table></figure>\n\n<figure type=\"CHART\">\n\n<description>A pie chart titled 'Collateral Type - March 31, 2026' illustrates the percentage distribution of different collateral types. The chart is dominated by a large 'Multifamily' segment, with smaller slices representing 'Hospitality', 'Office', 'Industrial', and 'Other' categories.</description><table><thead><tr><th>Collateral Type</th><th>Percentage</th></tr></thead><tbody><tr><td>Multifamily</td><td>79.3%</td></tr><tr><td>Hospitality</td><td>10.6%</td></tr><tr><td>Industrial</td><td>5.9%</td></tr><tr><td>Other</td><td>3.0%</td></tr><tr><td>Office</td><td>1.2%</td></tr></tbody></table></figure>\n\n<figure type=\"CHART\">\n\n<description>This is a pie chart titled 'Collateral Type - December 31, 2025' illustrating the distribution of collateral types. The chart is divided into five segments, with the legend at the bottom indicating the categories: Multifamily (dark blue), Hospitality (grey), Other (light blue), Office (dark grey), and Industrial (medium blue).</description><table><thead><tr><th>Collateral Type</th><th>Percentage</th></tr></thead><tbody><tr><td>Multifamily</td><td>77.5%</td></tr><tr><td>Hospitality</td><td>11.6%</td></tr><tr><td>Industrial</td><td>7.0%</td></tr><tr><td>Other</td><td>2.6%</td></tr><tr><td>Office</td><td>1.3%</td></tr></tbody></table></figure>\n\n58\n\n<!-- doc_id=parse-01m3d906va15rcgaszvjr3a1gs -->",
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