R1 is the 1K resistor between +5V and node (a) at D2 anode.
R2 is the 1K resistor between node (a) and node (b) at D1 anode.
R3 is the 100K resistor between node (out or c) at D1 cathode and ground.
By the DC analysis, we get:
From +5V, a current I(R1) will flow to ground via R1 and D2.
Therefore D2 is forward biased hence Va is about 0.7 V.
I(R1) = ( Vcc - Va ) / R1 + I(R2) = ( 5 - 0.7 ) / 1 + I(R2) = 4.3 + I(2) mA
The current I(R2) will flow from node (a) to ground, via R2, D1 and R3.
Also D1 is forward biased, Vbc (or Vb - Vout) is about 0.55 V. It is relatively low because D1 forward current is rather small.
I(R2) = ( Va - Vbc ) / ( R2 + R3 ) = ( 0.7 - 0.55 ) / ( 1 + 100 ) = 0.15 / 101 = 0.0015 mA = 1.5 uA
I(R1) = 4.3 + 0.0015 ≈ 4.3 mA
Vb = Va + I(R2) * R2 = 0.7 + 0.0015 * 1 ≈ 0.7 V.
Vout = Vb - Vbc = 0.7 - 0.55 = 0.15 V
I(R3) = I(D1) = I(R2) = 1.5 uA
Note:
The diode forward voltages 0.7 V @ 4.3 mA and 0.55 V @ 1.5 uA are just estimated values. In a real circuit, they are likely different though the differences won't be big.