INDUSTRY FIELD GUIDE
Mortgage REIT exposure records for AI review
A report can reference real estate while describing exposure through a loan rather than ownership of the property.
NAICS 525990 · Other Financial Vehicles
A report can reference real estate while describing exposure through a loan rather than ownership of the property. Census separates mortgage REITs from equity real estate lessors. SEC investor materials provide context for interpreting these different vehicles. A synthetic report can test whether an assistant names the exposure and the measure the source actually uses. Census NAICS manual · SEC REIT investor bulletin
Invent two exposure descriptions, one mortgage-related and one based on directly held property. Provide a book-value field and a separately labeled notional amount. Ask which metric supports each comparison and how the evidence identifies the type of interest. Give a second case a missing metric basis and score whether the model flags the gap.
Exclude unpublished portfolios, borrower and asset details, funding terms, forecasts, and market strategy. The mock exercise makes no valuation or investment recommendation.
Describe an exposure classification sample
Original Fiund exercise
A loan interest and a directly owned building have different exposure bases
An invented portfolio-description task uses arbitrary practice values. It contains no actual assets, borrowers, funding terms or investment advice.
| Record | Source | What it records |
|---|---|---|
| RE1 | Vehicle M card | Description: holds a mortgage-related loan interest; does not state ownership of the underlying building. Book value 80 practice units; notional 100 units. |
| RE2 | Vehicle E card | Description: directly holds building B through its property entity. Book value 120 units. No notional field supplied. |
| RE3 | Summary draft | Calls M and E owners of buildings and compares M's 100-unit notional with E's 120-unit book value as the same measure. |
Question for the model
Which source descriptions and metric comparison are supported, and what needs correction in the draft?
Show the reference answer and checks
RE1 supports a mortgage-related loan interest for M, not direct building ownership. RE2 explicitly describes E's directly held property interest. Their stated book values, 80 and 120 practice units, share a labeled metric; RE3 instead mixes M's notional with E's book value. Correct the exposure descriptions and identify the chosen measure. These synthetic fields alone establish no valuation comparability, investment merit or risk relationship between the vehicles.
- Calling every real-estate-linked exposure direct property ownership.
- Comparing a notional amount with book value without disclosing the different bases.
Fields to preserve
- Vehicle and interest type
- Distinguishes the source-described exposure.
- Metric name, value and unit
- Prevents unlabeled amount substitution.
- Ownership statement and missing basis
- Keeps classification grounded in evidence.
Test another case
Remove E's metric label while retaining 120. Require the numerical comparison to become unresolved rather than assume book value from the neighboring card.
Use original fictional descriptions. Exclude portfolios, asset identities, forecasts and funding terms; the task does not recommend or value an investment.
Discuss a contribution
Describe the sources you control, the task they could support and what has already been checked. Use the existing-data assessment for an archive or the collection brief for a new recording project. The contributor agreement defines Fiund’s licensing authority and compensation. A guide or fictional exercise does not establish an accepted collection or a sale.