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"markdown": "| Business | Platform |\n| --- | --- |\n| Arbor Realty Trust is an internally-managed mortgage REIT with a premium operating platform and unique business model, consisting of two primary business platforms: | Multiple revenue opportunities across borrower's life cycle |\n| Structured Loan Origination and Investment | Bridge and mezzanine loans |\n| Agency Loan Origination and Servicing | GSE loan origination |\n| Complementary operating platforms with diversified, counter-cyclical and recurring income streams | Construction loans |\n| Balance sheet loans provide strong risk-adjusted returns | GSE loan servicing |\n| Balance sheet runoff naturally feeds GSE/Agency pipeline | |\n| \u2013 Historically, ~50% of balance sheet runoff is recaptured into Agency production | Customer-Centric Approach: Commitment to nurture long-term relationships, leading to multiple successful loan engagements over the years |\n| \u2013 Agency business is capital-light with high barriers to entry, resulting in sizeable earnings and cash flows | Proven Track Record: Impressive number of repeat borrowers and sponsors, who consistently demonstrate strong operational capabilities and reliable loan repayment |\n| Servicing business generates significant prepayment protected annual revenue with 6-year weighted average remaining life | Consistent Excellence: Symbiotic businesses outperforms through the cycle |\n| Prudent leverage and balance sheet strategy | |\n| Successfully delevered the Company 17% on a debt / equity basis to 3.4x1 since 2023 | |\n| Best-in-class, highly aligned senior management team with significant ownership (~11%) | |",
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"text": "\u25fc\nStructured Loan Origination and Investment",
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"text": "Complementary operating platforms with diversified, counter-",
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"markdown": "| | Structured Business | Agency Business |\n| --- | --- | --- |\n| Description | Originate real estate loans and hold on balance sheet
Invests in the multifamily, Single-Family Rental, and commercial real estate markets | Originate, sell, and service real estate loans for GSEs
Short-term assets: Loans held-for-sale1
Long-term assets: Capitalized mortgage servicing rights (\"MSRs\")2 |\n| Highlights | Best-in-class balance sheet loan origination business
Strong risk-adjusted returns
Proprietary Single-Family Rental platform
Weighted average of ~21 months to maturity3 | Capital-light business
High barriers to entry
Visibility on prepayment protected annual servicing fee revenue of ~$129M4
Weighted average life of portfolio of ~6 years |\n| Portfolio ($B) | Mezzanine and Preferred Equity loans $0.5
SFR bridge loans $3.3
Multifamily bridge loans $7.9
Structured loan portfolio $12.0B | Fannie Mae $24.3
Freddie Mac $7.4
Private Label $2.5
APC $0.3
GSE servicing $2.5
Other $2.1
Total $36.3B |\n| Income streams | Interest income on loans | Servicing fees4 43%
Gain on sale of loans1,6 24%
Interest earned on escrows 17%
Interest income on loans held-for-sale1 16%
% of LTM Agency Net Revenue5 |\n| Assets ($M) | 13,262 | 1,431 |\n| Liabilities ($M) | 11,117 | 596 |\n| Book value of equity ($M) | 1,511 | 834 |\n| LTM earnings before taxes & preferred dividends ($M) | 61 | 82 |\n| % of total | 43% | 57% |",
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0.32509313725490196,
0.9533417171717172,
0.3333006535947712
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}
],
[
{
"text": "Highlights",
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0.06422739898989899,
0.33933333333333326
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},
{
"text": "",
"box": [
0.06422739898989899,
0.3333006535947712,
0.9533417171717172,
0.33933333333333326
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}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.33933333333333326,
0.06422739898989899,
0.348881862745098
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},
{
"text": "\u25aa\nProprietary Single-Family Rental platform",
"box": [
0.06422739898989899,
0.33933333333333326,
0.9533417171717172,
0.348881862745098
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"status": null,
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}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.348881862745098,
0.06422739898989899,
0.3621979166666667
],
"status": null,
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},
{
"text": "fee revenue of ~$129M4",
"box": [
0.06422739898989899,
0.348881862745098,
0.9533417171717172,
0.3621979166666667
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"status": null,
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],
[
{
"text": "",
"box": [
0.04862121212121213,
0.3621979166666667,
0.06422739898989899,
0.37336938316993457
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{
"text": "\u25aa Weighted average of ~21 months to maturity3",
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0.06422739898989899,
0.3621979166666667,
0.9533417171717172,
0.37336938316993457
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"status": null,
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}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.37336938316993457,
0.06422739898989899,
0.3897120098039215
],
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},
{
"text": "\u25aa Weighted average life of portfolio of ~6 years",
"box": [
0.06422739898989899,
0.37336938316993457,
0.9533417171717172,
0.3897120098039215
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"status": null,
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}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.3897120098039215,
0.06422739898989899,
0.41107843137254907
],
"status": null,
"note": null
},
{
"text": "APC\nFreddie Mac\nMezzanine and Preferred",
"box": [
0.06422739898989899,
0.3897120098039215,
0.9533417171717172,
0.41107843137254907
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"status": null,
"note": null
}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.41107843137254907,
0.06422739898989899,
0.4205065359477125
],
"status": null,
"note": null
},
{
"text": "Fannie Mae",
"box": [
0.06422739898989899,
0.41107843137254907,
0.9533417171717172,
0.4205065359477125
],
"status": null,
"note": null
}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.4205065359477125,
0.06422739898989899,
0.4310682189542483
],
"status": null,
"note": null
},
{
"text": "$0.3\n$7.4\nEquity loans",
"box": [
0.06422739898989899,
0.4205065359477125,
0.9533417171717172,
0.4310682189542483
],
"status": null,
"note": null
}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.4310682189542483,
0.06422739898989899,
0.4406188725490196
],
"status": null,
"note": null
},
{
"text": "$24.3",
"box": [
0.06422739898989899,
0.4310682189542483,
0.9533417171717172,
0.4406188725490196
],
"status": null,
"note": null
}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.4406188725490196,
0.06422739898989899,
0.4439797794117647
],
"status": null,
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},
{
"text": "Private Label",
"box": [
0.06422739898989899,
0.4406188725490196,
0.9533417171717172,
0.4439797794117647
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"status": null,
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}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.4439797794117647,
0.06422739898989899,
0.44997344771241826
],
"status": null,
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},
{
"text": "$0.5\n$36.3B",
"box": [
0.06422739898989899,
0.4439797794117647,
0.9533417171717172,
0.44997344771241826
],
"status": null,
"note": null
}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.44997344771241826,
0.06422739898989899,
0.45948223039215685
],
"status": null,
"note": null
},
{
"text": "Multifamily \n$12.0B",
"box": [
0.06422739898989899,
0.44997344771241826,
0.9533417171717172,
0.45948223039215685
],
"status": null,
"note": null
}
],
[
{
"text": "Portfolio ($B)",
"box": [
0.04862121212121213,
0.45948223039215685,
0.06422739898989899,
0.4662918709150327
],
"status": null,
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},
{
"text": "GSE servicing\n$2.5",
"box": [
0.06422739898989899,
0.45948223039215685,
0.9533417171717172,
0.4662918709150327
],
"status": null,
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}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.4662918709150327,
0.06422739898989899,
0.4722150735294118
],
"status": null,
"note": null
},
{
"text": "SFR bridge loans",
"box": [
0.06422739898989899,
0.4662918709150327,
0.9533417171717172,
0.4722150735294118
],
"status": null,
"note": null
}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.4722150735294118,
0.06422739898989899,
0.48325277777777775
],
"status": null,
"note": null
},
{
"text": "Structured loan \nbridge loans\nportfolio",
"box": [
0.06422739898989899,
0.4722150735294118,
0.9533417171717172,
0.48325277777777775
],
"status": null,
"note": null
}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.48325277777777775,
0.06422739898989899,
0.486720751633987
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.06422739898989899,
0.48325277777777775,
0.9533417171717172,
0.486720751633987
],
"status": null,
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}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.486720751633987,
0.06422739898989899,
0.4917534722222222
],
"status": null,
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},
{
"text": "portfolio\n$3.3\nOther",
"box": [
0.06422739898989899,
0.486720751633987,
0.9533417171717172,
0.4917534722222222
],
"status": null,
"note": null
}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.4917534722222222,
0.06422739898989899,
0.5017647058823529
],
"status": null,
"note": null
},
{
"text": "$7.9",
"box": [
0.06422739898989899,
0.4917534722222222,
0.9533417171717172,
0.5017647058823529
],
"status": null,
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}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.5017647058823529,
0.06422739898989899,
0.5247070261437907
],
"status": null,
"note": null
},
{
"text": "$2.1",
"box": [
0.06422739898989899,
0.5017647058823529,
0.9533417171717172,
0.5247070261437907
],
"status": null,
"note": null
}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.5247070261437907,
0.06422739898989899,
0.5514054330065359
],
"status": null,
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},
{
"text": "% of LTM Agency Net Revenue5",
"box": [
0.06422739898989899,
0.5247070261437907,
0.9533417171717172,
0.5514054330065359
],
"status": null,
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}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.5514054330065359,
0.06422739898989899,
0.5757630718954247
],
"status": null,
"note": null
},
{
"text": "\u25aa\nServicing fees4 \n43%",
"box": [
0.06422739898989899,
0.5514054330065359,
0.9533417171717172,
0.5757630718954247
],
"status": null,
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}
],
[
{
"text": "Income streams",
"box": [
0.04862121212121213,
0.5757630718954247,
0.06422739898989899,
0.6033938929738563
],
"status": null,
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},
{
"text": "\u25aa\nGain on sale of loans1,6\n24%\nInterest income on loans",
"box": [
0.06422739898989899,
0.5757630718954247,
0.9533417171717172,
0.6033938929738563
],
"status": null,
"note": null
}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.6033938929738563,
0.06422739898989899,
0.6287257965686275
],
"status": null,
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},
{
"text": "\u25aa\nInterest earned on escrows\n17%",
"box": [
0.06422739898989899,
0.6033938929738563,
0.9533417171717172,
0.6287257965686275
],
"status": null,
"note": null
}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.6287257965686275,
0.06422739898989899,
0.6554718137254902
],
"status": null,
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},
{
"text": "\u25aa\nInterest income on loans held-for-sale1\n16%",
"box": [
0.06422739898989899,
0.6287257965686275,
0.9533417171717172,
0.6554718137254902
],
"status": null,
"note": null
}
],
[
{
"text": "Assets ($M)",
"box": [
0.04862121212121213,
0.6554718137254902,
0.06422739898989899,
0.6854718137254903
],
"status": null,
"note": null
},
{
"text": "$13,262\n$1,431",
"box": [
0.06422739898989899,
0.6554718137254902,
0.9533417171717172,
0.6854718137254903
],
"status": null,
"note": null
}
],
[
{
"text": "Liabilities ($M)",
"box": [
0.04862121212121213,
0.6854718137254903,
0.06422739898989899,
0.7199070669934641
],
"status": null,
"note": null
},
{
"text": "11,117 \n596",
"box": [
0.06422739898989899,
0.6854718137254903,
0.9533417171717172,
0.7199070669934641
],
"status": null,
"note": null
}
],
[
{
"text": "Book value of equity ($M)",
"box": [
0.04862121212121213,
0.7199070669934641,
0.06422739898989899,
0.7544781454248366
],
"status": null,
"note": null
},
{
"text": "1,511\n834",
"box": [
0.06422739898989899,
0.7199070669934641,
0.9533417171717172,
0.7544781454248366
],
"status": null,
"note": null
}
],
[
{
"text": "LTM earnings before taxes &",
"box": [
0.04862121212121213,
0.7544781454248366,
0.06422739898989899,
0.7772446895424837
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.06422739898989899,
0.7544781454248366,
0.9533417171717172,
0.7772446895424837
],
"status": null,
"note": null
}
],
[
{
"text": "",
"box": [
0.04862121212121213,
0.7772446895424837,
0.06422739898989899,
0.7884528186274511
],
"status": null,
"note": null
},
{
"text": "61\n82",
"box": [
0.06422739898989899,
0.7772446895424837,
0.9533417171717172,
0.7884528186274511
],
"status": null,
"note": null
}
],
[
{
"text": "preferred dividends ($M)",
"box": [
0.04862121212121213,
0.7884528186274511,
0.06422739898989899,
0.8112101715686274
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.06422739898989899,
0.7884528186274511,
0.9533417171717172,
0.8112101715686274
],
"status": null,
"note": null
}
],
[
{
"text": "% of total",
"box": [
0.04862121212121213,
0.8112101715686274,
0.06422739898989899,
0.8447660539215686
],
"status": null,
"note": null
},
{
"text": "43% \n57%",
"box": [
0.06422739898989899,
0.8112101715686274,
0.9533417171717172,
0.8447660539215686
],
"status": null,
"note": null
}
],
[
{
"text": "Source: Company filings (As of March 31, 2026, unless otherwise noted)",
"box": [
0.04862121212121213,
0.8447660539215686,
0.06422739898989899,
0.8672566993464051
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.06422739898989899,
0.8447660539215686,
0.9533417171717172,
0.8672566993464051
],
"status": null,
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}
],
[
{
"text": "1)",
"box": [
0.04862121212121213,
0.8672566993464051,
0.06422739898989899,
0.8819771241830066
],
"status": null,
"note": null
},
{
"text": "Represents loans originated and sold under the GSE and HUD programs, which are generally transferred or sold within 60 days of loan origination, as well as Private Label loans, which are either sold instantaneously",
"box": [
0.06422739898989899,
0.8672566993464051,
0.9533417171717172,
0.8819771241830066
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"status": null,
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}
]
],
"corrected_grid": [
[
{
"text": "",
"box": null,
"status": null,
"note": null
},
{
"text": "Structured Business",
"box": [
0.06422739898989899,
0.13317197712418305,
0.9533417171717172,
0.1712012867647058
],
"status": "reconciled",
"note": null
},
{
"text": "Agency Business",
"box": [
0.06422739898989899,
0.13317197712418305,
0.9533417171717172,
0.1712012867647058
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"status": "reconciled",
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}
],
[
{
"text": "Description",
"box": [
0.04862121212121213,
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0.06422739898989899,
0.2320540236928104
],
"status": "reconciled",
"note": null
},
{
"text": "Originate real estate loans and hold on balance sheet
Invests in the multifamily, Single-Family Rental, and commercial real estate markets",
"box": null,
"status": "unverified",
"note": "The image shows two bullet points printed in the Structured Business column under Description: 'Originate real estate loans and hold on balance sheet' and 'Invests in the multifamily, Single-Family Rental, and commercial real estate markets'."
