[ { "page": 54, "job_id": "parse-01m2kr7198nxsz0s3rkx99q6xg", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.8, "figures": [ { "page": 54, "kind": "chart", "description": "The figure presents a breakdown of a Loan Portfolio organized into three distinct categories, each represented by a pie chart.\n\nThe first chart shows 100% of the investment type is Senior Loans. The second chart shows the interest rate type is dominated by Floating (99%) with a small slice for Fixed (1%). The third chart displays the property type breakdown: Multifamily (41%), Industrial (22%), Office (18%), Life Science (14%), Hospitality (3%), and Other (2%). The figure includes annotations (A), (B), and (C).", "box": { "left": 0.08201, "top": 0.4161, "right": 0.91709, "bottom": 0.61975 }, "values": [ { "rows": [ [ { "text": "Investment Type", "provenance": "unclassified", "footnotes": [] }, { "text": "Interest Rate Type", "provenance": "unclassified", "footnotes": [] }, { "text": "Property Type", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Senior Loans: 100%", "provenance": "unclassified", "footnotes": [] }, { "text": "Floating: 99%", "provenance": "unclassified", "footnotes": [] }, { "text": "Multifamily: 41%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "", "provenance": "unclassified", "footnotes": [] }, { "text": "Fixed: 1%", "provenance": "unclassified", "footnotes": [] }, { "text": "Industrial: 22%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "", "provenance": "unclassified", "footnotes": [] }, { "text": "", "provenance": "unclassified", "footnotes": [] }, { "text": "Office: 18%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "", "provenance": "unclassified", "footnotes": [] }, { "text": "", "provenance": "unclassified", "footnotes": [] }, { "text": "Life Science(B): 14%", "provenance": "unclassified", "footnotes": [ { "marker": "B", "text": "We classify a loan as life science if more than 50% of the gross leasable area is leased to, or will be converted to, life science-related space." } ] } ], [ { "text": "", "provenance": "unclassified", "footnotes": [] }, { "text": "", "provenance": "unclassified", "footnotes": [] }, { "text": "Hospitality: 3%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "", "provenance": "unclassified", "footnotes": [] }, { "text": "", "provenance": "unclassified", "footnotes": [] }, { "text": "Other(C): 2%", "provenance": "unclassified", "footnotes": [ { "marker": "C", "text": "\"Other\" property type includes Student Housing (2%) and Mixed Use (<1%)." } ] } ] ] } ], "footnotes": [ { "marker": "A", "text": "Charts are based on outstanding principal of our commercial real estate loans. Excludes fully written off loans, loans held in CMBS investments, and equity method investment, unconsolidated entity.", "sources": [ "agent", "document" ], "corroborated": true, "placed": false }, { "marker": "B", "text": "We classify a loan as life science if more than 50% of the gross leasable area is leased to, or will be converted to, life science-related space.", "sources": [ "agent", "document" ], "corroborated": true, "placed": true }, { "marker": "C", "text": "\"Other\" property type includes Student Housing (2%) and Mixed Use (<1%).", "sources": [ "agent", "document" ], "corroborated": true, "placed": true } ], "node_id": "figure-0" }, { "page": 54, "kind": "chart", "description": "The figure displays two pie charts side-by-side, titled 'Geography' and 'Original Vintage'.", "box": { "left": 0.08459, "top": 0.62316, "right": 0.63357, "bottom": 0.78454 }, "values": [ { "rows": [ [ { "text": "Geography", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] }, { "text": "Original Vintage", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "CA", "provenance": "unclassified", "footnotes": [] }, { "text": "18%", "provenance": "unclassified", "footnotes": [] }, { "text": "2021", "provenance": "unclassified", "footnotes": [] }, { "text": "41%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "MA", "provenance": "unclassified", "footnotes": [] }, { "text": "12%", "provenance": "unclassified", "footnotes": [] }, { "text": "2022", "provenance": "unclassified", "footnotes": [] }, { "text": "25%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "FL", "provenance": "unclassified", "footnotes": [] }, { "text": "11%", "provenance": "unclassified", "footnotes": [] }, { "text": "2025", "provenance": "unclassified", "footnotes": [] }, { "text": "19%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "TX", "provenance": "unclassified", "footnotes": [] }, { "text": "11%", "provenance": "unclassified", "footnotes": [] }, { "text": "2026", "provenance": "unclassified", "footnotes": [] }, { "text": "4%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "NC", "provenance": "unclassified", "footnotes": [] }, { "text": "7%", "provenance": "unclassified", "footnotes": [] }, { "text": "2017", "provenance": "unclassified", "footnotes": [] }, { "text": "4%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "U.K.", "provenance": "unclassified", "footnotes": [] }, { "text": "6%", "provenance": "unclassified", "footnotes": [] }, { "text": "2020", "provenance": "unclassified", "footnotes": [] }, { "text": "3%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "D.C.", "provenance": "unclassified", "footnotes": [] }, { "text": "5%", "provenance": "unclassified", "footnotes": [] }, { "text": "2019", "provenance": "unclassified", "footnotes": [] }, { "text": "2%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "PA", "provenance": "unclassified", "footnotes": [] }, { "text": "5%", "provenance": "unclassified", "footnotes": [] }, { "text": "2018", "provenance": "unclassified", "footnotes": [] }, { "text": "2%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "NY", "provenance": "unclassified", "footnotes": [] }, { "text": "5%", "provenance": "unclassified", "footnotes": [] }, { "text": "2024", "provenance": "unclassified", "footnotes": [] }, { "text": "<1%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "MN", "provenance": "unclassified", "footnotes": [] }, { "text": "4%", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Other", "provenance": "unclassified", "footnotes": [] }, { "text": "16%", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [], "node_id": "figure-1" }, { "page": 