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 "markdown": "Unencumbered Asset Pool is Comprised of\nHigh-Quality Assets\n\n\n<figure type=\"CHART\">Unencumbered Asset Pool Composition\n\n\n\n<description>The figure is a donut chart representing the 'Unencumbered Asset Pool Composition' with a total value of $3.2B in the center. The chart is divided into eight segments representing different asset types.</description>\n\n<table>\n  <tr>\n    <th>Asset Type</th>\n    <th>Percentage</th>\n  </tr>\n  <tr>\n    <td>Pro forma unrestricted cash</td>\n    <td>12.6%</td>\n  </tr>\n  <tr>\n    <td>CLO equity</td>\n    <td>34.2%</td>\n  </tr>\n  <tr>\n    <td>Total unencumbered securities</td>\n    <td>6.0%</td>\n  </tr>\n  <tr>\n    <td>Other assets 1</td>\n    <td>13.0%</td>\n  </tr>\n  <tr>\n    <td>Investments in equity affiliates</td>\n    <td>1.8%</td>\n  </tr>\n  <tr>\n    <td>1st mortgage loans</td>\n    <td>12.6%</td>\n  </tr>\n  <tr>\n    <td>Mezzanine & preferred</td>\n    <td>11.9%</td>\n  </tr>\n  <tr>\n    <td>Net MSRs</td>\n    <td>7.9%</td>\n  </tr>\n</table>\n\nSignificant unencumbered asset coverage of unsecured debt from high-quality asset pool</figure>\n\n# Key Unencumbered Asset Pool Highlights\n\n\n - $3.2B total unencumbered asset pool made up of\nhigh-quality assets\n - 1.6x unencumbered assets-to-unsecured debt\n - Averaging ~2.1x over last 8 quarters,\nsignificantly above the covenant requirement\n - ~$775M cushion vs. 1.2x\n - CLOs remain overcollateralized and are\ncomfortably in compliance with existing\novercollateralization and interest coverage\ncovenants\n - 58% of secured debt is nonrecourse and non-\nmark-to-market\n\n\nSource: Company provided information. Amounts as of March 31, 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<!-- doc_id=parse-01m2p7my64bknssn2zsv9cgqjv -->",
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