},
{
"text": "Originate, sell, and service real estate loans for GSEs
Short-term assets: Loans held-for-sale1
Long-term assets: Capitalized mortgage servicing rights (\"MSRs\")2",
"box": null,
"status": "unverified",
"note": "The image shows three bullet points printed in the Agency Business column under Description: 'Originate, sell, and service real estate loans for GSEs', 'Short-term assets: Loans held-for-sale\u00b9', and 'Long-term assets: Capitalized mortgage servicing rights (\"MSRs\")\u00b2'."
}
],
[
{
"text": "Highlights",
"box": [
0.04862121212121213,
0.3333006535947712,
0.06422739898989899,
0.33933333333333326
],
"status": "reconciled",
"note": null
},
{
"text": "Best-in-class balance sheet loan origination business
Strong risk-adjusted returns
Proprietary Single-Family Rental platform
Weighted average of ~21 months to maturity3",
"box": null,
"status": "unverified",
"note": "The image shows four bullet points printed in the Structured Business column under Highlights: 'Best-in-class balance sheet loan origination business', 'Strong risk-adjusted returns', 'Proprietary Single-Family Rental platform', and 'Weighted average of ~21 months to maturity\u00b3'."
},
{
"text": "Capital-light business
High barriers to entry
Visibility on prepayment protected annual servicing fee revenue of ~$129M4
Weighted average life of portfolio of ~6 years",
"box": null,
"status": "unverified",
"note": "The image shows four bullet points printed in the Agency Business column under Highlights: 'Capital-light business', 'High barriers to entry', 'Visibility on prepayment protected annual servicing fee revenue of ~$129M\u2074', and 'Weighted average life of portfolio of ~6 years'."
}
],
[
{
"text": "Portfolio ($B)",
"box": [
0.04862121212121213,
0.45948223039215685,
0.06422739898989899,
0.4662918709150327
],
"status": "reconciled",
"note": null
},
{
"text": "Mezzanine and Preferred Equity loans $0.5
SFR bridge loans $3.3
Multifamily bridge loans $7.9
Structured loan portfolio $12.0B",
"box": null,
"status": "unverified",
"note": "The image shows portfolio breakdown text in the Structured Business column with labels and amounts: 'Mezzanine and Preferred Equity loans $0.5', 'SFR bridge loans $3.3', 'Multifamily bridge loans $7.9', and 'Structured loan portfolio $12.0B' (the last visible in the donut chart center)."
},
{
"text": "Fannie Mae $24.3
Freddie Mac $7.4
Private Label $2.5
APC $0.3
GSE servicing $2.5
Other $2.1
Total $36.3B",
"box": null,
"status": "unverified",
"note": "The image shows portfolio breakdown text in the Agency Business column with labels and amounts: 'Fannie Mae $24.3', 'Freddie Mac $7.4', 'Private Label $2.5', 'APC $0.3', 'GSE servicing $2.5', 'Other $2.1', and 'Total $36.3B' (visible in and around the donut chart)."
}
],
[
{
"text": "Income streams",
"box": [
0.04862121212121213,
0.5757630718954247,
0.06422739898989899,
0.6033938929738563
],
"status": "reconciled",
"note": null
},
{
"text": "Interest income on loans",
"box": [
0.06422739898989899,
0.5757630718954247,
0.9533417171717172,
0.6033938929738563
],
"status": "reconciled",
"note": null
},
{
"text": "Servicing fees4 43%
Gain on sale of loans1,6 24%
Interest earned on escrows 17%
Interest income on loans held-for-sale1 16%
% of LTM Agency Net Revenue5",
"box": null,
"status": "unverified",
"note": "The image shows income stream breakdown in the Agency Business column with items and percentages: 'Servicing fees\u2074 43%', 'Gain on sale of loans\u00b9,\u2076 24%', 'Interest earned on escrows 17%', 'Interest income on loans held-for-sale\u00b9 16%', and the header '% of LTM Agency Net Revenue\u2075'."
}
],
[
{
"text": "Assets ($M)",
"box": [
0.04862121212121213,
0.6554718137254902,
0.06422739898989899,
0.6854718137254903
],
"status": "reconciled",
"note": null
},
{
"text": "13,262",
"box": [
0.06422739898989899,
0.6554718137254902,
0.9533417171717172,
0.6854718137254903
],
"status": "reconciled",
"note": null
},
{
"text": "1,431",
"box": [
0.06422739898989899,
0.6554718137254902,
0.9533417171717172,
0.6854718137254903
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Liabilities ($M)",
"box": [
0.04862121212121213,
0.6854718137254903,
0.06422739898989899,
0.7199070669934641
],
"status": "reconciled",
"note": null
},
{
"text": "11,117",
"box": [
0.06422739898989899,
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},
{
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},
{
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},
{
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},
{
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0.3836715508282271,
0.45149592875019895,
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},
{
"text": "435,103",
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0.3836715508282271,
0.5261728382236365,
0.4067506249720181
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},
{
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},
{
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0.5923292860275428,
0.4067506249720181
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},
{
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0.3836715508282271,
0.6354378393126989,
0.4067506249720181
],
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},
{
"text": "270,710",
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0.7101719200894175,
0.4067506249720181
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},
{
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},
{
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},
{
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0.3836715508282271,
0.819373499937699,
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},
{
"text": "197,775",
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0.8973825479644177,
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},
{
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0.9544544161616162,
0.4067506249720181
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}
],
[
{
"text": "Transfer to REO",
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0.4067506249720181,
0.2103921523120739,
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},
{
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0.42982202655126633
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},
{
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},
{
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},
{
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0.45149592875019895,
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},
{
"text": "(122,475)",
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},
{
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},
{
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},
{
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0.4067506249720181,
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],
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},
{
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},
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},
{
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},
{
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},
{
"text": "(58,925)",
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{
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],
[
{
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{
"text": "(104,343)",
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},
{
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{
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{
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},
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{
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},
{
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{
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},
{
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},
{
"text": "(274,848)",
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{
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],
[
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"text": "Ending Balance",
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},
{
"text": "$ \n528,700",
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{
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{
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{
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{
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{
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},
{
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{
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{
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{
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{
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},
{
"text": "REO Rollforward",
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{
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{
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{
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{
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{
"text": "4Q25",
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{
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{
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{
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},
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{
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{
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0.6354378393126989,
0.5577773854262663
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},
{
"text": "Carrying Value",
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0.6354378393126989,
0.534705983847018,
0.7101719200894175,
0.5577773854262663
],
"status": null,
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},
{
"text": "#",
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0.740591037770199,
0.5577773854262663
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},
{
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},
{
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},
{
"text": "Carrying Value",
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0.534705983847018,
0.8973825479644177,
0.5577773854262663
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},
{
"text": "#",
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0.534705983847018,
0.9544544161616162,
0.5577773854262663
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}
],
[
{
"text": "Beginning Balance",
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0.046676767676767685,
0.5577773854262663,
0.2103921523120739,
0.5808564595700572
],
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},
{
"text": "$ \n302,158",
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0.2103921523120739,
0.5577773854262663,
0.3422980051153551,
0.5808564595700572
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{
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},
{
"text": "13",
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0.5577773854262663,
0.40846329658082386,
0.5808564595700572
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},
{
"text": "$",
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0.5577773854262663,
0.45149592875019895,
0.5808564595700572
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},
{
"text": "365,186",
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0.5577773854262663,
0.5261728382236365,
0.5808564595700572
],
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},
{
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0.5557178865201989,
0.5808564595700572
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},
{
"text": "15",
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0.5557178865201989,
0.5577773854262663,
0.5923292860275428,
0.5808564595700572
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},
{
"text": "$",
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0.5577773854262663,
0.6354378393126989,
0.5808564595700572
],
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},
{
"text": "471,347",
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0.5577773854262663,
0.7101719200894175,
0.5808564595700572
],
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},
{
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0.5577773854262663,
0.740591037770199,
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},
{
"text": "16",
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0.776340867768324,
0.5808564595700572
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},
{
"text": "$",
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0.5577773854262663,
0.819373499937699,
0.5808564595700572
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},
{
"text": "498,938",
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0.5577773854262663,
0.8973825479644177,
0.5808564595700572
],
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},
{
"text": "19",
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0.9544544161616162,
0.5808564595700572
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}
],
[
{
"text": "Transfer to REO",
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0.5808564595700572,
0.2103921523120739,
0.6039125160202206
],
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},
{
"text": "67,977",
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0.2103921523120739,
0.5808564595700572,
0.3422980051153551,
0.6039125160202206
],
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},
{
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0.5808564595700572,
0.37271346658269894,
0.6039125160202206
],
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},
{
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0.5808564595700572,
0.40846329658082386,
0.6039125160202206
],
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},
{
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0.5808564595700572,
0.45149592875019895,
0.6039125160202206
],
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},
{
"text": "107,556",
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0.45149592875019895,
0.5808564595700572,
0.5261728382236365,
0.6039125160202206
],
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},
{
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0.5808564595700572,
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0.6039125160202206
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},
{
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0.5808564595700572,
0.5923292860275428,
0.6039125160202206
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},
{
"text": "",
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0.5923292860275428,
0.5808564595700572,
0.6354378393126989,
0.6039125160202206
],
"status": null,
"note": null
},
{
"text": "72,868",
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0.6354378393126989,
0.5808564595700572,
0.7101719200894175,
0.6039125160202206
],
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},
{
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0.5808564595700572,
0.740591037770199,
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],
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},
{
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0.776340867768324,
0.6039125160202206
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},
{
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0.5808564595700572,
0.819373499937699,
0.6039125160202206
],
"status": null,
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},
{
"text": "59,017",
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0.819373499937699,
0.5808564595700572,
0.8973825479644177,
0.6039125160202206
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},
{
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0.9544544161616162,
0.6039125160202206
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}
],
[
{
"text": "Sold",
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0.6039125160202206,
0.2103921523120739,
0.6269685724703841
],
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},
{
"text": "(7,000)",
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0.6039125160202206,
0.3422980051153551,
0.6269685724703841
],
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},
{
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0.6039125160202206,
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0.6269685724703841
],
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},
{
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},
{
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0.6039125160202206,
0.45149592875019895,
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},
{
"text": "(10,063)",
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0.6039125160202206,
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0.6269685724703841
],
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},
{
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0.6039125160202206,
0.5557178865201989,
0.6269685724703841
],
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},
{
"text": "(1)",
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0.5557178865201989,
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},
{
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0.6039125160202206,
0.6354378393126989,
0.6269685724703841
],
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},
{
"text": "(28,814)",
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0.6354378393126989,
0.6039125160202206,
0.7101719200894175,
0.6269685724703841
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},
{
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0.6039125160202206,
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},
{
"text": "(1)",
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0.740591037770199,
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0.6269685724703841
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},
{
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0.6039125160202206,
0.819373499937699,
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},
{
"text": "(34,768)",
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0.819373499937699,
0.6039125160202206,
0.8973825479644177,
0.6269685724703841
],
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},
{
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],
[
{
"text": "Impairment",
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0.046676767676767685,
0.6269685724703841,
0.2103921523120739,
0.6500246289205474
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},
{
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},
{
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0.3422980051153551,
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0.6500246289205474
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},
{
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},
{
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},
{
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},
{
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},
{
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0.5557178865201989,
0.6269685724703841,
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},
{
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0.6269685724703841,
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},
{
"text": "(20,500)",
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0.6354378393126989,
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0.6500246289205474
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},
{
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0.6269685724703841,
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},
{
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},
{
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0.776340867768324,
