Our Portfolio is comprised of a diverse set of commercial real estate (“CRE”) assets across the capital structure, including senior mortgage loans, mezzanine loans, preferred equity interests, net leased real estate and other real estate properties and CRE debt securities.
We believe the scale of our Portfolio provides a competitive advantage by providing significant portfolio diversification, economies of scale and exposure to proprietary transactions.
Portfolio information as of September 30, 2021 based on gross book value (including accumulated depreciation and amortization) at our share and excludes CRE debt securities, except, in the case of the “Investment Type” chart, which is based on net book value at our share and includes CRE debt securities. Metrics shown were not prepared in accordance with U.S. GAAP.
(1) Consists of senior and mezzanine loans and preferred equity.
(2) CRE debt securities includes both investment grade and non-investment grade CMBS bonds and our net equity position in consolidated securitization trusts that the Company owns a controlling class of securities. The securitization assets are presented net of the impact from consolidation. In addition, CRE debt securities includes $5 million of book value at our share related to one real estate private equity interest.
(3) Other / mixed-use includes: predevelopment and mixed-use assets.