54, "kind": "chart", "description": "A pie chart titled 'LTV(D)' representing the distribution of loan-to-value ratios across different percentage ranges. The chart is divided into five segments, each labeled with its corresponding range and percentage share.", "box": { "left": 0.6396, "top": 0.62246, "right": 0.91361, "bottom": 0.77022 }, "values": [ { "rows": [ [ { "text": "LTV Range", "provenance": "unclassified", "footnotes": [ { "marker": "D", "text": "LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. Weighted average LTV excludes risk-rated 5 loans." } ] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "<60%", "provenance": "unclassified", "footnotes": [] }, { "text": "24%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "60-65%", "provenance": "unclassified", "footnotes": [] }, { "text": "15%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "65-70%", "provenance": "unclassified", "footnotes": [] }, { "text": "16%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "70-75%", "provenance": "unclassified", "footnotes": [] }, { "text": "37%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "75-80%", "provenance": "unclassified", "footnotes": [] }, { "text": "8%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [ { "marker": "D", "text": "LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. Weighted average LTV excludes risk-rated 5 loans.", "sources": [ "agent", "document" ], "corroborated": true, "placed": true } ], "node_id": "figure-2" } ], "tables": [], "context": [ { "page": 54, "kind": "marginalia", "text": "Table of Contents\n", "box": { "left": 0.0748, "top": 0.01069, "right": 0.19253, "bottom": 0.03199 }, "node_id": "marginalia-0" }, { "page": 54, "kind": "text", "text": "**Our Portfolio**\nWe have established a $5,725.4 million portfolio of diversified investments, consisting primarily of senior commercial real\nestate loans as of March 31, 2026.\n", "box": { "left": 0.07346, "top": 0.0788, "right": 0.92696, "bottom": 0.14594 }, "node_id": "text-0" }, { "page": 54, "kind": "text", "text": "As of March 31, 2026, the average risk rating of our loan portfolio was 3.3, weighted by loan outstanding principal. As of\nMarch 31, 2026, the average loan commitment in our portfolio was $107.8 million and multifamily and industrial loans\ncomprised 63% of our loan portfolio.\n", "box": { "left": 0.07395, "top": 0.15503, "right": 0.92729, "bottom": 0.20751 }, "node_id": "text-1" }, { "page": 54, "kind": "text", "text": "In addition, we owned Real Estate Assets with an investment amount of $505.0 million, comprised of the acquired properties\n(directly or indirectly) and capitalized redevelopment costs, as of March 31, 2026. These properties are reflected on our\nCondensed Consolidated Balance Sheets.\n", "box": { "left": 0.07475, "top": 0.21538, "right": 0.9266, "bottom": 0.26772 }, "node_id": "text-2" }, { "page": 54, "kind": "text", "text": "We have executed on our primary investment strategy of originating floating-rate transitional senior loans and, as we continue\nto scale our loan portfolio, we expect that our originations will be heavily weighted toward floating-rate loans. As of March 31,\n2026, substantially all of our loans by outstanding principal earned a floating rate of interest. We expect the majority of our\nfuture investment activity to focus on originating floating-rate senior loans that we finance with our repurchase and other\nfinancing facilities. As of March 31, 2026, all of our investments were located in the United States and Europe.\n", "box": { "left": 0.07517, "top": 0.27607, "right": 0.92619, "bottom": 0.35922 }, "node_id": "text-3" }, { "page": 54, "kind": "text", "text": "The following charts illustrate the diversification and composition of our loan portfolio as of March 31, 2026, based on type of\ninvestment, interest rate, underlying property type, geographic location, vintage and LTV:\n", "box": { "left": 0.07504, "top": 0.36707, "right": 0.92769, "bottom": 0.40485 }, "node_id": "text-4" }, { "page": 54, "kind": "text", "text": "(A) Charts are based on outstanding principal of our commercial real estate loans. Excludes fully written off loans, loans held in CMBS investments, and\nequity method investment, unconsolidated entity.\n(B) We classify a loan as life science if more than 50% of the gross leasable area is leased to, or will be converted to, life science-related space.\n(C) \"Other\" property type includes Student Housing (2%) and Mixed Use (<1%).\n(D) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. Weighted average LTV\nexcludes risk-rated 5 loans.\n", "box": { "left": 0.07264, "top": 0.86511, "right": 0.92783, "bottom": 0.94681 }, "node_id": "text-5" }, { "page": 54, "kind": "marginalia", "text": "54\n", "box": { "left": 0.48645, "top": 0.96646, "right": 0.51426, "bottom": 0.98548 }, "node_id": "marginalia-1" } ] } ]