{
 "markdown": "**II. Investments**\n**Investment Portfolio**\nOur Investment Portfolio consists of our Loan Portfolio, our investments in our Bank Loan Portfolio Joint Venture and Net\nLease Joint Venture, our owned real estate assets, and our investments in debt securities. The chart below details the\ncomposition of our Investment Portfolio as of March 31, 2026:\n\n\n<figure type=\"CHART\">\n\n<description>This is a pie chart titled \"Investment Portfolio(1)(2)(3)\" illustrating the percentage breakdown of various investment categories. The chart is divided into several slices of varying sizes, representing the portfolio allocation. The segments are colored in shades of teal, with larger segments in lighter teal and smaller segments in darker teal.</description><table><thead><tr><th>Investment Category</th><th>Percentage</th></tr></thead><tbody><tr><td>Industrial</td><td>23%</td></tr><tr><td>Multifamily</td><td>22%</td></tr><tr><td>US Office</td><td>17%</td></tr><tr><td>Non-US Office</td><td>6%</td></tr><tr><td>Hospitality</td><td>9%</td></tr><tr><td>Retail</td><td>3%</td></tr><tr><td>Self-Storage</td><td>3%</td></tr><tr><td>Life Sciences/Studio</td><td>1%</td></tr><tr><td>Other Loans</td><td>3%</td></tr><tr><td>Bank Loan JV</td><td>3%</td></tr><tr><td>Net Lease JV</td><td>3%</td></tr><tr><td>Owned RE</td><td>7%</td></tr></tbody></table></figure>\n\n\u25a0 Included in our Loan Portfolio<sup>(4)</sup>\n\n\n(1) Our Investment Portfolio reflects the gross amount of our investments as of March 31, 2026, which consists of (i)\nour Loan Portfolio, which represents net book value less total loans receivable CECL reserves, (ii) our share of the\ncarrying value of investments held by our Net Lease Joint Venture, (iii) our share of the fair value of the loans held\nby our Bank Loan Portfolio Joint Venture, (iv) the aggregate carrying value of our owned real estate assets, and (v)\nthe fair value of our investments in debt securities.\n(2) Assets in our Loan Portfolio with multiple components are proportioned into the relevant property types based on\nthe allocated value of each property type.\n(3) Investment types that represent less than 1% of our Investment Portfolio are excluded from the chart.\n(4) Represents the types of properties securing the loans in our Loan Portfolio.\n\n\nRefer to section VII of this Item 2 for details of our Loan Portfolio, on a loan-by-loan basis.\n\n\n63\n\n<!-- doc_id=parse-01m3d48msmd64g684ac6jdrar0 -->",
 "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": 2370
     },
     "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": 348
       },
       "box": {
        "xmin": 0.08665,
        "ymin": 0.06213,
        "xmax": 0.9149,
        "ymax": 0.16491
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 0,
         "end": 20
        },
        "box": {
         "xmin": 0.09124,
         "ymin": 0.0648,
         "xmax": 0.20577,
         "ymax": 0.0813
        }
       },
       {
        "page": 1,
        "range": {
         "start": 20,
         "end": 45
        },
        "box": {
         "xmin": 0.09141,
         "ymin": 0.09494,
         "xmax": 0.24393,
         "ymax": 0.10992
        }
       },
       {
        "page": 1,
        "range": {
         "start": 45,
         "end": 167
        },
        "box": {
         "xmin": 0.09188,
         "ymin": 0.1176,
         "xmax": 0.91028,
         "ymax": 0.13224
        }
       },
       {
        "page": 1,
        "range": {
         "start": 167,
         "end": 286
        },
        "box": {
         "xmin": 0.09165,
         "ymin": 0.13251,
         "xmax": 0.90976,
         "ymax": 0.14697
        }
       },
       {
        "page": 1,
        "range": {
         "start": 286,
         "end": 348
        },
        "box": {
         "xmin": 0.09231,
         "ymin": 0.14718,
         "xmax": 0.51115,
         "ymax": 0.16254
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "figure",
      "id": "figure-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 350,
        "end": 1342
       },
       "box": {
        "xmin": 0.16134,
        "ymin": 0.17104,
        "xmax": 0.79191,
        "ymax": 0.65446
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 350,
         "end": 1342
