Chicago Office Impairment -- $345 million loan originated in 2018, which defaulted in June following persistent headwinds in the Chicago market. !a noted the entry into the home builder finance sector through a joint venture, targeting a "$200 billion" market created by a pullback in regional bank lending. Full Conference Call TranscriptOperator: Good day, and welcome to the Blackstone Mortgage Trust second quarter 2026 investor call. Tim Hayes: Good morning, and welcome everyone to Blackstone Mortgage Trust's second quarter 2026 earnings conference call. As a result, we've reduced our total office exposure from 36% of our portfolio to just 21% today, significantly enhancing the composition of our $20 billion portfolio.