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Bank OZK : Investor Presentation
Bank OZK : Investor
About this update from Bank Ozk
BankOZK Nasdaq: OZK March 9, 2026 Bank OZK is a high-performing regional bank with deep expertise in specialized lending businesses nationwide. We operate through 254* retail branches in Arkansas, Georgia, Florida, Texas, North Carolina, and Tennessee and 13* loan production offices. Recent Financial Highlights** Offices Total Assets $40.8 billion Total Loans $32.3 billion Total Deposits $33.4 billion FY25 Net Interest Margin 4.33% FY25 Efficiency Ratio 35.6% FY25 Net Charge-off Ratio 0.50% FY25 Return on Average Assets 1.75% FY25 Return on Average TCE + 14.15% TCE / TA Ratio + 12.79% * As of March 9, 2026. ** As of and for the twelve months ended December 31, 2025. + TCE = Tangible Common Equity; TA = Tangible Assets The calculations of the Bank's non-GAAP financial measures and the reconciliations to generally accepted accounting principles ("GAAP") are included in the schedules at the end of this presentation. In addition to the branches and LPOs identified above, we have our corporate headquarters in Little Rock, AR; our Real Estate Specialties Group headquarters in Dallas, TX; our Corporate and Institutional Banking Group headquarters in Houston, TX; and our Indirect Lending headquarters in Alpharetta, GA (each including a branch or LPO counted above); as well as an operations campus ln Ozark, AR; a customer care center in Alpharetta, GA; OZK Labs in St. Petersburg, FL; and two solar power plants in Arkansas. Over the last four years, we have grown our assets 54%, loans 77% and deposits 65%, while maintaining robust capital with our TCE ratio (currently 12.8%) among the highest in the industry. We have achieved strong earnings resulting in five consecutive years of record Diluted Earnings Per Share ("EPS"). $7.50 $5.87 $6.14 $6.18 $5.00 $4.47 $4.54 $2.50 $- 2021 2022 2023 2024 2025 Diluted EPS $40.0 $31.0B $33.4B $30.0 $27.4B $20.2B $21.5B $20.0 $10.0 $- 2021 2022 2023 2024 2025 Total Deposits $50.0 $40.0 $38.3B $40.8B $34.2B $30.0 $26.5B $27.7B $20.0 $10.0 $- 2021 2022 2023 2024 2025 Total Assets $40.0 $30.0B $32.3B $30.0 $26.5B $20.0 $18.3B $20.8B $10.0 $- 2021 2022 2023 2024 2025 Total Loans $1,750 $1,500 $1,250 $1,000 $750 $500 $250 $- 2021 2022 2023 2024 2025 Net Interest Income $750 $675 $700 $699 $579 $548 $500 $250 $- 2021 2022 2023 2024 2025 Net Income Available to Common ($ millions) ($ billions) $990 $1,142 $1,439 $1,534 $1,592 ($ millions) ($ billions) ($ billions) Fourth Quarter and Full Year 2025 Highlights 5 Our full year 2025 net interest income was a record $1.59 billion, a 3.8% increase from $1.53 billion for the full year 2024. This was our fifth consecutive year of record net interest income. Our fourth quarter of 2025 net interest income was $407.0 million, a decrease of 1.6% compared to the third quarter of 2025 but a 7.3% increase compared to the fourth quarter of 2024. $414 $371 $377 $388 $389 $379 $397 $407 $375 $450 $400 $350 Net Interest Income ($ millions) $300 $250 $200 $150 $100 $50 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 $- There is an element of seasonality in our net interest income attributable to the number of days in each quarter. Considering the two fewer days in the first quarter compared to the quarter just ended and the full impact of the December Fed rate cut, we expect first quarter 2026 net interest income to be between $385 million and $390 million. We expect net interest income will be higher in each subsequent quarter of 2026 due to increased days, loan growth, and time deposit repricing catching up with earlier loan repricing. Our goal for 2026 is to improve on our record net interest income in 2025. To achieve this goal, we will need sufficient growth in average earning assets to offset the expected reduction in our net interest margin. Future net interest income will depend on numerous factors, including, among others, growth in earning assets, changes in loan yields, changes in cost of interest bearing deposits, and any Fed interest rate changes. Our loans were $32.32 billion at December 31, 2025, an increase of $2.35 billion, or 7.8%, from December 31, 2024. As expected, during the quarter just ended, RESG loan repayments offset excellent growth from Corporate & Institutional Banking ("CIB") and other lending