        },
        "box": {
         "xmin": 0.16134,
         "ymin": 0.17104,
         "xmax": 0.79191,
         "ymax": 0.65446
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-1",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 1344,
        "end": 1391
       },
       "box": {
        "xmin": 0.08714,
        "ymin": 0.66715,
        "xmax": 0.32228,
        "ymax": 0.69065
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 1344,
         "end": 1391
        },
        "box": {
         "xmin": 0.09075,
         "ymin": 0.67158,
         "xmax": 0.31806,
         "ymax": 0.68504
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-2",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 1393,
        "end": 2265
       },
       "box": {
        "xmin": 0.08678,
        "ymin": 0.72155,
        "xmax": 0.91379,
        "ymax": 0.86307
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 1393,
         "end": 1511
        },
        "box": {
         "xmin": 0.09201,
         "ymin": 0.72716,
         "xmax": 0.90798,
         "ymax": 0.74347
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1511,
         "end": 1628
        },
        "box": {
         "xmin": 0.1365,
         "ymin": 0.74328,
         "xmax": 0.90834,
         "ymax": 0.75783
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1628,
         "end": 1747
        },
        "box": {
         "xmin": 0.13664,
         "ymin": 0.75788,
         "xmax": 0.90817,
         "ymax": 0.77247
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1747,
         "end": 1864
        },
        "box": {
         "xmin": 0.13559,
         "ymin": 0.77241,
         "xmax": 0.90778,
         "ymax": 0.78733
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1864,
         "end": 1918
        },
        "box": {
         "xmin": 0.13674,
         "ymin": 0.78709,
         "xmax": 0.4723,
         "ymax": 0.80039
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1918,
         "end": 2035
        },
        "box": {
         "xmin": 0.09261,
         "ymin": 0.80084,
         "xmax": 0.90765,
         "ymax": 0.81609
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2035,
         "end": 2078
        },
        "box": {
         "xmin": 0.1367,
         "ymin": 0.81605,
         "xmax": 0.41161,
         "ymax": 0.83043
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2078,
         "end": 2184
        },
        "box": {
         "xmin": 0.0933,
         "ymin": 0.83047,
         "xmax": 0.80186,
         "ymax": 0.84494
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2184,
         "end": 2265
        },
        "box": {
         "xmin": 0.09279,
         "ymin": 0.84485,
         "xmax": 0.63171,
         "ymax": 0.85937
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-3",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 2267,
        "end": 2363
       },
       "box": {
        "xmin": 0.08932,
        "ymin": 0.87139,
        "xmax": 0.70007,
        "ymax": 0.89239
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 2267,
         "end": 2363
        },
        "box": {
         "xmin": 0.09325,
         "ymin": 0.87428,
         "xmax": 0.69621,
         "ymax": 0.88916
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "marginalia",
      "id": "marginalia-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 2365,
        "end": 2368
       },
       "box": {
        "xmin": 0.48494,
        "ymin": 0.96649,
        "xmax": 0.51456,
        "ymax": 0.98558
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 2365,
         "end": 2368
        },
        "box": {
         "xmin": 0.49064,
         "ymin": 0.97008,
         "xmax": 0.50841,
         "ymax": 0.98183
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     }
    ]
   }
  ]
 },
 "grounding": null,
 "metadata": {
  "req_id": null,
  "job_id": "parse-01m3d48msmd64g684ac6jdrar0",
  "model_version": "dpt-3-pro-20260710",
  "page_count": 1,
  "markdown_chars": null,
  "output_markdown_chars": 2417,
  "range_units": "unicode_codepoints",
  "openapi_spec": "https://api.ade.landing.ai/openapi.json",
  "failed_pages": [],
  "duration_ms": 7601,
  "billing": {
   "service_tier": "standard",
   "total_credits": 1.2
  }
 }
}