0.6269685724703841,
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},
{
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},
{
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0.9544544161616162,
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}
],
[
{
"text": "Other (CapEx / Depreciation)",
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0.6500246289205474,
0.2103921523120739,
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},
{
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0.3422980051153551,
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},
{
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{
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},
{
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},
{
"text": "8,668",
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0.6722175218596814
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},
{
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},
{
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0.5923292860275428,
0.6722175218596814
],
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},
{
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0.6500246289205474,
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0.6722175218596814
],
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},
{
"text": "4,037",
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},
{
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},
{
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},
{
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},
{
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},
{
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}
],
[
{
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},
{
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{
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{
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],
[
{
"text": "Ending Balance",
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0.2103921523120739,
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},
{
"text": "$ \n365,186",
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{
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},
{
"text": "$ 617,448",
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0.776340867768324,
0.36061549437806373,
0.8973825479644177,
0.3836715508282271
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},
{
"text": "29",
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0.8973825479644177,
0.36061549437806373,
0.9544544161616162,
0.3836715508282271
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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}
],
[
{
"text": "Additions",
"box": [
0.046676767676767685,
0.3836715508282271,
0.2103921523120739,
0.4067506249720181
],
"status": "reconciled",
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},
{
"text": "89,634",
"box": [
0.2103921523120739,
0.3836715508282271,
0.3422980051153551,
0.4067506249720181
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},
{
"text": "4",
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0.3836715508282271,
0.40846329658082386,
0.4067506249720181
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},
{
"text": "435,103",
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0.45149592875019895,
0.3836715508282271,
0.5261728382236365,
0.4067506249720181
],
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},
{
"text": "18",
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0.5557178865201989,
0.3836715508282271,
0.5923292860275428,
0.4067506249720181
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},
{
"text": "270,710",
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0.6354378393126989,
0.3836715508282271,
0.7101719200894175,
0.4067506249720181
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},
{
"text": "9",
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0.740591037770199,
0.3836715508282271,
0.776340867768324,
0.4067506249720181
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},
{
"text": "197,775",
"box": [
0.819373499937699,
0.3836715508282271,
0.8973825479644177,
0.4067506249720181
],
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},
{
"text": "5",
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0.3836715508282271,
0.9544544161616162,
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{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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}
],
[
{
"text": "Transfer to REO",
"box": [
0.046676767676767685,
0.4067506249720181,
0.2103921523120739,
0.42982202655126633
],
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},
{
"text": "(110,502)",
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0.4067506249720181,
0.3422980051153551,
0.42982202655126633
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},
{
"text": "(5)",
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0.37271346658269894,
0.4067506249720181,
0.40846329658082386,
0.42982202655126633
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},
{
"text": "(122,475)",
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0.45149592875019895,
0.4067506249720181,
0.5261728382236365,
0.42982202655126633
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},
{
"text": "(2)",
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0.5557178865201989,
0.4067506249720181,
0.5923292860275428,
0.42982202655126633
],
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},
{
"text": "(88,168)",
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0.4067506249720181,
0.7101719200894175,
0.42982202655126633
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},
{
"text": "(4)",
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0.740591037770199,
0.4067506249720181,
0.776340867768324,
0.42982202655126633
],
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},
{
"text": "(58,925)",
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0.4067506249720181,
0.8973825479644177,
0.42982202655126633
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},
{
"text": "(3)",
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0.4067506249720181,
0.9544544161616162,
0.42982202655126633
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},
{
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},
{
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},
{
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},
{
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},
{
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},
{
"text": "",
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},
{
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}
],
[
{
"text": "Modified/Payoffs",
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},
{
"text": "(104,343)",
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0.42982202655126633,
0.3422980051153551,
0.4528780830014298
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{
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0.40846329658082386,
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},
{
"text": "(92,078)",
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0.42982202655126633,
0.5261728382236365,
0.4528780830014298
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},
{
"text": "(5)",
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0.42982202655126633,
0.5923292860275428,
0.4528780830014298
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},
{
"text": "(314,344)",
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0.42982202655126633,
0.7101719200894175,
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},
{
"text": "(9)",
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0.42982202655126633,
0.776340867768324,
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},
{
"text": "(274,848)",
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0.42982202655126633,
0.8973825479644177,
0.4528780830014298
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{
"text": "(12)",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
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}
],
[
{
"text": "Ending Balance",
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0.046676767676767685,
0.4528780830014298,
0.2103921523120739,
0.4816885628584559
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},
{
"text": "$ 528,700",
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0.3422980051153551,
0.4816885628584559
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},
{
"text": "22",
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0.4528780830014298,
0.40846329658082386,
0.4816885628584559
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},
{
"text": "$ 749,250",
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0.40846329658082386,
0.4528780830014298,
0.5261728382236365,
0.4816885628584559
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},
{
"text": "33",
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0.5557178865201989,
0.4528780830014298,
0.5923292860275428,
0.4816885628584559
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},
{
"text": "$ 617,448",
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0.5923292860275428,
0.4528780830014298,
0.7101719200894175,
0.4816885628584559
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},
{
"text": "29",
"box": [
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0.4528780830014298,
0.776340867768324,
0.4816885628584559
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"status": "reconciled",
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},
{
"text": "$ 481,450",
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0.776340867768324,
0.4528780830014298,
0.8973825479644177,
0.4816885628584559
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},
{
"text": "19",
"box": [
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0.4528780830014298,
0.9544544161616162,
0.4816885628584559
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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}
],
[
{
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},
{
"text": "REO Rollforward",
"box": [
0.5557178865201989,
0.4816885628584559,
0.5923292860275428,
0.5110744850561683
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},
{
"text": "",
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},
{
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},
{
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},
{
"text": "",
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},
{
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},
{
"text": "",
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},
{
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
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},
{
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},
{
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}
],
[
{
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},
{
"text": "2Q25",
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0.5110744850561683,
0.3422980051153551,
0.534705983847018
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{
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},
{
"text": "3Q25",
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0.5110744850561683,
0.5261728382236365,
0.534705983847018
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{
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},
{
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0.5110744850561683,
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},
{
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},
{
"text": "1Q26",
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0.5110744850561683,
0.8973825479644177,
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},
{
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},
{
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},
{
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},
{
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},
{
"text": "",
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},
{
"text": "",
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},
{
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},
{
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}
],
[
{
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},
{
"text": "Carrying Value",
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0.2103921523120739,
0.534705983847018,
0.3422980051153551,
0.5577773854262663
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},
{
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0.3422980051153551,
0.534705983847018,
0.37271346658269894,
0.5577773854262663
],
"status": "reconciled",
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},
{
"text": "Carrying Value",
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0.45149592875019895,
0.534705983847018,
0.5261728382236365,
0.5577773854262663
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},
{
"text": "#",
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0.5261728382236365,
0.534705983847018,
0.5557178865201989,
0.5577773854262663
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"status": "reconciled",
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},
{
"text": "Carrying Value",
"box": [
0.6354378393126989,
0.534705983847018,
0.7101719200894175,
0.5577773854262663
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},
{
"text": "#",
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0.7101719200894175,
0.534705983847018,
0.740591037770199,
0.5577773854262663
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},
{
"text": "Carrying Value",
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0.8973825479644177,
0.5577773854262663
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},
{
"text": "#",
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0.534705983847018,
0.9544544161616162,
0.5577773854262663
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},
{
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},
{
"text": "",
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},
{
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"note": null
},
{
"text": "",
"box": null,
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"note": null
},
{
"text": "",
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"note": null
},
{
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},
{
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}
],
[
{
"text": "Beginning Balance",
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0.046676767676767685,
0.5577773854262663,
0.2103921523120739,
0.5808564595700572
],
"status": "reconciled",
"note": null
},
{
"text": "$ 302,158",
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0.2103921523120739,
0.5577773854262663,
0.3422980051153551,
0.5808564595700572
],
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},
{
"text": "13",
"box": [
0.37271346658269894,
0.5577773854262663,
0.40846329658082386,
0.5808564595700572
],
"status": "reconciled",
"note": null
},
{
"text": "$ 365,186",
"box": [
0.40846329658082386,
0.5577773854262663,
0.5261728382236365,
0.5808564595700572
],
"status": "reconciled",
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},
{
"text": "15",
"box": [
0.5557178865201989,
0.5577773854262663,
0.5923292860275428,
0.5808564595700572
],
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"note": null
},
{
"text": "$ 471,347",
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0.5923292860275428,
0.5577773854262663,
0.7101719200894175,
0.5808564595700572
],
"status": "reconciled",
"note": null
},
{
"text": "16",
"box": [
0.740591037770199,
0.5577773854262663,
0.776340867768324,
0.5808564595700572
],
"status": "reconciled",
"note": null
},
{
"text": "$ 498,938",
"box": [
0.776340867768324,
0.5577773854262663,
0.8973825479644177,
0.5808564595700572
],
"status": "reconciled",
"note": null
},
{
"text": "19",
"box": [
0.8973825479644177,
0.5577773854262663,
0.9544544161616162,
0.5808564595700572
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"status": "reconciled",
"note": null
},
{
"text": "",
"box": null,
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},
{
"text": "",
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"status": null,
"note": null
},
{
"text": "",
"box": null,
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"note": null
},
{
"text": "",
"box": null,
"status": null,
"note": null
},
{
"text": "",
"box": null,
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"note": null
},
{
"text": "",
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"status": null,
"note": null
},
{
"text": "",
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"status": null,
"note": null
}
],
[
{
"text": "Transfer to REO",
"box": [
0.046676767676767685,
0.5808564595700572,
0.2103921523120739,
0.6039125160202206
],
"status": "reconciled",
"note": null
},
{
"text": "67,977",
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0.5808564595700572,
0.3422980051153551,
0.6039125160202206
],
"status": "reconciled",
"note": null
},
{
"text": "3",
"box": [
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0.5808564595700572,
0.40846329658082386,
0.6039125160202206
],
"status": "reconciled",
"note": null
},
{
"text": "107,556",
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0.5808564595700572,
0.5261728382236365,
0.6039125160202206
],
"status": "reconciled",
"note": null
},
{
"text": "2",
"box": [
0.5557178865201989,
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{
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{
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{
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{
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],
[
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{
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{
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{
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{
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{
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{
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{
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{
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{
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],
[
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{
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},
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},
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{
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{
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},
{
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},
{
"text": "",
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},
{
"text": "",
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},
{
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},
{
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{
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],
[
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"text": "Ending Balance",
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},
{
"text": "$ 365,186",
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{
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{
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{
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{
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{
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{
"text": "$ 520,766",
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{
"text": "1 21",
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"note": "The image shows a superscript '1' printed after the value '$520,766' in the Ending Balance row of the REO Rollforward table for 1Q26, followed by the number '21' in the next column."