teams resulting in a decrease of $0.53 billion, or 1.6% not annualized, from September 30, 2025. For the full year of 2025, our yield on loans was 7.70%, a decrease of 86 bps from 8.56% in 2024. In the fourth quarter of 2025, our yield on loans was 7.50%, decreases of 24 basis points ("bps") and 67 bps, respectively, from the third quarter of 2025 and the fourth quarter of 2024. These decreases reflect the impact on our predominately variable-rate loan portfolio of the 100-basis point reduction in the Fed funds rate during the last four months of 2024 and the 75-basis point reduction during the last four months of 2025. Quarterly Loan Balances & Yields $35,000 $30,000 14.00% $33,005 $32,846 $31,108 $32,318 $26,459 $28,031 $28,674 $29,218 $29,969 8.64% 8.70% 8.76% 8.66% 8.17% 7.79% 7.78% 7.74% 7.50% 12.00% Period-End Loans ($ millions) $25,000 10.00% $20,000 $15,000 8.00% Loan Yield 6.00% $10,000 4.00% $5,000 2.00% $- 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Period-End Loans Loan Yield 0.00% For the full year of 2026, we continue to expect mid-single digit percentage loan growth including strong CIB growth offset by significant RESG loan repayments. For the full year of 2027, we expect loan growth to accelerate to a 10% to 11% range with headwinds from RESG repayments subsiding while CIB and our other lending teams are expected to grow significantly. Our goal in subsequent years is to continue to have strong loan growth with all our lending teams contributing. Our investment securities portfolio, all of which are categorized as available-for-sale, was $2.61 billion at December 31, 2025, decreases of $0.15 billion, or 5.4% not annualized, from September 30, 2025 and $0.23 billion, or 8.0%, from December 31, 2024. At December 31, 2025, our investment securities had an average effective duration of approximately 5.32 years. Quarterly Investment Securities Balances & Yields $3,244 $3,072 $2,982 $2,952 $1,174 $2,836 $2,968 $2,822 $1,154 $2,760 $1,159 $1,233 $2,610 $1,280 $1,358 $1,319 $1,390 $1,380 4.03% 4.27% 4.25% 4.34% 2.84% 2.93% 3.05% 3.00% 3.27% $2,071 $1,918 $1,823 $1,719 $1,556 $1,610 $1,503 $1,370 $1,230 $4,000 8.00% Period-End Securities Balance ($ millions) $3,500 $3,000 $2,500 7.00% Total Tax Equivalent Yield 6.00% 5.00% $2,000 4.00% $1,500 $1,000 3.00% 2.00% $500 1.00% $- 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Taxable Tax-exempt Total Tax Equivalent Yield 0.00% In the fourth quarter of 2025, our tax-equivalent yield on investment securities was 4.34%, increasing nine bps from the third quarter of 2025 and 107 bps from the fourth quarter of 2024. For the full year of 2025, our tax-equivalent yield on investment securities was 4.22%, an increase of 116 bps from 3.06% in 2024. During 2025 our portfolio yield benefited from the reinvestment, at more favorable rates, of the proceeds from lower-yielding bond maturities. Depending on market conditions and available investment opportunities, we will likely see some growth in our investment securities portfolio in 2026, contrary to the recent trend of declining balances. In 2026 through March 9, we purchased approximately $695 million of U.S. Government agency mortgage-backed securities with a weighted average yield of 4.47% and approximately $465 million of obligations of state and political subdivisions with a weighted average yield - FTE of 5.95%. Our deposits were $33.38 billion at December 31, 2025 an increase of $2.34 billion, or 7.5%, from December 31, 2024, but a decrease of $0.60 billion, or 1.8% not annualized, from September 30, 2025. Quarterly Deposit Balances & Cost of Interest Bearing Deposits ("COIBD") $40,000 $35,000 Period-End Deposits ($ millions) $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 7.00% $31,926 $33,522 $33,985 $33,385 $29,406 $29,944 $30,572 $31,043 $27,405 3.89% 4.15% 4.24% 4.31% 4.07% 3.78% 3.70% 3.64% 3.47% 6.00% 5.00% COIBD 4.00% 3.00% 2.00% 1.00% $- 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Total Deposits COIBD 0.00% In the fourth quarter of 2025, our COIBD was 3.47%, decreases of 17 bps and 60 bps, respectively, from the third quarter of 2025 and the fourth quarter of 2024, reflecting the impact of the cumulative 100-basis point reduction in the Fed funds rate during the last four months of 2024 and some impact of the 75-basis point reduction in the last four months of 2025. For the full