{
 "chunks": [
  {
   "id": "bd4959a5-24ce-4c32-b723-8fc6a36d53c4",
   "grounding": {
    "box": {
     "bottom": 0.0824127048254013,
     "left": 0.005386829376220703,
     "right": 0.4963800311088562,
     "top": 0.016991447657346725
    },
    "page": 0
   },
   "markdown": "<a id='bd4959a5-24ce-4c32-b723-8fc6a36d53c4'></a>\n\nEARNINGS DRIVERS",
   "type": "text"
  },
  {
   "id": "5b0b2a30-6e0a-44c5-bb27-f55628b70723",
   "grounding": {
    "box": {
     "bottom": 0.893388032913208,
     "left": 0.12288510799407959,
     "right": 0.9463217258453369,
     "top": 0.1363164186477661
    },
    "page": 0
   },
   "markdown": "<a id='5b0b2a30-6e0a-44c5-bb27-f55628b70723'></a>\n\nDurable \u201cCarry\u201d earnings enhanced by ROE upside from gains\n<::\n| Investment Products | Carry Revenue | Gain-on-Sale Upside |\n|:---|:---|:---|\n| LOANS | Interest & fee income | + Conduit loan securitizations $371M |\n| EQUITY | Net operating Income | + Real estate sales (NAV upside) $216M |\n| SECURITIES | Interest income | + Securities sales $53M |\n\nGains since IPO (2014)\n: table::>\nLEVERED WITH IG CAPITAL STRUCTURE\n<::\n| | \"CARRY\" ROE | TOTAL ROE |\n|:---|:---|:---|\n| ILLUSTRATIVE LEVERED ROE: | 8.0% - 9.0%\u00b9 | 9.0% - 10.0%+\u00b9 |\n: table::>\n",
   "type": "figure"
  },
  {
   "id": "2efaf6fa-4652-42f9-a305-8a341130dc16",
   "grounding": {
    "box": {
     "bottom": 0.9582483172416687,
     "left": 0.03661349415779114,
     "right": 0.9040262699127197,
     "top": 0.9183499217033386
    },
    "page": 0
   },
   "markdown": "<a id='2efaf6fa-4652-42f9-a305-8a341130dc16'></a>\n\nNote: Returns shown are strictly for illustrative purposes and are based on management's view of current market conditions.\n1. Based on 3.0x total leverage (debt/GAAP book equity) with blended total company cost-of-funds of ~5.5%, and net of all estimated corporate overhead expenses and corporate debt service.",
   "type": "text"
  },
  {
   "id": "8ed6fce7-4fca-4670-a8e2-c564a0baac69",
   "grounding": {
    "box": {
     "bottom": 0.9828265905380249,
     "left": 0.49025464057922363,
     "right": 0.5104973316192627,
     "top": 0.9639573097229004
    },
    "page": 0
   },
   "markdown": "<a id='8ed6fce7-4fca-4670-a8e2-c564a0baac69'></a>\n\n11",
   "type": "marginalia"
  }
 ],
 "markdown": "<a id='bd4959a5-24ce-4c32-b723-8fc6a36d53c4'></a>\n\nEARNINGS DRIVERS\n\n<a id='5b0b2a30-6e0a-44c5-bb27-f55628b70723'></a>\n\nDurable \u201cCarry\u201d earnings enhanced by ROE upside from gains\n<::\n| Investment Products | Carry Revenue | Gain-on-Sale Upside |\n|:---|:---|:---|\n| LOANS | Interest & fee income | + Conduit loan securitizations $371M |\n| EQUITY | Net operating Income | + Real estate sales (NAV upside) $216M |\n| SECURITIES | Interest income | + Securities sales $53M |\n\nGains since IPO (2014)\n: table::>\nLEVERED WITH IG CAPITAL STRUCTURE\n<::\n| | \"CARRY\" ROE | TOTAL ROE |\n|:---|:---|:---|\n| ILLUSTRATIVE LEVERED ROE: | 8.0% - 9.0%\u00b9 | 9.0% - 10.0%+\u00b9 |\n: table::>\n\n\n<a id='2efaf6fa-4652-42f9-a305-8a341130dc16'></a>\n\nNote: Returns shown are strictly for illustrative purposes and are based on management's view of current market conditions.\n1. Based on 3.0x total leverage (debt/GAAP book equity) with blended total company cost-of-funds of ~5.5%, and net of all estimated corporate overhead expenses and corporate debt service.\n\n<a id='8ed6fce7-4fca-4670-a8e2-c564a0baac69'></a>\n\n11",