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{
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{
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{
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{
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{
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{
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{
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},
{
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{
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{
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{
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{
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{
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{
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{
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},
{
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},
{
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[
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{
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{
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{
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{
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{
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{
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{
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{
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{
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{
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{
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{
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{
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{
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{
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{
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},
{
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},
{
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},
{
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},
{
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},
{
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},
{
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},
{
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],
[
{
"text": "Beginning Balance",
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},
{
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},
{
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},
{
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},
{
"text": "37",
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},
{
"text": "$ 1,220,597",
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},
{
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},
{
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{
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},
{
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},
{
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},
{
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},
{
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{
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],
[
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{
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{
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{
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},
{
"text": "",
"box": [
0.9080701944798758,
0.5583477688404412,
0.9141617411592864,
0.5663737932139706
],
"status": null,
"note": null
}
],
[
{
"text": "Net charge-offs",
"box": [
0.06775585120382019,
0.5663737932139706,
0.19199994618090005,
0.5897382490963236
],
"status": null,
"note": null
},
{
"text": "(20.5)",
"box": [
0.19199994618090005,
0.5663737932139706,
0.2719268193499832,
0.5897382490963236
],
"status": null,
"note": null
},
{
"text": "(3.2)",
"box": [
0.2719268193499832,
0.5663737932139706,
0.3281720682117332,
0.5897382490963236
],
"status": null,
"note": null
},
{
"text": "-",
"box": [
0.3281720682117332,
0.5663737932139706,
0.38467864433161036,
0.5897382490963236
],
"status": null,
"note": null
},
{
"text": "-",
"box": [
0.38467864433161036,
0.5663737932139706,
0.45174925574638314,
0.5897382490963236
],
"status": null,
"note": null
},
{
"text": "(10.8)",
"box": [
0.45174925574638314,
0.5663737932139706,
0.5169338633613468,
0.5897382490963236
],
"status": null,
"note": null
},
{
"text": "-",
"box": [
0.5169338633613468,
0.5663737932139706,
0.5818988809600195,
0.5897382490963236
],
"status": null,
"note": null
},
{
"text": "(5.7)",
"box": [
0.5818988809600195,
0.5663737932139706,
0.6471039281230969,
0.5897382490963236
],
"status": null,
"note": null
},
{
"text": "(12.2)",
"box": [
0.6471039281230969,
0.5663737932139706,
0.712152950514756,
0.5897382490963236
],
"status": null,
"note": null
},
{
"text": "(128.3)",
"box": [
0.712152950514756,
0.5663737932139706,
0.7711931746746016,
0.5897382490963236
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.7711931746746016,
0.5663737932139706,
0.7841914020274673,
0.5897382490963236
],
"status": null,
"note": null
},
{
"text": "(18.2)",
"box": [
0.7841914020274673,
0.5663737932139706,
0.845919627726198,
0.5897382490963236
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.845919627726198,
0.5663737932139706,
0.8678147719825072,
0.5897382490963236
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.8678147719825072,
0.5663737932139706,
0.9080701944798758,
0.5897382490963236
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.9080701944798758,
0.5663737932139706,
0.9141617411592864,
0.5897382490963236
],
"status": null,
"note": null
}
],
[
{
"text": "",
"box": [
0.06775585120382019,
0.5897382490963236,
0.19199994618090005,
0.5980159420375
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.19199994618090005,
0.5897382490963236,
0.2719268193499832,
0.5980159420375
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.2719268193499832,
0.5897382490963236,
0.3281720682117332,
0.5980159420375
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.3281720682117332,
0.5897382490963236,
0.38467864433161036,
0.5980159420375
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.38467864433161036,
0.5897382490963236,
0.45174925574638314,
0.5980159420375
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.45174925574638314,
0.5897382490963236,
0.5169338633613468,
0.5980159420375
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.5169338633613468,
0.5897382490963236,
0.5818988809600195,
0.5980159420375
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.5818988809600195,
0.5897382490963236,
0.6471039281230969,
0.5980159420375
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.6471039281230969,
0.5897382490963236,
0.712152950514756,
0.5980159420375
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.712152950514756,
0.5897382490963236,
0.7711931746746016,
0.5980159420375
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.7711931746746016,
0.5897382490963236,
0.7841914020274673,
0.5980159420375
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.7841914020274673,
0.5897382490963236,
0.845919627726198,
0.5980159420375
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.845919627726198,
0.5897382490963236,
0.8678147719825072,
0.5980159420375
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.8678147719825072,
0.5897382490963236,
0.9080701944798758,
0.5980159420375
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.9080701944798758,
0.5897382490963236,
0.9141617411592864,
0.5980159420375
],
"status": null,
"note": null
}
],
[
{
"text": "Ending balance",
"box": [
0.06775585120382019,
0.5980159420375,
0.19199994618090005,
0.6170955236
],
"status": null,
"note": null
},
{
"text": "$ \n62.8",
"box": [
0.19199994618090005,
0.5980159420375,
0.2719268193499832,
0.6170955236
],
"status": null,
"note": null
},
{
"text": "$ \n71.1",
"box": [
0.2719268193499832,
0.5980159420375,
0.3281720682117332,
0.6170955236
],
"status": null,
"note": null
},
{
"text": "$ \n71.1",
"box": [
0.3281720682117332,
0.5980159420375,
0.38467864433161036,
0.6170955236
],
"status": null,
"note": null
},
{
"text": "$ \n148.3",
"box": [
0.38467864433161036,
0.5980159420375,
0.45174925574638314,
0.6170955236
],
"status": null,
"note": null
},
{
"text": "$ \n113.2",
"box": [
0.45174925574638314,
0.5980159420375,
0.5169338633613468,
0.6170955236
],
"status": null,
"note": null
},
{
"text": "$ \n132.6",
"box": [
0.5169338633613468,
0.5980159420375,
0.5818988809600195,
0.6170955236
],
"status": null,
"note": null
},
{
"text": "$ \n195.7",
"box": [
0.5818988809600195,
0.5980159420375,
0.6471039281230969,
0.6170955236
],
"status": null,
"note": null
},
{
"text": "$ \n239.0",
"box": [
0.6471039281230969,
0.5980159420375,
0.712152950514756,
0.6170955236
],
"status": null,
"note": null
},
{
"text": "$ \n146.0",
"box": [
0.712152950514756,
0.5980159420375,
0.7711931746746016,
0.6170955236
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.7711931746746016,
0.5980159420375,
0.7841914020274673,
0.6170955236
],
"status": null,
"note": null
},
{
"text": "$ \n131.2",
"box": [
0.7841914020274673,
0.5980159420375,
0.845919627726198,
0.6170955236
],
"status": null,
"note": null
},
{
"text": "$",
"box": [
0.845919627726198,
0.5980159420375,
0.8678147719825072,
0.6170955236
],
"status": null,
"note": null
},
{
"text": "215.5",
"box": [
0.8678147719825072,
0.5980159420375,
0.9080701944798758,
0.6170955236
],
"status": null,
"note": null
},
{
"text": "4",
"box": [
0.9080701944798758,
0.5980159420375,
0.9141617411592864,
0.6170955236
],
"status": null,
"note": null
}
],
[
{
"text": "Total portfolio UPB",
"box": [
0.06775585120382019,
0.6170955236,
0.19199994618090005,
0.6462343378647059
],
"status": null,
"note": null
},
{
"text": "$2.7B",
"box": [
0.19199994618090005,
0.6170955236,
0.2719268193499832,
0.6462343378647059
],
"status": null,
"note": null
},
{
"text": "$3.3B",
"box": [
0.2719268193499832,
0.6170955236,
0.3281720682117332,
0.6462343378647059
],
"status": null,
"note": null
},
{
"text": "$4.3B",
"box": [
0.3281720682117332,
0.6170955236,
0.38467864433161036,
0.6462343378647059
],
"status": null,
"note": null
},
{
"text": "$5.5B",
"box": [
0.38467864433161036,
0.6170955236,
0.45174925574638314,
0.6462343378647059
],
"status": null,
"note": null
},
{
"text": "$12.2B",
"box": [
0.45174925574638314,
0.6170955236,
0.5169338633613468,
0.6462343378647059
],
"status": null,
"note": null
},
{
"text": "$14.5B",
"box": [
0.5169338633613468,
0.6170955236,
0.5818988809600195,
0.6462343378647059
],
"status": null,
"note": null
},
{
"text": "$12.6B",
"box": [
0.5818988809600195,
0.6170955236,
0.6471039281230969,
0.6462343378647059
],
"status": null,
"note": null
},
{
"text": "$11.3B",
"box": [
0.6471039281230969,
0.6170955236,
0.712152950514756,
0.6462343378647059
],
"status": null,
"note": null
},
{
"text": "$12.1B",
"box": [
0.712152950514756,
0.6170955236,
0.7711931746746016,
0.6462343378647059
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.7711931746746016,
0.6170955236,
0.7841914020274673,
0.6462343378647059
],
"status": null,
"note": null
},
{
"text": "$12.0B",
"box": [
0.7841914020274673,
0.6170955236,
0.845919627726198,
0.6462343378647059
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.845919627726198,
0.6170955236,
0.8678147719825072,
0.6462343378647059
],
"status": null,
"note": null
},
{
"text": "$12.5B",
"box": [
0.8678147719825072,
0.6170955236,
0.9080701944798758,
0.6462343378647059
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.9080701944798758,
0.6170955236,
0.9141617411592864,
0.6462343378647059
],
"status": null,
"note": null
}
],
[
{
"text": "Ending balance % of",
"box": [
0.06775585120382019,
0.6462343378647059,
0.19199994618090005,
0.6653264361000001
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.19199994618090005,
0.6462343378647059,
0.2719268193499832,
0.6653264361000001
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.2719268193499832,
0.6462343378647059,
0.3281720682117332,
0.6653264361000001
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.3281720682117332,
0.6462343378647059,
0.38467864433161036,
0.6653264361000001
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.38467864433161036,
0.6462343378647059,
0.45174925574638314,
0.6653264361000001
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.45174925574638314,
0.6462343378647059,
0.5169338633613468,
0.6653264361000001
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.5169338633613468,
0.6462343378647059,
0.5818988809600195,
0.6653264361000001
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.5818988809600195,
0.6462343378647059,
0.6471039281230969,
0.6653264361000001
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.6471039281230969,
0.6462343378647059,
0.712152950514756,
0.6653264361000001
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.712152950514756,
0.6462343378647059,
0.7711931746746016,
0.6653264361000001
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.7711931746746016,
0.6462343378647059,
0.7841914020274673,
0.6653264361000001
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.7841914020274673,
0.6462343378647059,
0.845919627726198,
0.6653264361000001
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.845919627726198,
0.6462343378647059,
0.8678147719825072,
0.6653264361000001
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.8678147719825072,
0.6462343378647059,