year of 2025, our COIBD was 3.64%, a decrease of 55 bps from 4.19% in 2024. Following each Fed funds rate reduction, our COIBD should move lower over several quarters, but should tend to lag the more immediate decrease in our loan yields. We synchronize our deposit growth as needed to fund growth in loans. This has been evident in the last three years when deposits and loans grew 7.5% and 7.8%, respectively, in 2025, after deposits and loans both grew 13.3% in 2024 and grew 27.5% and 27.3%, respectively, in 2023. Because of the substantial "retail" nature of our deposit base, 78% of our deposits are either insured (64% at December 31, 2025) or, in the case of public funds and certain other deposits, collateralized (14% at December 31, 2025). As of December 31, 2025, our average account balance was approximately $53,000. The diversity of our deposit base is an important factor in the demonstrated stability of our deposits. Deposit Composition Overview ($ millions) Period Ended 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Noninterest Bearing $ 3,770 12.1% $ 3,868 12.1% $ 3,836 11.4% $ 3,902 11.5% $ 3,833 11.5% Consumer and Commercial Interest Bearing: Consumer - Non-time 2,983 9.6% 3,177 10.0% 3,145 9.4% 3,190 9.4% 3,276 9.8% Consumer - Time 13,447 43.3% 13,940 43.7% 14,746 44.0% 15,313 45.1% 15,168 45.4% Commercial - Non-time 2,728 8.8% 2,601 8.1% 3,071 9.2% 3,210 9.4% 2,984 8.9% Commercial - Time 970 3.1% 914 2.9% 981 2.9% 1,016 3.0% 978 2.9% Public Funds 3,964 12.8% 4,369 13.7% 4,403 13.1% 4,249 12.5% 4,248 12.7% Brokered 2,611 8.4% 2,562 8.0% 2,850 8.5% 2,650 7.8% 2,508 7.5% Reciprocal 569 1.9% 495 1.5% 490 1.5% 454 1.3% 390 1.3% Total $ 31,043 100.0% $ 31,926 100.0% $ 33,522 100.0% $ 33,985 100.0% $ 33,385 100.0% Primary and Secondary Liquidity Sources: We maintain substantial and diverse sources of primary and secondary liquidity. At December 31, 2025 these sources totaled $15.1 billion, consisting of $2.8 billion of cash and cash equivalents, $1.6 billion of unpledged investment securities, $8.8 billion of available FHLB borrowing capacity, $1.2 billion of available unsecured lines of credit and $0.6 billion of Fed discount window borrowing availability. During the quarter just ended, our net interest margin was 4.30%, decreases of five bps from the third quarter of 2025 and three bps from the fourth quarter of 2024. In the fourth quarter of 2025, the latest quarter for which comparative data is available, our net interest margin outperformed the industry by 91 bps, continuing our long history of outperformance. For the full year of 2025, our net interest margin was 4.33%, a decrease of 23 bps from 4.56% in 2024. Favorable 0.91% Variance vs Industry* Net Interest Margin vs. the Industry 6.00% 4.33% 4.31% 4.36% 4.35% 4.30% 3.28% 3.17% 3.16% 3.23% 3.28% 3.25% 3.26% 3.34% 3.39% 5.00% 4.82% 4.71% 4.68% 4.55% 4.00% 3.00% 2.00% 1.00% 0.00% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Bank OZK FDIC Insured Institutions Following any Fed interest rate reduction, we anticipate our loan yields will decrease faster than our deposit costs, likely resulting in some decrease in our net interest margin, at least until time deposits reprice further and/or floor rates are reached on more variable rate loans. Although no Fed interest rate increases are expected in the near term, following any Fed interest rate increase, we anticipate our loan yields would increase faster than our deposit costs, likely resulting in some increase in our net interest margin until time deposits reprice. * Data for all FDIC insured institutions from the FDIC Quarterly Banking Profile, last updated fourth quarter 2025. At December 31, 2025, 86% of our total commitment of loans had variable rates, of which 80% were tied to 1-month term SOFR, 15% to WSJ Prime and 5% to other indexes. At December 31, 2025, 91% of our total commitment of variable rate loans had floor rates. The following chart illustrates the percentage of our total commitment of variable rate loans at December 31, 2025 that were at their floor rate or would have been at their floor rate following various hypothetical decreases in the applicable index rates. 