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 "markdown": "The charts below detail the geographic distribution and types of properties securing our Loan Portfolio, as of March 31,\n2026:\n\n\n<figure type=\"CHART\">\n\n<description>The figure consists of two side-by-side pie charts displaying Net Loan Exposure. The chart on the left is titled 'Geographic Diversification (Net Loan Exposure)(1)', and the chart on the right is titled 'Collateral Diversification (Net Loan Exposure)(1)(2)'.</description><table><thead><tr><th>Geographic Diversification</th><th>Percentage</th></tr></thead><tbody><tr><td>Sunbelt</td><td>23%</td></tr><tr><td>West</td><td>11%</td></tr><tr><td>Northeast</td><td>11%</td></tr><tr><td>Midwest</td><td>4%</td></tr><tr><td>Northwest</td><td>3%</td></tr><tr><td>UK</td><td>21%</td></tr><tr><td>Other Europe</td><td>18%</td></tr><tr><td>Australia</td><td>7%</td></tr><tr><td>Canada</td><td>2%</td></tr></tbody></table><table><thead><tr><th>Collateral Diversification</th><th>Percentage</th></tr></thead><tbody><tr><td>Multifamily</td><td>26%</td></tr><tr><td>Industrial</td><td>25%</td></tr><tr><td>US Office</td><td>19%</td></tr><tr><td>Non-US Office</td><td>7%</td></tr><tr><td>Hospitality</td><td>10%</td></tr><tr><td>Retail</td><td>4%</td></tr><tr><td>Self-Storage</td><td>3%</td></tr><tr><td>Other Property</td><td>4%</td></tr><tr><td>Life Sciences/Studio</td><td>2%</td></tr></tbody></table></figure>\n\n(1) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of March 31, 2026,\nwhich is our principal balance net of (i) $961.1 million of asset-specific debt, (ii) $20.3 million of cost-recovery\nproceeds, and (iii) our total loans receivable CECL reserve of $291.6 million. Our asset-specific debt is structurally\nnon-recourse and term-matched to the corresponding collateral loans. Geographic locations that represent less than\n1% of net loan exposure are excluded from the chart.\n(2) Assets with multiple components are proportioned into the relevant property types based on the allocated value of\neach property type.\n\n\nRefer to section VII of this Item 2 for details of our loan portfolio, on a loan-by-loan basis.\n\n\n66\n\n<!-- doc_id=parse-01m3d48mrf9snmhzdmy4a5vzwf -->",
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