0.9080701944798758,
0.6653264361000001
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.9080701944798758,
0.6462343378647059,
0.9141617411592864,
0.6653264361000001
],
"status": null,
"note": null
}
],
[
{
"text": "",
"box": [
0.06775585120382019,
0.6653264361000001,
0.19199994618090005,
0.6788778205117647
],
"status": null,
"note": null
},
{
"text": "2.4%",
"box": [
0.19199994618090005,
0.6653264361000001,
0.2719268193499832,
0.6788778205117647
],
"status": null,
"note": null
},
{
"text": "2.2%",
"box": [
0.2719268193499832,
0.6653264361000001,
0.3281720682117332,
0.6788778205117647
],
"status": null,
"note": null
},
{
"text": "1.7%",
"box": [
0.3281720682117332,
0.6653264361000001,
0.38467864433161036,
0.6788778205117647
],
"status": null,
"note": null
},
{
"text": "2.7%",
"box": [
0.38467864433161036,
0.6653264361000001,
0.45174925574638314,
0.6788778205117647
],
"status": null,
"note": null
},
{
"text": "0.9%",
"box": [
0.45174925574638314,
0.6653264361000001,
0.5169338633613468,
0.6788778205117647
],
"status": null,
"note": null
},
{
"text": "0.9%",
"box": [
0.5169338633613468,
0.6653264361000001,
0.5818988809600195,
0.6788778205117647
],
"status": null,
"note": null
},
{
"text": "1.6%",
"box": [
0.5818988809600195,
0.6653264361000001,
0.6471039281230969,
0.6788778205117647
],
"status": null,
"note": null
},
{
"text": "2.1%",
"box": [
0.6471039281230969,
0.6653264361000001,
0.712152950514756,
0.6788778205117647
],
"status": null,
"note": null
},
{
"text": "1.2%",
"box": [
0.712152950514756,
0.6653264361000001,
0.7711931746746016,
0.6788778205117647
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.7711931746746016,
0.6653264361000001,
0.7841914020274673,
0.6788778205117647
],
"status": null,
"note": null
},
{
"text": "1.1%",
"box": [
0.7841914020274673,
0.6653264361000001,
0.845919627726198,
0.6788778205117647
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.845919627726198,
0.6653264361000001,
0.8678147719825072,
0.6788778205117647
],
"status": null,
"note": null
},
{
"text": "1.7%",
"box": [
0.8678147719825072,
0.6653264361000001,
0.9080701944798758,
0.6788778205117647
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.9080701944798758,
0.6653264361000001,
0.9141617411592864,
0.6788778205117647
],
"status": null,
"note": null
}
],
[
{
"text": "total UPB",
"box": [
0.06775585120382019,
0.6788778205117647,
0.19199994618090005,
0.6941982280117648
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.19199994618090005,
0.6788778205117647,
0.2719268193499832,
0.6941982280117648
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.2719268193499832,
0.6788778205117647,
0.3281720682117332,
0.6941982280117648
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.3281720682117332,
0.6788778205117647,
0.38467864433161036,
0.6941982280117648
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.38467864433161036,
0.6788778205117647,
0.45174925574638314,
0.6941982280117648
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.45174925574638314,
0.6788778205117647,
0.5169338633613468,
0.6941982280117648
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.5169338633613468,
0.6788778205117647,
0.5818988809600195,
0.6941982280117648
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.5818988809600195,
0.6788778205117647,
0.6471039281230969,
0.6941982280117648
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.6471039281230969,
0.6788778205117647,
0.712152950514756,
0.6941982280117648
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.712152950514756,
0.6788778205117647,
0.7711931746746016,
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0.45174925574638314,
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0.43980453036397055,
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{
"text": "1Q26 w/REO",
"box": [
0.8678147719825072,
0.4184469143529411,
0.9080701944798758,
0.47545952448529416
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],
[
{
"text": "Beginning Balance",
"box": [
0.06775585120382019,
0.47545952448529416,
0.19199994618090005,
0.5001171868856209
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},
{
"text": "$ 83.7",
"box": [
0.19199994618090005,
0.47545952448529416,
0.2719268193499832,
0.5001171868856209
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},
{
"text": "$ 62.8",
"box": [
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0.47545952448529416,
0.3281720682117332,
0.5001171868856209
],
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},
{
"text": "$ 71.1",
"box": [
0.3281720682117332,
0.47545952448529416,
0.38467864433161036,
0.5001171868856209
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},
{
"text": "$ 88.4",
"box": [
0.38467864433161036,
0.47545952448529416,
0.45174925574638314,
0.5001171868856209
],
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"note": null
},
{
"text": "$ 148.3",
"box": [
0.45174925574638314,
0.47545952448529416,
0.5169338633613468,
0.5001171868856209
],
"status": "reconciled",
"note": null
},
{
"text": "$ 113.2",
"box": [
0.5169338633613468,
0.47545952448529416,
0.5818988809600195,
0.5001171868856209
],
"status": "reconciled",
"note": null
},
{
"text": "$ 132.6",
"box": [
0.5818988809600195,
0.47545952448529416,
0.6471039281230969,
0.5001171868856209
],
"status": "reconciled",
"note": null
},
{
"text": "$ 195.7",
"box": [
0.6471039281230969,
0.47545952448529416,
0.712152950514756,
0.5001171868856209
],
"status": "reconciled",
"note": null
},
{
"text": "$ 239.0",
"box": [
0.712152950514756,
0.47545952448529416,
0.7711931746746016,
0.5001171868856209
],
"status": "reconciled",
"note": null
},
{
"text": "$ 146.0",
"box": [
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0.47545952448529416,
0.845919627726198,
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],
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"note": null
},
{
"text": "",
"box": null,
"status": null,
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}
],
[
{
"text": "Provision for loan losses 1",
"box": [
0.06775585120382019,
0.5103630383970588,
0.19199994618090005,
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},
{
"text": "(0.4)",
"box": [
0.19199994618090005,
0.5246850952500001,
0.2719268193499832,
0.5374979959669118
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},
{
"text": "11.5",
"box": [
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0.5246850952500001,
0.3281720682117332,
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"note": null
},
{
"text": "-",
"box": [
0.3281720682117332,
0.5246850952500001,
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0.5374979959669118
],
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},
{
"text": "59.9",
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0.5246850952500001,
0.45174925574638314,
0.5374979959669118
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{
"text": "(24.3)",
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0.5246850952500001,
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{
"text": "19.4",
"box": [
0.5169338633613468,
0.5246850952500001,
0.5818988809600195,
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},
{
"text": "68.8",
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0.5246850952500001,
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},
{
"text": "55.5",
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0.5246850952500001,
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},
{
"text": "35.3",
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0.5246850952500001,
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{
"text": "3.4",
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"note": null
},
{
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"box": null,
"status": null,
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}
],
[
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"text": "Net charge-offs 3",
"box": [
0.06775585120382019,
0.5583477688404412,
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"status": "reconciled",
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{
"text": "(20.5)",
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{
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{
"text": "-",
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"note": null
},
{
"text": "-",
"box": [
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},
{
"text": "(10.8)",
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},
{
"text": "-",
"box": [
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},
{
"text": "(5.7)",
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{
"text": "(12.2)",
"box": [
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},
{
"text": "(128.3)",
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},
{
"text": "(18.2)",
"box": [
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{
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],
[
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"text": "Ending balance",
"box": [
0.06775585120382019,
0.5980159420375,
0.19199994618090005,
0.6170955236
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"status": "reconciled",
"note": null
},
{
"text": "$ 62.8",
"box": [
0.19199994618090005,
0.5980159420375,
0.2719268193499832,
0.6170955236
],
"status": "reconciled",
"note": null
},
{
"text": "$ 71.1",
"box": [
0.2719268193499832,
0.5980159420375,
0.3281720682117332,
0.6170955236
],
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"note": null
},
{
"text": "$ 71.1",
"box": [
0.3281720682117332,
0.5980159420375,
0.38467864433161036,
0.6170955236
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"note": null
},
{
"text": "$ 148.3",
"box": [
0.38467864433161036,
0.5980159420375,
0.45174925574638314,
0.6170955236
],
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"note": null
},
{
"text": "$ 113.2",
"box": [
0.45174925574638314,
0.5980159420375,
0.5169338633613468,
0.6170955236
],
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"note": null
},
{
"text": "$ 132.6",
"box": [
0.5169338633613468,
0.5980159420375,
0.5818988809600195,
0.6170955236
],
"status": "reconciled",
"note": null
},
{
"text": "$ 195.7",
"box": [
0.5818988809600195,
0.5980159420375,
0.6471039281230969,
0.6170955236
],
"status": "reconciled",
"note": null
},
{
"text": "$ 239.0",
"box": [
0.6471039281230969,
0.5980159420375,
0.712152950514756,
0.6170955236
],
"status": "reconciled",
"note": null
},
{
"text": "$ 146.0",
"box": [
0.712152950514756,
0.5980159420375,
0.7711931746746016,
0.6170955236
],
"status": "reconciled",
"note": null
},
{
"text": "$ 131.2",
"box": [
0.7841914020274673,
0.5980159420375,
0.845919627726198,
0.6170955236
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"note": null
},
{
"text": "$ 215.5 4",
"box": [
0.8678147719825072,
0.5980159420375,
0.9141617411592864,
0.6170955236
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}
],
[
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"text": "Total portfolio UPB",
"box": [
0.06775585120382019,
0.6170955236,
0.19199994618090005,
0.6462343378647059
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"status": "reconciled",
"note": null
},
{
"text": "$2.7B",
"box": [
0.19199994618090005,
0.6170955236,
0.2719268193499832,
0.6462343378647059
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"status": "reconciled",
"note": null
},
{
"text": "$3.3B",
"box": [
0.2719268193499832,
0.6170955236,
0.3281720682117332,
0.6462343378647059
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"status": "reconciled",
"note": null
},
{
"text": "$4.3B",
"box": [
0.3281720682117332,
0.6170955236,
0.38467864433161036,
0.6462343378647059
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"note": null
},
{
"text": "$5.5B",
"box": [
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0.6170955236,
0.45174925574638314,
0.6462343378647059
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"status": "reconciled",
"note": null
},
{
"text": "$12.2B",
"box": [
0.45174925574638314,
0.6170955236,
0.5169338633613468,
0.6462343378647059
],
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"note": null
},
{
"text": "$14.5B",
"box": [
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0.6170955236,
0.5818988809600195,
0.6462343378647059
],
"status": "reconciled",
"note": null
},
{
"text": "$12.6B",
"box": [
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0.6170955236,
0.6471039281230969,
0.6462343378647059
],
"status": "reconciled",
"note": null
},
{
"text": "$11.3B",
"box": [
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0.6170955236,
0.712152950514756,
0.6462343378647059
],
"status": "reconciled",
"note": null
},
{
"text": "$12.1B",
"box": [
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0.6170955236,
0.7711931746746016,
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"note": null
},
{
"text": "$12.0B",
"box": [
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0.845919627726198,
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"note": null
},
{
"text": "$12.5B",
"box": [
0.8678147719825072,
0.6170955236,
0.9080701944798758,
0.6462343378647059
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Ending balance % of total UPB",
"box": null,
"status": "label_printed_unlocated",
"note": "The image shows the text 'Ending balance % of total UPB' printed as a row label on the left side of the table, wrapped across two lines as 'Ending balance % of' on the first line and 'total UPB' on the second line."