36% 39% 48% 56% 64% 65% 66% 68% 69% 71% 74% At Floor 25 bps 50 bps 75 bps 100 bps 125 bps 150 bps 175 bps 200 bps 250 bps 300 bps - 350 bps 77% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Even with our increase in non-interest expense, our efficiency ratio continues to be among the best in the industry, and we believe that our significant recent investments will generate substantial returns in future years. Our efficiency ratio was 36.4% for the quarter just ended and 35.6% for the full year of 2025. Efficiency Ratio (%) vs. the Industry 66.0% 58.7% 56.6% 56.6% 57.4% 56.2% 55.6% 54.7% 55.7% 35.3% 32.6% 32.7% 32.9% 33.7% 35.6% 35.5% 35.1% 36.4% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Bank OZK FDIC Insured Institutions* We have consistently been among the nation's most efficient banks, having ranked in the top decile of the industry for 23 consecutive years.** * Data for all FDIC insured institutions from the FDIC Quarterly Banking Profile, last updated fourth quarter 2025. ** Data from S&P Global CapIQ. Diverse Lending Verticals Contribute to Favorable Asset Quality, Profitability & Growth Real Estate Specialties Group ("RESG") is a nationally recognized leader in commercial real estate construction and development finance. Corporate and Institutional Banking ("CIB") includes our Asset Based Lending Group ("ABLG"), Corporate Banking & Sponsor Finance ("CBSF"), Fund Finance, Lender Finance Group ("LFG"), Natural Resources Group ("NRG") and Equipment Finance Group ("EFG"). These teams primarily focus on non-real estate lending primarily within our branch footprint and secondarily in other markets nationwide. Our Community Bank originates loans primarily throughout our six-state branch footprint through commercial (generalist) lenders and specialty lending teams. Indirect RV & Marine lending is a nationwide business originating consumer loans through an extensive dealer network. 14 Loan Portfolio as of 12/31/25 12/31/2025 RESG $ 17,582 CIB 5,253 Community Banking 5,245 Indirect Lending 4,238 $ millions Balances Our "growth, growth and diversification" strategy is achieving greater portfolio diversification through growth in our CIB, Indirect RV & Marine and Community Banking portfolios. We expect these lending teams will continue to contribute meaningfully to further growth and diversification, especially as RESG is likely to continue to have elevated repayments throughout 2026. Implicit in this diversification strategy is an unwavering focus on asset quality from each of these lending teams. The ramp-up of CIB over the past several years and the handoff of the "growth baton" from RESG to CIB has been well timed. CIB has achieved significant growth while RESG has absorbed elevated repayments, including record repayments in each of the last two quarters. Total 13.1% $ 32,318 Given our expectation that RESG is likely to have elevated repayments throughout 2026 while other parts of our loan portfolio continue to grow, we expect its percentage of loans will go below 50% sometime during 2026. Of course, we expect that the unique strengths and expertise of RESG will result in meaningful growth over the longer term following this elevated repayment cycle. 16.2% 16.3% 54.4% Our long-term goal is for all of our lending teams to grow significantly and to achieve more balance and diversification in the portfolio. Of course, opportunities will shift over time, and we will always want to capitalize on the best opportunities. Eventually, we expect CIB's and RESG's loan portfolios could be roughly equal in size with each accounting for about one-third of our outstanding loans. The remainder would be a combination of loans from Community Banking and Indirect RV & Marine. We believe such balance and diversification would be beneficial, while maximizing future growth opportunities. RESG's percentage of loans declined to 54.4% as of December 31, 2025, down 3.3% from 57.7% at September 30, 2025, and well below its all-time high of 70%. Changes in Funded Balances of Total Loans ($ millions) During 2025, CIB loans increased $2.70 billion, Indirect RV & Marine increased $0.61 billion, and Community Banking increased modestly while RESG declined $0.97 billion. We expect this diversification trend will continue for some time. $34,000 $32,000 $30,000 $28,000 4 th Quarter 2025 $32,846 $783 $13 $38 ( $1,363 ) $32,318 $29,969 Full Year 2025 $611 $2,702 * $9 * ( $973 ) $32,318 $26,000 9/30/25 RESG CIB Community Indirect RV 12/31/25 12/31/24 RESG CIB Community Indirect RV 12/31/25 Balance Banking & Marine Balance Balance Banking & Marine Balance