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   "markdown": "<a id='6195dbbd-3ea0-401d-9940-f15e541264c0'></a>\n\nCAPITALIZATION\nSUMMARY\n<::pie chart::>\nCentral value: $5.0B Total capitalization\n\nSegments:\n- Book Equity: $1,481 (30%)\n- Repo Debt Facilities: $627 (13%)\n- Non-Recourse Mortgage Financing: $388 (8%)\n- Unsecured Corporate Bonds & Revolver: $2,495\u00b2 (50%)\n::>",
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 "markdown": "<a id='3ba3d55e-f76a-42c7-9851-2d44189ce1a0'></a>\n\nINVESTMENT GRADE CAPITAL STRUCTURE\n\n<a id='410deace-3c0e-45fa-8017-c9ee99b68cef'></a>\n\nCOMMITMENT TO UNSECURED BOND MARKET WITH IG RATINGS ACHIEVED\nMODEST LEVERAGE WITH MINIMAL MARK-TO-MARKET DEBT\nCOMPLIANT WITH ALL FINANCIAL COVENANTS 1\n\n<a id='6195dbbd-3ea0-401d-9940-f15e541264c0'></a>\n\nCAPITALIZATION\nSUMMARY\n<::pie chart::>\nCentral value: $5.0B Total capitalization\n\nSegments:\n- Book Equity: $1,481 (30%)\n- Repo Debt Facilities: $627 (13%)\n- Non-Recourse Mortgage Financing: $388 (8%)\n- Unsecured Corporate Bonds & Revolver: $2,495\u00b2 (50%)\n::>\n\n<a id='a25fad1b-d4d4-4675-9ea5-b2552d6f8398'></a>\n\n## KEY LEVERAGE &\nCAPITALIZATION RATIOS\n\n**2.4X** TOTAL LEVERAGE RATIO\n\n**2.0X** ADJUSTED LEVERAGE RATIO \u00b3\n\n**87%** NON-RECOURSE, NON-MARK-TO-MARKET &\nUNSECURED DEBT + BOOK EQUITY \u2074\n\n**82%** NON-MARK-TO-MARKET DEBT / TOTAL DEBT\n\n**71%** UNSECURED DEBT / TOTAL DEBT\n\n<a id='38194227-6d3f-4304-8187-a28d5b595f73'></a>\n\nNote: As of 12/31/2025. Dollars in millions.\n1. Leverage ratio: 2.0x (vs. 3.5x IG bond covenant maximum). Unencumbered asset/unsecured debt ratio: 1.64x (vs. 1.20x IG bond covenant minimum). Fixed charge coverage ratio: 2.70x (vs. 1.25x IG bond covenant minimum).\n2. Includes $2.2B of unsecured corporate bonds and $280M drawn on $850M unsecured corporate revolver\n3. For a description of this non-GAAP financial measure, see Selected Definitions on page S-22\n4. Represents percentage of total capitalization\nS-13",
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   "markdown": "<a id='3ba3d55e-f76a-42c7-9851-2d44189ce1a0'></a>\n\nINVESTMENT GRADE CAPITAL STRUCTURE\n\n<a id='410deace-3c0e-45fa-8017-c9ee99b68cef'></a>\n\nCOMMITMENT TO UNSECURED BOND MARKET WITH IG RATINGS ACHIEVED\nMODEST LEVERAGE WITH MINIMAL MARK-TO-MARKET DEBT\nCOMPLIANT WITH ALL FINANCIAL COVENANTS 1\n\n<a id='6195dbbd-3ea0-401d-9940-f15e541264c0'></a>\n\nCAPITALIZATION\nSUMMARY\n<::pie chart::>\nCentral value: $5.0B Total capitalization\n\nSegments:\n- Book Equity: $1,481 (30%)\n- Repo Debt Facilities: $627 (13%)\n- Non-Recourse Mortgage Financing: $388 (8%)\n- Unsecured Corporate Bonds & Revolver: $2,495\u00b2 (50%)\n::>\n\n<a id='a25fad1b-d4d4-4675-9ea5-b2552d6f8398'></a>\n\n## KEY LEVERAGE &\nCAPITALIZATION RATIOS\n\n**2.4X** TOTAL LEVERAGE RATIO\n\n**2.0X** ADJUSTED LEVERAGE RATIO \u00b3\n\n**87%** NON-RECOURSE, NON-MARK-TO-MARKET &\nUNSECURED DEBT + BOOK EQUITY \u2074\n\n**82%** NON-MARK-TO-MARKET DEBT / TOTAL DEBT\n\n**71%** UNSECURED DEBT / TOTAL DEBT\n\n<a id='38194227-6d3f-4304-8187-a28d5b595f73'></a>\n\nNote: As of 12/31/2025. Dollars in millions.\n1. Leverage ratio: 2.0x (vs. 3.5x IG bond covenant maximum). Unencumbered asset/unsecured debt ratio: 1.64x (vs. 1.20x IG bond covenant minimum). Fixed charge coverage ratio: 2.70x (vs. 1.25x IG bond covenant minimum).\n2. Includes $2.2B of unsecured corporate bonds and $280M drawn on $850M unsecured corporate revolver\n3. For a description of this non-GAAP financial measure, see Selected Definitions on page S-22\n4. Represents percentage of total capitalization\nS-13",
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