},
{
"text": "2.4%",
"box": [
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0.6653264361000001,
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},
{
"text": "2.2%",
"box": [
0.2719268193499832,
0.6653264361000001,
0.3281720682117332,
0.6788778205117647
],
"status": "reconciled",
"note": null
},
{
"text": "1.7%",
"box": [
0.3281720682117332,
0.6653264361000001,
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},
{
"text": "2.7%",
"box": [
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0.6653264361000001,
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},
{
"text": "0.9%",
"box": [
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0.6653264361000001,
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},
{
"text": "0.9%",
"box": [
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0.6653264361000001,
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"note": null
},
{
"text": "1.6%",
"box": [
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0.6653264361000001,
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"note": null
},
{
"text": "2.1%",
"box": [
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"status": "reconciled",
"note": null
},
{
"text": "1.2%",
"box": [
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0.6653264361000001,
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"note": null
},
{
"text": "1.1%",
"box": [
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"note": null
},
{
"text": "1.7%",
"box": [
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0.6653264361000001,
0.9080701944798758,
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"note": null
}
]
],
"merged_cells": [
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"row": 5,
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"markdown": "| Item | Value | Details |\n| --- | --- | --- |\n| Total Enterprise Value = | 13,712 1 | |\n| Collateralized loan obligations | 3,386 | Extensive experience with CRE CLOs; 2 outstanding legacy nonrecourse CLOs totaling ~$1.8B; 2.05% over SOFR; 70% leverage; CLO 20; 1 $1.1B nonrecourse; 1.82% over SOFR; 89% leverage; 2.5-year replenishment; CLO 21; $762M nonrecourse; 1.73% over SOFR; 88% leverage; 2.5-year replenishment; Match-funded with locked-in spreads; Wtd. average advance rate of 79% |\n| BTR securitization | 567 | BTR CLO, improved terms over our warehouse lines; 80% leverage, 2-year replacement |\n| CLO repurchase facility | 1,180 | CLO-like $1.2B repurchase facility used to unwind 2 CLO vehicles in full; 1.85% over SOFR; 80% leverage; 88% non-recourse; ~$8.5B secured indebtedness of which ~80% is non-recourse and ~58% is non-mark-to-market, non-recourse, long-dated securitized/CLO-like debt with average pricing of ~2.05% (w/o fees) over SOFR |\n| Warehouse & repo | 3,373 | 16 separate warehouse and repo facilities ($6.4B committed) 2 |\n| Senior unsecured notes | 2,050 | 6.70% wtd. average coupon rate, no significant covenants; matures in 2026-2030 |\n| Perpetual preferred equity | 657 | $427M, 6.25% rate; $230M, 6.375% rate |\n| Trust preferred (TruPS) | 154 | ~30 year unsecured with no significant covenants \u2013 equity-like |\n| Common equity | 2,345 | |",
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"text": "\u26ab 16 separate warehouse and repo facilities ($6.4B committed) 2",
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"text": "\u26ab $427M, 6.25% rate; $230M, 6.375% rate",
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"text": "CLO-like $1.2B repurchase facility used to unwind 2 CLO vehicles in full; 1.85% over SOFR; 80% leverage; 88% non-recourse; ~$8.5B secured indebtedness of which ~80% is non-recourse and ~58% is non-mark-to-market, non-recourse, long-dated securitized/CLO-like debt with average pricing of ~2.05% (w/o fees) over SOFR",
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"markdown": "| (Amounts in 000s, except per share amounts) | Year Ended 2021 | Year Ended 2022 | Year Ended 2023 | Year Ended 2024 | Year Ended 2025 | Quarter Ended 1Q26 |\n| --- | --- | --- | --- | --- | --- | --- |\n| Net interest income | $ 254,082 | $ 390,784 | $ 427,991 | $ 363,258 | $ 238,172 | $ 59,845 |\n| Servicing revenue | 166,170 | 196,570 | 208,278 | 202,819 | 190,729 | 45,079 |\n| Gain on sale, incl. fee based services, net | 123,037 | 72,904 | 72,522 | 74,932 | 70,670 | 12,505 |\n| Net operating income (loss) on REOs | 34,610 | (259) | (189) | (168) | (6,633) | (3,904) |\n| Income from equity affiliates | - | 14,247 | 24,281 | 5,772 | 50,880 | 4,411 |\n| Other income | 7,448 | (2,359) | 4,867 | 7,254 | 10,537 | 2,225 |\n| Total net revenues | 585,347 | 671,887 | 737,750 | 653,867 | 554,355 | 120,161 |\n| Total operating expenses | 237,155 | 227,282 | 223,404 | 239,689 | 237,096 | 63,031 |\n| Realized loan reserves / (recoveries) | 12,575 | (2,045) | 20,499 | 14,790 | 29,707 | 9,425 |\n| Preferred stock dividends | 21,888 | 40,954 | 41,368 | 41,368 | 41,368 | 10,342 |\n| Distributable earnings1 | $ 313,729 | $ 405,696 | $ 452,479 | $ 358,020 | $ 246,184 | $ 37,363 |\n| Distributable earnings ROE on common equity | 18.5% | 18.2% | 17.8% | 14.0% | 9.9% | 6.3% |\n| Distributable earnings per common share | $2.01 | $2.23 | $2.25 | $1.74 | $1.17 2 | $0.18 2 |\n| Dividend per common share | $1.48 | $1.57 | $1.71 | $1.72 | $1.20 | $0.17 |\n| Distributable EPS in excess of dividends | $0.53 | $0.66 | $0.54 | $0.02 | ($0.03) | $0.01 |\n| Dividend payout ratio | 74% | 70% | 76% | 99% | 103% | 94% |",
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"text": "202,819",
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0.6309272798324337,
0.28169792835986807,
0.7515408474347064,
0.31021674702209523
],
"status": null,
"note": null
},
{
"text": "190,729",
"box": [
0.7515408474347064,
0.28169792835986807,
0.8737997433624645,
0.31021674702209523
],
"status": null,
"note": null
},
{
"text": "45,079",
"box": [
0.8737997433624645,
0.28169792835986807,
0.9744935254253836,
0.31021674702209523
],
"status": null,
"note": null
}
],
[
{
"text": "Gain on sale, incl. fee based services, net",
"box": [
0.021937058345028133,
0.31021674702209523,
0.2960247347327506,
0.33944983112945526
],
"status": null,
"note": null
},
{
"text": "123,037",
"box": [
0.2960247347327506,
0.31021674702209523,
0.40347028262288726,
0.33944983112945526
],
"status": null,
"note": null
},
{
"text": "72,904",
"box": [
0.40347028262288726,
0.31021674702209523,
0.5103326865722064,
0.33944983112945526
],
"status": null,
"note": null
},
{
"text": "72,522",
"box": [
0.5103326865722064,
0.31021674702209523,
0.6309272798324337,
0.33944983112945526
],
"status": null,
"note": null
},
{
"text": "74,932",
"box": [
0.6309272798324337,
0.31021674702209523,
0.7515408474347064,
0.33944983112945526
],
"status": null,
"note": null
},
{
"text": "70,670",
"box": [
0.7515408474347064,
0.31021674702209523,
0.8737997433624645,
0.33944983112945526
],
"status": null,
"note": null
},
{
"text": "12,505",
"box": [
0.8737997433624645,
0.31021674702209523,
0.9744935254253836,
0.33944983112945526
],
"status": null,
"note": null
}
],
[
{
"text": "Net operating income (loss) on REOs",
"box": [
0.021937058345028133,
0.33944983112945526,
0.2960247347327506,
0.36753850715479175
],
"status": null,
"note": null
},
{
"text": "34,610",
"box": [
0.2960247347327506,
0.33944983112945526,
0.40347028262288726,
0.36753850715479175
],
"status": null,
"note": null
},
{
"text": "(259)",
"box": [
0.40347028262288726,
0.33944983112945526,
0.5103326865722064,
0.36753850715479175
],
"status": null,
"note": null
},
{
"text": "(189)",
"box": [
0.5103326865722064,
0.33944983112945526,
0.6309272798324337,
0.36753850715479175
],
"status": null,
"note": null
},
{
"text": "(168)",
"box": [
0.6309272798324337,
0.33944983112945526,
0.7515408474347064,
0.36753850715479175
],
"status": null,
"note": null
},
{
"text": "(6,633)",
"box": [
0.7515408474347064,
0.33944983112945526,
0.8737997433624645,
0.36753850715479175
],
"status": null,
"note": null
},
{
"text": "(3,904)",
"box": [
0.8737997433624645,
0.33944983112945526,
0.9744935254253836,
0.36753850715479175
],
"status": null,
"note": null
}
],
[
{
"text": "Income from equity affiliates",
"box": [
0.021937058345028133,
0.36753850715479175,
0.2960247347327506,
0.39518146905360746
],
"status": null,
"note": null
},
{
"text": "-",
"box": [
0.2960247347327506,
0.36753850715479175,
0.40347028262288726,
0.39518146905360746
],
"status": null,
"note": null
},
{
"text": "14,247",
"box": [
0.40347028262288726,
0.36753850715479175,
0.5103326865722064,
0.39518146905360746
],
"status": null,
"note": null
},
{
"text": "24,281",
"box": [
0.5103326865722064,
0.36753850715479175,
0.6309272798324337,
0.39518146905360746
],
"status": null,
"note": null
},
{
"text": "5,772",
"box": [
0.6309272798324337,
0.36753850715479175,
0.7515408474347064,
0.39518146905360746
],
"status": null,
"note": null
},
{
"text": "50,880",
"box": [
0.7515408474347064,
0.36753850715479175,
0.8737997433624645,
0.39518146905360746
],
"status": null,
"note": null
},
{
"text": "4,411",
"box": [
0.8737997433624645,
0.36753850715479175,
0.9744935254253836,
0.39518146905360746
],
"status": null,
"note": null
}
],
[
{
"text": "Other income",
"box": [
0.021937058345028133,
0.39518146905360746,
0.2960247347327506,
0.4220790213077812
],
"status": null,
"note": null
},
{
"text": "7,448",
"box": [
0.2960247347327506,
0.39518146905360746,
0.40347028262288726,
0.4220790213077812
],
"status": null,
"note": null
},
{
"text": "(2,359)",
"box": [
0.40347028262288726,
0.39518146905360746,
