{ "markdown": "Unencumbered Asset Pool is Comprised of\nHigh-Quality Assets\n\n\n
\n\nA donut chart titled 'Unencumbered Asset Pool Composition' displays the breakdown of a $2.6 billion total unencumbered asset pool. The chart is divided into eight segments representing different asset classes, with percentages listed for each. Below the chart is a text box stating: 'Significant unencumbered asset coverage of unsecured debt from high-quality asset pool'.
Asset ClassPercentage
CLO equity28%
Mezzanine & preferred15%
1st mortgage loans12%
Pro forma unrestricted cash11%
Net MSRs10%
Total unencumbered securities7%
Investments in equity affiliates3%
Other assets114%
\n\n# Key Unencumbered Asset Pool Highlights\n\n- [ ] $2.6B total unencumbered asset pool made up of\nhigh-quality assets\n- [ ] 1.4x unencumbered assets-to-unsecured debt\n- [ ] Averaging ~1.9x over last 8 quarters,\nsignificantly above the covenant requirement\n- [ ] ~ $370M cushion vs. 1.2x\n- [ ] CLOs remain overcollateralized and are\ncomfortably in compliance with existing\novercollateralization and interest coverage\ncovenants\n- [ ] 52% of secured debt is nonrecourse and non-\nmark-to-market\n\n\nSource: Company provided information. Amounts as of June 30, 2026\n 1) Other assets are comprised primarily of interest and exit fees receivable, operating lease ROU and fixed assets, deferred compensation assets, and other receivables\n\n\n[Vertical bar chart icon]\n\n\n19\n\n", "structure": { "type": "document", "markdown": null, "children": [ { "type": "page", "page": null, "span": null, "width": null, "height": null, "dpi": null, "grounding": { "page": 1, "range": { "start": 0, "end": 1748 }, "box": { "xmin": 0.0, "ymin": 0.0, "xmax": 1.0, "ymax": 1.0 } }, "markdown": null, "status": "ok", "reason": null, "children": [ { "type": "text", "id": "text-0", "span": null, "grounding": { "page": 1, "range": { "start": 0, "end": 60 }, "box": { "xmin": 0.02744, "ymin": 0.01678, "xmax": 0.68555, "ymax": 0.12241 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 40 }, "box": { "xmin": 0.0428, "ymin": 0.02085, "xmax": 0.68089, "ymax": 0.06969 } }, { "page": 1, "range": { "start": 40, "end": 60 }, "box": { 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