[ { "page": 45, "job_id": "parse-01m2p00qkx769stxsq6vt4f780", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.3, "figures": [ { "page": 45, "kind": "chart", "description": "This is a pie chart illustrating the distribution of property types as of March 31, 2026. The largest segment, representing 81.5% of the total, is labeled 'Multifamily' and is colored dark green. The remaining segments, in descending order of size, are 'Office' (10.9%, green), 'Hotel' (4.7%, grey), 'Mixed-Use' (2.2%, blue), and 'Self-Storage' (0.7%, light blue).", "box": { "left": 0.35268, "top": 0.15063, "right": 0.7648, "bottom": 0.35048 }, "values": [ { "rows": [ [ { "text": "Property Type", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Multifamily", "provenance": "unclassified", "footnotes": [] }, { "text": "81.5%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Office", "provenance": "unclassified", "footnotes": [] }, { "text": "10.9%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Hotel", "provenance": "unclassified", "footnotes": [] }, { "text": "4.7%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Mixed-Use", "provenance": "unclassified", "footnotes": [] }, { "text": "2.2%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Self-Storage", "provenance": "unclassified", "footnotes": [] }, { "text": "0.7%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [], "node_id": "figure-0" }, { "page": 45, "kind": "chart", "description": "A pie chart titled \"PROPERTY TYPE AT DECEMBER 31, 2025\" displaying the distribution of property types. The largest segment is \"Multifamily\" at 81.9%, represented by a large dark green slice. The remaining segments are \"Office\" at 12.7% (green), \"Hotel\" at 3.2% (grey), \"Mixed-Use\" at 1.4% (light blue), and \"Self-Storage\" at 0.8% (darker blue).", "box": { "left": 0.27477, "top": 0.37495, "right": 0.78667, "bottom": 0.61083 }, "values": [ { "rows": [ [ { "text": "Property Type", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Multifamily", "provenance": "unclassified", "footnotes": [] }, { "text": "81.9%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Office", "provenance": "unclassified", "footnotes": [] }, { "text": "12.7%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Hotel", "provenance": "unclassified", "footnotes": [] }, { "text": "3.2%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Mixed-Use", "provenance": "unclassified", "footnotes": [] }, { "text": "1.4%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Self-Storage", "provenance": "unclassified", "footnotes": [] }, { "text": "0.8%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [], "node_id": "figure-1" } ], "tables": [], "context": [ { "page": 45, "kind": "marginalia", "text": "(Back to Index)\n", "box": { "left": 0.02282, "top": 0.05019, "right": 0.12727, "bottom": 0.06929 }, "node_id": "marginalia-0" }, { "page": 45, "kind": "text", "text": "Our portfolio comprises loans with a diverse array of collateral types and locations. Multifamily continues to comprise the majority of our\nportfolio, with 81.5% of our portfolio allocated to multifamily at March 31, 2026 and 81.9% at December 31, 2025. The following charts show our\nportfolio allocation at carrying value by property type at March 31, 2026 and December 31, 2025:\n", "box": { "left": 0.02084, "top": 0.08483, "right": 0.97965, "bottom": 0.13117 }, "node_id": "text-0" }, { "page": 45, "kind": "text", "text": "From time to time, we may acquire real estate property through direct equity investments or as a result of our lending activities. We did not\nacquire any real estate property in the three months ended March 31, 2026.\n", "box": { "left": 0.02014, "top": 0.61368, "right": 0.9787, "bottom": 0.64484 }, "node_id": "text-1" }, { "page": 45, "kind": "text", "text": "At March 31, 2026, the net carrying value of our net real estate-related assets and liabilities was $106.3 million on five properties owned, two of\nwhich are included in investments in real estate and three of which are included in properties held for sale on our consolidated balance sheets.\n", "box": { "left": 0.02204, "top": 0.64859, "right": 0.97694, "bottom": 0.68031 }, "node_id": "text-2" }, { "page": 45, "kind": "text", "text": "We use leverage to enhance our returns. The cost of borrowings to finance our investments is a significant part of our expenses. Our net interest\nincome depends on our ability to control these expenses relative to our revenue. Our CRE loans may initially be financed with term facilities, such as CRE\nloan warehouse financing facilities, in anticipation of their ultimate securitization. We ultimately seek to finance our CRE loans through the use of non-\nrecourse long-term, match-funded CRE debt securitizations.\n", "box": { "left": 0.02225, "top": 0.68442, "right": 0.9767, "bottom": 0.74045 }, "node_id": "text-3" }, { "page": 45, "kind": "text", "text": "At March 31, 2026 and December 31, 2025, our financing arrangements were as follows (dollars in thousands):\n", "box": { "left": 0.08429, "top": 0.74483, "right": 0.7717, "bottom": 0.76495 }, "node_id": "text-4" }, { "page": 45, "kind": "marginalia", "text": "45\n", "box": { "left": 0.4861, "top": 0.79653, "right": 0.51181, "bottom": 0.81373 }, "node_id": "marginalia-1" }, { "page": 45, "kind": "text", "text": "(Back to Index)\n", "box": { "left": 0.87085, "top": 0.77721, "right": 0.97727, "bottom": 0.79647 }, "node_id": "text-5" } ] } ]