0.5103326865722064,
0.4220790213077812
],
"status": null,
"note": null
},
{
"text": "4,867",
"box": [
0.5103326865722064,
0.39518146905360746,
0.6309272798324337,
0.4220790213077812
],
"status": null,
"note": null
},
{
"text": "7,254",
"box": [
0.6309272798324337,
0.39518146905360746,
0.7515408474347064,
0.4220790213077812
],
"status": null,
"note": null
},
{
"text": "10,537",
"box": [
0.7515408474347064,
0.39518146905360746,
0.8737997433624645,
0.4220790213077812
],
"status": null,
"note": null
},
{
"text": "2,225",
"box": [
0.8737997433624645,
0.39518146905360746,
0.9744935254253836,
0.4220790213077812
],
"status": null,
"note": null
}
],
[
{
"text": "Total net revenues",
"box": [
0.021937058345028133,
0.4220790213077812,
0.2960247347327506,
0.4548387631311099
],
"status": null,
"note": null
},
{
"text": "585,347",
"box": [
0.2960247347327506,
0.4220790213077812,
0.40347028262288726,
0.4548387631311099
],
"status": null,
"note": null
},
{
"text": "671,887",
"box": [
0.40347028262288726,
0.4220790213077812,
0.5103326865722064,
0.4548387631311099
],
"status": null,
"note": null
},
{
"text": "737,750",
"box": [
0.5103326865722064,
0.4220790213077812,
0.6309272798324337,
0.4548387631311099
],
"status": null,
"note": null
},
{
"text": "653,867",
"box": [
0.6309272798324337,
0.4220790213077812,
0.7515408474347064,
0.4548387631311099
],
"status": null,
"note": null
},
{
"text": "554,355",
"box": [
0.7515408474347064,
0.4220790213077812,
0.8737997433624645,
0.4548387631311099
],
"status": null,
"note": null
},
{
"text": "120,161",
"box": [
0.8737997433624645,
0.4220790213077812,
0.9744935254253836,
0.4548387631311099
],
"status": null,
"note": null
}
],
[
{
"text": "Total operating expenses",
"box": [
0.021937058345028133,
0.4548387631311099,
0.2960247347327506,
0.48761407323754696
],
"status": null,
"note": null
},
{
"text": "237,155",
"box": [
0.2960247347327506,
0.4548387631311099,
0.40347028262288726,
0.48761407323754696
],
"status": null,
"note": null
},
{
"text": "227,282",
"box": [
0.40347028262288726,
0.4548387631311099,
0.5103326865722064,
0.48761407323754696
],
"status": null,
"note": null
},
{
"text": "223,404",
"box": [
0.5103326865722064,
0.4548387631311099,
0.6309272798324337,
0.48761407323754696
],
"status": null,
"note": null
},
{
"text": "239,689",
"box": [
0.6309272798324337,
0.4548387631311099,
0.7515408474347064,
0.48761407323754696
],
"status": null,
"note": null
},
{
"text": "237,096",
"box": [
0.7515408474347064,
0.4548387631311099,
0.8737997433624645,
0.48761407323754696
],
"status": null,
"note": null
},
{
"text": "63,031",
"box": [
0.8737997433624645,
0.4548387631311099,
0.9744935254253836,
0.48761407323754696
],
"status": null,
"note": null
}
],
[
{
"text": "Realized loan reserves / (recoveries)",
"box": [
0.021937058345028133,
0.48761407323754696,
0.2960247347327506,
0.5156949639137897
],
"status": null,
"note": null
},
{
"text": "12,575",
"box": [
0.2960247347327506,
0.48761407323754696,
0.40347028262288726,
0.5156949639137897
],
"status": null,
"note": null
},
{
"text": "(2,045)",
"box": [
0.40347028262288726,
0.48761407323754696,
0.5103326865722064,
0.5156949639137897
],
"status": null,
"note": null
},
{
"text": "20,499",
"box": [
0.5103326865722064,
0.48761407323754696,
0.6309272798324337,
0.5156949639137897
],
"status": null,
"note": null
},
{
"text": "14,790",
"box": [
0.6309272798324337,
0.48761407323754696,
0.7515408474347064,
0.5156949639137897
],
"status": null,
"note": null
},
{
"text": "29,707",
"box": [
0.7515408474347064,
0.48761407323754696,
0.8737997433624645,
0.5156949639137897
],
"status": null,
"note": null
},
{
"text": "9,425",
"box": [
0.8737997433624645,
0.48761407323754696,
0.9744935254253836,
0.5156949639137897
],
"status": null,
"note": null
}
],
[
{
"text": "Preferred stock dividends",
"box": [
0.021937058345028133,
0.5156949639137897,
0.2960247347327506,
0.5446361257621576
],
"status": null,
"note": null
},
{
"text": "21,888",
"box": [
0.2960247347327506,
0.5156949639137897,
0.40347028262288726,
0.5446361257621576
],
"status": null,
"note": null
},
{
"text": "40,954",
"box": [
0.40347028262288726,
0.5156949639137897,
0.5103326865722064,
0.5446361257621576
],
"status": null,
"note": null
},
{
"text": "41,368",
"box": [
0.5103326865722064,
0.5156949639137897,
0.6309272798324337,
0.5446361257621576
],
"status": null,
"note": null
},
{
"text": "41,368",
"box": [
0.6309272798324337,
0.5156949639137897,
0.7515408474347064,
0.5446361257621576
],
"status": null,
"note": null
},
{
"text": "41,368",
"box": [
0.7515408474347064,
0.5156949639137897,
0.8737997433624645,
0.5446361257621576
],
"status": null,
"note": null
},
{
"text": "10,342",
"box": [
0.8737997433624645,
0.5156949639137897,
0.9744935254253836,
0.5446361257621576
],
"status": null,
"note": null
}
],
[
{
"text": "Distributable earnings1",
"box": [
0.021937058345028133,
0.5446361257621576,
0.2960247347327506,
0.5917321282448411
],
"status": null,
"note": null
},
{
"text": "$ 313,729",
"box": [
0.2960247347327506,
0.5446361257621576,
0.40347028262288726,
0.5917321282448411
],
"status": null,
"note": null
},
{
"text": "$ 405,696",
"box": [
0.40347028262288726,
0.5446361257621576,
0.5103326865722064,
0.5917321282448411
],
"status": null,
"note": null
},
{
"text": "$ 452,479",
"box": [
0.5103326865722064,
0.5446361257621576,
0.6309272798324337,
0.5917321282448411
],
"status": null,
"note": null
},
{
"text": "$ 358,020",
"box": [
0.6309272798324337,
0.5446361257621576,
0.7515408474347064,
0.5917321282448411
],
"status": null,
"note": null
},
{
"text": "$ 246,184",
"box": [
0.7515408474347064,
0.5446361257621576,
0.8737997433624645,
0.5917321282448411
],
"status": null,
"note": null
},
{
"text": "$ 37,363",
"box": [
0.8737997433624645,
0.5446361257621576,
0.9744935254253836,
0.5917321282448411
],
"status": null,
"note": null
}
],
[
{
"text": "Distributable earnings ROE on common equity",
"box": [
0.021937058345028133,
0.5917321282448411,
0.2960247347327506,
0.6353116127858467
],
"status": null,
"note": null
},
{
"text": "18.5%",
"box": [
0.2960247347327506,
0.5917321282448411,
0.40347028262288726,
0.6353116127858467
],
"status": null,
"note": null
},
{
"text": "18.2%",
"box": [
0.40347028262288726,
0.5917321282448411,
0.5103326865722064,
0.6353116127858467
],
"status": null,
"note": null
},
{
"text": "17.8%",
"box": [
0.5103326865722064,
0.5917321282448411,
0.6309272798324337,
0.6353116127858467
],
"status": null,
"note": null
},
{
"text": "14.0%",
"box": [
0.6309272798324337,
0.5917321282448411,
0.7515408474347064,
0.6353116127858467
],
"status": null,
"note": null
},
{
"text": "9.9%",
"box": [
0.7515408474347064,
0.5917321282448411,
0.8737997433624645,
0.6353116127858467
],
"status": null,
"note": null
},
{
"text": "6.3%",
"box": [
0.8737997433624645,
0.5917321282448411,
0.9744935254253836,
0.6353116127858467
],
"status": null,
"note": null
}
],
[
{
"text": "Distributable earnings per common share",
"box": [
0.021937058345028133,
0.6353116127858467,
0.2960247347327506,
0.6642745556504102
],
"status": null,
"note": null
},
{
"text": "$2.01",
"box": [
0.2960247347327506,
0.6353116127858467,
0.40347028262288726,
0.6642745556504102
],
"status": null,
"note": null
},
{
"text": "$2.23",
"box": [
0.40347028262288726,
0.6353116127858467,
0.5103326865722064,
0.6642745556504102
],
"status": null,
"note": null
},
{
"text": "$2.25",
"box": [
0.5103326865722064,
0.6353116127858467,
0.6309272798324337,
0.6642745556504102
],
"status": null,
"note": null
},
{
"text": "$1.74",
"box": [
0.6309272798324337,
0.6353116127858467,
0.7515408474347064,
0.6642745556504102
],
"status": null,
"note": null
},
{
"text": "$1.17 2",
"box": [
0.7515408474347064,
0.6353116127858467,
0.8737997433624645,
0.6642745556504102
],
"status": null,
"note": null
},
{
"text": "$0.18 2",
"box": [
0.8737997433624645,
0.6353116127858467,
0.9744935254253836,
0.6642745556504102
],
"status": null,
"note": null
}
],
[
{
"text": "Dividend per common share",
"box": [
0.021937058345028133,
0.6642745556504102,
0.2960247347327506,
0.6952787541430573
],
"status": null,
"note": null
},
{
"text": "$1.48",
"box": [
0.2960247347327506,
0.6642745556504102,
0.40347028262288726,
0.6952787541430573
],
"status": null,
"note": null
},
{
"text": "$1.57",
"box": [
0.40347028262288726,
0.6642745556504102,
0.5103326865722064,
0.6952787541430573
],
"status": null,
"note": null
},
{
"text": "$1.71",
"box": [
0.5103326865722064,
0.6642745556504102,
0.6309272798324337,
0.6952787541430573
],
"status": null,
"note": null
},
{
"text": "$1.72",
"box": [
0.6309272798324337,
0.6642745556504102,
0.7515408474347064,
0.6952787541430573
],
"status": null,
"note": null
},
{
"text": "$1.20",
"box": [
0.7515408474347064,
0.6642745556504102,
0.8737997433624645,
0.6952787541430573
],
"status": null,
"note": null
},
{
"text": "$0.17",
"box": [
0.8737997433624645,
0.6642745556504102,
0.9744935254253836,
0.6952787541430573
],
"status": null,
"note": null
}
],
[
{
"text": "Distributable EPS in excess of dividends",
"box": [
0.021937058345028133,
0.6952787541430573,
0.2960247347327506,
0.7298057147434357
],
"status": null,
"note": null
},
{
"text": "$0.53",
"box": [
0.2960247347327506,
0.6952787541430573,
0.40347028262288726,
0.7298057147434357
],
"status": null,
"note": null
},
{
"text": "$0.66",
"box": [
0.40347028262288726,
0.6952787541430573,
0.5103326865722064,
0.7298057147434357
],
"status": null,
"note": null
},
{
"text": "$0.54",
"box": [
0.5103326865722064,
0.6952787541430573,
0.6309272798324337,
0.7298057147434357
],
"status": null,
"note": null
},
{
"text": "$0.02",
"box": [