Changes in Unfunded Loan Commitments ($ millions) Consistent with our greater portfolio diversification during 2025, RESG's share of unfunded loan commitments decreased 10% to 62%, while CIB's share increased 9% to 30%. We expect this diversification trend will continue for some time. $20,000 $17,500 $15,000 $17,898 9/30/25 Balance of Unfunded Loan Commitments 4 th Quarter 2025 $591 $90 ( $583 ) RESG CIB Community Banking $17,996 12/31/25 Balance of Unfunded Loan Commitments $19,079 12/31/24 Balance of Unfunded Loan Commitments Full Year 2025 $1,288 $165 ( $2,535 ) RESG CIB Community Banking $17,996 12/31/25 Balance of Unfunded Loan Commitments * Loan growth amounts reflect the transfer of $183 million of loans from Community Banking's Business Aviation Group to CIB's Equipment Finance Group in the third quarter of 2025. historically been our most significant growth engine and should contribute meaningfully to growth in the future. RESG provides superior risk-adjusted returns through a disciplined and differentiated business model. RESG's industry leading position reflects the fact that throughout its 23-year history we have been open for business every day, in every market, always pursuing the opportunities, and only the opportunities, that meet our rigorous credit quality standards. Our reputation for expertise, consistency, dependability and execution help us maintain our industry leading position. Total funded $17.58 Billion Total funded & unfunded $28.84 Billion RESG Loans accounted for: 54% of our funded loans 62% of our unfunded loan commitments 57% of our total funded and unfunded loan commitments RESG is always the sole senior secured lender, making RESG Started in 2003, RESG is a nationally recognized industry leader in construction, land & development lending. It has RESG Business Model Reduces Credit Risk loans the lowest risk position in the capital stack. RESG loans are characterized by low leverage, as reflected in its weighted average loan-to-cost ("LTC") ratio* of 49% and loan-to-value ("LTV") ratio* of 46% at December 31, 2025. RESG loans are primarily for ground-up, new construction of high-quality assets which tend to be the most desirable for sale or leasing. RESG usually works with strong and capable sponsors, including some of the most seasoned and capable developers in the country. RESG loan documents include defensive structures, providing substantial protection to the bank. ﹣ Loans are typically (i) the last dollars to fund project costs Portfolio Statistics - as of December 31, 2025 (ii) and the first to be repaid, providing assurance of project completion and loan repayment. ﹣ Many loans also include some combination of preferred equity and mezzanine debt (all subordinate to our senior secured loan) providing repayment support in addition to that of the sponsor. RESG's "life of loan" focus utilizes thorough underwriting, rigorous economic analysis, stress testing, comprehensive and consistent documentation, precision at closing and life-of-loan asset management by teams of skilled asset managers. *Weighted average; assumes all loans are fully funded; LTV data based on most recent appraisals and utilizing, in most cases, "as stabilized" values for income producing properties. RESG Loan Originations ($ billions) RESG Loan Repayments & Other Activity ($ billions) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total FY2020 $1.76 $1.67 $1.40 $1.77 $6.59 FY2020 $1.00 $0.69 $0.65 $1.19 $3.54 FY2021 $1.28 $1.46 $2.21 $2.99 $7.94 FY2021 $1.48 $1.68 $1.34 $1.72 $6.22 FY2022 $3.14 $3.53 $4.35 $2.81 $13.82 FY2022 $1.31 $2.34 $1.28 $0.72 $5.65 FY2023 $1.81 $1.41 $1.95 $2.05 $7.22 FY2023 $0.91 $1.03 $1.10 $0.97 $4.01 FY2024 $1.58 $1.60 $1.23 $1.00 $5.41 FY2024 $0.79 $1.84 $1.60 $1.83 $6.06 FY2025 $1.21 $1.51 $0.70 $1.61 $5.03 FY2025 $0.85 $0.95 $2.44 $3.00 $7.24 RESG loan originations were $1.61 billion in the fourth quarter and $5.03 billion for the full year of 2025. During 2025 many sponsors faced challenges raising equity capital for new projects as capital partners were cautious due to macroeconomic uncertainty and tight monetary policy. This restrained new project starts. At the same time, a surge in liquidity available for debt financing created significant competition for the new deals that did raise equity. This environment of "too many lenders chasing too few deals" contributed to our