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          "text": "<a id='915efcf8-6982-437c-b56a-09d9801fc29b'></a>\n\nOur portfolio comprises loans with a diverse array of collateral types and locations. Multifamily continues to comprise the majority of our portfolio, with 80.8% of our portfolio allocated to multifamily at June 30, 2026 and 81.9% at December 31, 2025. The following charts show our portfolio allocation at carrying value by property type at June 30, 2026 and December 31, 2025:",
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          "text": "<a id='b99375cd-6a6c-4862-9456-f20b29cc0dfe'></a>\n\nFrom time to time, we may acquire real estate property through direct equity investments or as a result of our lending activities. We did not acquire any real estate property in the three months ended June 30, 2026.",
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          "text": "<a id='b27c4bea-6dc3-4c07-83f2-6ac378d7e111'></a>\n\nAt June 30, 2026, the net carrying value of our net real estate-related assets and liabilities was $104.6 million on five\nproperties owned, two of which are included in investments in real estate and three of which are included in properties held for sale on\nour consolidated balance sheets.",
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          "text": "<a id='69ecf16b-02f7-482b-afb4-7aadb91ca15e'></a>\n\nWe use leverage to enhance our returns. The cost of borrowings to finance our investments is a significant part of our expenses. Our net interest income 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 loan warehouse financing facilities, in anticipation of their ultimate securitization. We ultimately seek to finance our CRE loans through the use of non-recourse long-term, match-funded CRE debt securitizations.",
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          "text": "<a id='4842341e-c6bc-42a6-b517-24e63584f450'></a>\n\nAt June 30, 2026 and December 31, 2025, our financing arrangements were as follows (dollars in thousands):",
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