 "metadata": {
  "credit_usage": 3.0,
  "duration_ms": 15220,
  "filename": "p11.pdf",
  "job_id": "cmsgx2bmy00eudn01zbxsyd1e",
  "org_id": "dlh8mka28ml4",
  "page_count": 1,
  "version": "dpt-2-20260410",
  "failed_pages": []
 },
 "splits": [
  {
   "chunks": [
    "bd4959a5-24ce-4c32-b723-8fc6a36d53c4",
    "5b0b2a30-6e0a-44c5-bb27-f55628b70723",
    "2efaf6fa-4652-42f9-a305-8a341130dc16",
    "8ed6fce7-4fca-4670-a8e2-c564a0baac69"
   ],
   "class_": "full",
   "identifier": "full",
   "markdown": "<a id='bd4959a5-24ce-4c32-b723-8fc6a36d53c4'></a>\n\nEARNINGS DRIVERS\n\n<a id='5b0b2a30-6e0a-44c5-bb27-f55628b70723'></a>\n\nDurable \u201cCarry\u201d earnings enhanced by ROE upside from gains\n<::\n| Investment Products | Carry Revenue | Gain-on-Sale Upside |\n|:---|:---|:---|\n| LOANS | Interest & fee income | + Conduit loan securitizations $371M |\n| EQUITY | Net operating Income | + Real estate sales (NAV upside) $216M |\n| SECURITIES | Interest income | + Securities sales $53M |\n\nGains since IPO (2014)\n: table::>\nLEVERED WITH IG CAPITAL STRUCTURE\n<::\n| | \"CARRY\" ROE | TOTAL ROE |\n|:---|:---|:---|\n| ILLUSTRATIVE LEVERED ROE: | 8.0% - 9.0%\u00b9 | 9.0% - 10.0%+\u00b9 |\n: table::>\n\n\n<a id='2efaf6fa-4652-42f9-a305-8a341130dc16'></a>\n\nNote: Returns shown are strictly for illustrative purposes and are based on management's view of current market conditions.\n1. Based on 3.0x total leverage (debt/GAAP book equity) with blended total company cost-of-funds of ~5.5%, and net of all estimated corporate overhead expenses and corporate debt service.\n\n<a id='8ed6fce7-4fca-4670-a8e2-c564a0baac69'></a>\n\n11",
   "pages": [
    0
   ]
  }
 ],
 "grounding": {
  "bd4959a5-24ce-4c32-b723-8fc6a36d53c4": {
   "box": {
    "bottom": 0.0824127048254013,
    "left": 0.005386829376220703,
    "right": 0.4963800311088562,
    "top": 0.016991447657346725
   },
   "page": 0,
   "type": "chunkText",
   "confidence": 0.987,
   "low_confidence_spans": []
  },
  "5b0b2a30-6e0a-44c5-bb27-f55628b70723": {
   "box": {
    "bottom": 0.893388032913208,
    "left": 0.12288510799407959,
    "right": 0.9463217258453369,
    "top": 0.1363164186477661
   },
   "page": 0,
   "type": "chunkFigure",
   "confidence": null,
   "low_confidence_spans": []
  },
  "2efaf6fa-4652-42f9-a305-8a341130dc16": {
   "box": {
    "bottom": 0.9582483172416687,
    "left": 0.03661349415779114,
    "right": 0.9040262699127197,
    "top": 0.9183499217033386
   },
   "page": 0,
   "type": "chunkText",
   "confidence": 0.989,
   "low_confidence_spans": []
  },
  "8ed6fce7-4fca-4670-a8e2-c564a0baac69": {
   "box": {
    "bottom": 0.9828265905380249,
    "left": 0.49025464057922363,
    "right": 0.5104973316192627,
    "top": 0.9639573097229004
   },
   "page": 0,
   "type": "chunkMarginalia",
   "confidence": 0.998,
   "low_confidence_spans": []
  }
 }
}