subdued 2025 RESG origination volume. As expected, our origination volume improved in the final quarter of 2025 and was our best quarterly origination volume in two years. We expect origination volume in 2026 to be similar to the levels we achieved in 2024 and 2025. Origination volume may vary significantly from quarter to quarter and may be impacted by economic conditions, interest rates, competition or other factors. RESG's loan repayments and other activity increased to a record $3.00 billion in the quarter just ended, our second consecutive quarterly record, bringing the total for the full year of 2025 to a record $7.24 billion. The recent increase in debt financing available for projects contributed to RESG repayments. Additionally, from time to time we will sell a loan. During the quarter just ended, we sold a San Diego, CA life science loan ($0.10 billion outstanding, $0.27 billion total commitment), resulting in full repayment of all outstanding principal and accrued interest. Such occasional transactions do not reflect any change in our strategy. We expect RESG loan repayments will remain elevated throughout 2026. Loan repayments may vary substantially from quarter to quarter based on a variety of factors including interest rate levels and refinancing alternatives. Elevated RESG loan repayments coupled with the lower origination volume have resulted in RESG total commitments, both funded and unfunded, receding by $5.7 billion from a peak of $34.5 billion at March 31, 2024 to $28.8 billion at December 31, 2025. This decreasing trend in RESG total commitments is likely to continue through 2026 and possibly into 2027. The illustration below shows the cadence of RESG loan originations and repayments. It shows the amount of each year's originations which have been repaid and which remain as outstanding commitments, both funded and unfunded. $13.82 $ Total Annual Originations $ Amount Repaid $ Remaining Commitment (funded and unfunded) $5.22 $9.11 $7.94 $7.22 $6.48 $6.59 $1.63 $4.74 $9.00 $5.67 $5.41 $0.36 $5.03 $6.20 $4.79 $8.60 $4.70 $5.58 $5.04 $5.03 $2.27 $0.09 $0.11 $1.80 $0.04 $0.28 $15.00 $14.00 $13.00 $12.00 $11.00 $10.00 ($ billions) $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $- Pre 2017* 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total Originations / Amount Repaid / Remaining Commitment $ Remaining Commitment $0.11B $0.04B $0.28B $1.80B $2.27B $8.60B $5.58B $5.04B $5.03B $ Amount Funded $0.11B $0.02B $0.27B $1.52B $1.91B $6.95B $3.91B $2.11B $0.71B $ Amount Unfunded $0.00B $0.02B $0.01B $0.28B $0.36B $1.65B $1.67B $2.93B $4.32B RESG repayments in the quarter just ended included repayments of older vintage loans. Specifically, during the quarter total commitments (both funded and unfunded) were reduced by $0.03 billion for 2017 originations, $0.25 billion for 2020 originations, $0.72 billion for 2021 originations, $1.34 billion for 2022 originations, $1.02 billion for 2023 originations and $0.18 billion for 2024 originations. * Amounts repaid and total annual originations are not During the quarter just ended, our loan repayments included, among others, four office loans and one mixed use (including office) loan with total commitments of $768 million ($604 million funded; $164 million unfunded) and the sale of one life science loan with a total commitment of $265 million ($100 million funded; $165 million unfunded). 10,000 Funded Balance Unfunded Commitment Loan-to-Cost* Loan-to-Value* 95% 91% 51% 55% 55% 53% 46% 47% 51% 41% 47% 46% 49% 52% 43% 38% 37% 39% 120% Total Commitment by Product Type ($ millions) 9,000 8,000 7,000 6,000 5,000 4,000 3,000 100% LTC & LTV Ratios 80% 60% 40% 2,000 1,000 20% Multifamily $7.9B (27.3%) Condo $5.1 B (17.6%) Mixed Use** $4.3B (14.8%) Industrial $3.8B (13.0%) Office $3.7B (12.8%) Life Science $3.1B (10.7%) Land $0.9B (3.1%) Hotel $0.1B (0.5%) SF Lots & Homes $0.0B (0.1%) 0 0% Product Type / Total Commitment ($B) / (% of Total Commitment) Data as of December 31, 2025. * LTC and LTV ratios are weighted averages and assume all loans are fully funded. LTV data based on most recent appraisals and utilizing, in most cases, "as stabilized" values for income producing properties. ** Mixed use projects contain multiple property types, none of which individually contribute 75% or more of the project value. 20 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .