Total Loan Portfolio -- $1.8 billion in outstanding principal balance, representing a 36% increase year over year. Twelve-Month Loan Commitments -- $900 million in new loan commitments, accounting for more than 40% of the current loan portfolio balance. New Loan Reserve Rate -- 100 basis points for a standard three-year floating rate loan, though one Q2 loan had a lower reserve due to a two-year initial term. Additionally, for the third consecutive quarter, no risk rated 1 to 3 loans migrated to risk rated 4 or 5 loans. Supported by these metrics, the depth of the Ares platform and a supportive commercial real estate market, ACRE saw another quarter of steady portfolio growth.