0.6309272798324337,
0.6952787541430573,
0.7515408474347064,
0.7298057147434357
],
"status": null,
"note": null
},
{
"text": "($0.03)",
"box": [
0.7515408474347064,
0.6952787541430573,
0.8737997433624645,
0.7298057147434357
],
"status": null,
"note": null
},
{
"text": "$0.01",
"box": [
0.8737997433624645,
0.6952787541430573,
0.9744935254253836,
0.7298057147434357
],
"status": null,
"note": null
}
],
[
{
"text": "Dividend payout ratio",
"box": [
0.021937058345028133,
0.7298057147434357,
0.2960247347327506,
0.7567227446083031
],
"status": null,
"note": null
},
{
"text": "74%",
"box": [
0.2960247347327506,
0.7298057147434357,
0.40347028262288726,
0.7567227446083031
],
"status": null,
"note": null
},
{
"text": "70%",
"box": [
0.40347028262288726,
0.7298057147434357,
0.5103326865722064,
0.7567227446083031
],
"status": null,
"note": null
},
{
"text": "76%",
"box": [
0.5103326865722064,
0.7298057147434357,
0.6309272798324337,
0.7567227446083031
],
"status": null,
"note": null
},
{
"text": "99%",
"box": [
0.6309272798324337,
0.7298057147434357,
0.7515408474347064,
0.7567227446083031
],
"status": null,
"note": null
},
{
"text": "103%",
"box": [
0.7515408474347064,
0.7298057147434357,
0.8737997433624645,
0.7567227446083031
],
"status": null,
"note": null
},
{
"text": "94%",
"box": [
0.8737997433624645,
0.7298057147434357,
0.9744935254253836,
0.7567227446083031
],
"status": null,
"note": null
}
]
],
"corrected_grid": [
[
{
"text": "(Amounts in 000s, except per share amounts)",
"box": [
0.021937058345028133,
0.2041932660643494,
0.2960247347327506,
0.22641974533959638
],
"status": "reconciled",
"note": null
},
{
"text": "Year Ended 2021",
"box": [
0.2960247347327506,
0.22641974533959638,
0.40347028262288726,
0.2549229900886352
],
"status": "reconciled",
"note": null
},
{
"text": "Year Ended 2022",
"box": [
0.40347028262288726,
0.22641974533959638,
0.5103326865722064,
0.2549229900886352
],
"status": "reconciled",
"note": null
},
{
"text": "Year Ended 2023",
"box": [
0.5103326865722064,
0.22641974533959638,
0.6309272798324337,
0.2549229900886352
],
"status": "reconciled",
"note": null
},
{
"text": "Year Ended 2024",
"box": [
0.6309272798324337,
0.22641974533959638,
0.7515408474347064,
0.2549229900886352
],
"status": "reconciled",
"note": null
},
{
"text": "Year Ended 2025",
"box": [
0.7515408474347064,
0.22641974533959638,
0.8737997433624645,
0.2549229900886352
],
"status": "reconciled",
"note": null
},
{
"text": "Quarter Ended 1Q26",
"box": [
0.8737997433624645,
0.22641974533959638,
0.9744935254253836,
0.2549229900886352
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Net interest income",
"box": [
0.021937058345028133,
0.2549229900886352,
0.2960247347327506,
0.28169792835986807
],
"status": "reconciled",
"note": null
},
{
"text": "$ 254,082",
"box": [
0.2960247347327506,
0.2549229900886352,
0.40347028262288726,
0.28169792835986807
],
"status": "reconciled",
"note": null
},
{
"text": "$ 390,784",
"box": [
0.40347028262288726,
0.2549229900886352,
0.5103326865722064,
0.28169792835986807
],
"status": "reconciled",
"note": null
},
{
"text": "$ 427,991",
"box": [
0.5103326865722064,
0.2549229900886352,
0.6309272798324337,
0.28169792835986807
],
"status": "reconciled",
"note": null
},
{
"text": "$ 363,258",
"box": [
0.6309272798324337,
0.2549229900886352,
0.7515408474347064,
0.28169792835986807
],
"status": "reconciled",
"note": null
},
{
"text": "$ 238,172",
"box": [
0.7515408474347064,
0.2549229900886352,
0.8737997433624645,
0.28169792835986807
],
"status": "reconciled",
"note": null
},
{
"text": "$ 59,845",
"box": [
0.8737997433624645,
0.2549229900886352,
0.9744935254253836,
0.28169792835986807
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Servicing revenue",
"box": [
0.021937058345028133,
0.28169792835986807,
0.2960247347327506,
0.31021674702209523
],
"status": "reconciled",
"note": null
},
{
"text": "166,170",
"box": [
0.2960247347327506,
0.28169792835986807,
0.40347028262288726,
0.31021674702209523
],
"status": "reconciled",
"note": null
},
{
"text": "196,570",
"box": [
0.40347028262288726,
0.28169792835986807,
0.5103326865722064,
0.31021674702209523
],
"status": "reconciled",
"note": null
},
{
"text": "208,278",
"box": [
0.5103326865722064,
0.28169792835986807,
0.6309272798324337,
0.31021674702209523
],
"status": "reconciled",
"note": null
},
{
"text": "202,819",
"box": [
0.6309272798324337,
0.28169792835986807,
0.7515408474347064,
0.31021674702209523
],
"status": "reconciled",
"note": null
},
{
"text": "190,729",
"box": [
0.7515408474347064,
0.28169792835986807,
0.8737997433624645,
0.31021674702209523
],
"status": "reconciled",
"note": null
},
{
"text": "45,079",
"box": [
0.8737997433624645,
0.28169792835986807,
0.9744935254253836,
0.31021674702209523
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Gain on sale, incl. fee based services, net",
"box": [
0.021937058345028133,
0.31021674702209523,
0.2960247347327506,
0.33944983112945526
],
"status": "reconciled",
"note": null
},
{
"text": "123,037",
"box": [
0.2960247347327506,
0.31021674702209523,
0.40347028262288726,
0.33944983112945526
],
"status": "reconciled",
"note": null
},
{
"text": "72,904",
"box": [
0.40347028262288726,
0.31021674702209523,
0.5103326865722064,
0.33944983112945526
],
"status": "reconciled",
"note": null
},
{
"text": "72,522",
"box": [
0.5103326865722064,
0.31021674702209523,
0.6309272798324337,
0.33944983112945526
],
"status": "reconciled",
"note": null
},
{
"text": "74,932",
"box": [
0.6309272798324337,
0.31021674702209523,
0.7515408474347064,
0.33944983112945526
],
"status": "reconciled",
"note": null
},
{
"text": "70,670",
"box": [
0.7515408474347064,
0.31021674702209523,
0.8737997433624645,
0.33944983112945526
],
"status": "reconciled",
"note": null
},
{
"text": "12,505",
"box": [
0.8737997433624645,
0.31021674702209523,
0.9744935254253836,
0.33944983112945526
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Net operating income (loss) on REOs",
"box": [
0.021937058345028133,
0.33944983112945526,
0.2960247347327506,
0.36753850715479175
],
"status": "reconciled",
"note": null
},
{
"text": "34,610",
"box": [
0.2960247347327506,
0.33944983112945526,
0.40347028262288726,
0.36753850715479175
],
"status": "reconciled",
"note": null
},
{
"text": "(259)",
"box": [
0.40347028262288726,
0.33944983112945526,
0.5103326865722064,
0.36753850715479175
],
"status": "reconciled",
"note": null
},
{
"text": "(189)",
"box": [
0.5103326865722064,
0.33944983112945526,
0.6309272798324337,
0.36753850715479175
],
"status": "reconciled",
"note": null
},
{
"text": "(168)",
"box": [
0.6309272798324337,
0.33944983112945526,
0.7515408474347064,
0.36753850715479175
],
"status": "reconciled",
"note": null
},
{
"text": "(6,633)",
"box": [
0.7515408474347064,
0.33944983112945526,
0.8737997433624645,
0.36753850715479175
],
"status": "reconciled",
"note": null
},
{
"text": "(3,904)",
"box": [
0.8737997433624645,
0.33944983112945526,
0.9744935254253836,
0.36753850715479175
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Income from equity affiliates",
"box": [
0.021937058345028133,
0.36753850715479175,
0.2960247347327506,
0.39518146905360746
],
"status": "reconciled",
"note": null
},
{
"text": "-",
"box": [
0.2960247347327506,
0.36753850715479175,
0.40347028262288726,
0.39518146905360746
],
"status": "reconciled",
"note": null
},
{
"text": "14,247",
"box": [
0.40347028262288726,
0.36753850715479175,
0.5103326865722064,
0.39518146905360746
],
"status": "reconciled",
"note": null
},
{
"text": "24,281",
"box": [
0.5103326865722064,
0.36753850715479175,
0.6309272798324337,
0.39518146905360746
],
"status": "reconciled",
"note": null
},
{
"text": "5,772",
"box": [
0.6309272798324337,
0.36753850715479175,
0.7515408474347064,
0.39518146905360746
],
"status": "reconciled",
"note": null
},
{
"text": "50,880",
"box": [
0.7515408474347064,
0.36753850715479175,
0.8737997433624645,
0.39518146905360746
],
"status": "reconciled",
"note": null
},
{
"text": "4,411",
"box": [
0.8737997433624645,
0.36753850715479175,
0.9744935254253836,
0.39518146905360746
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Other income",
"box": [
0.021937058345028133,
0.39518146905360746,
0.2960247347327506,
0.4220790213077812
],
"status": "reconciled",
"note": null
},
{
"text": "7,448",
"box": [
0.2960247347327506,
0.39518146905360746,
0.40347028262288726,
0.4220790213077812
],
"status": "reconciled",
"note": null
},
{
"text": "(2,359)",
"box": [
0.40347028262288726,
0.39518146905360746,
0.5103326865722064,
0.4220790213077812
],
"status": "reconciled",
"note": null
},
{
"text": "4,867",
"box": [
0.5103326865722064,
0.39518146905360746,
0.6309272798324337,
0.4220790213077812
],
"status": "reconciled",
"note": null
},
{
"text": "7,254",
"box": [
0.6309272798324337,
0.39518146905360746,
0.7515408474347064,
0.4220790213077812
],
"status": "reconciled",
"note": null
},
{
"text": "10,537",
"box": [
0.7515408474347064,
0.39518146905360746,
0.8737997433624645,
0.4220790213077812
],
"status": "reconciled",
"note": null
},
{
"text": "2,225",
"box": [
0.8737997433624645,
0.39518146905360746,
0.9744935254253836,
0.4220790213077812
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Total net revenues",
"box": [
0.021937058345028133,
0.4220790213077812,
0.2960247347327506,
0.4548387631311099
],
"status": "reconciled",
"note": null
},
{
"text": "585,347",
"box": [
0.2960247347327506,
0.4220790213077812,
0.40347028262288726,
0.4548387631311099
],
"status": "reconciled",
"note": null
},
{
"text": "671,887",
"box": [
0.40347028262288726,
0.4220790213077812,
0.5103326865722064,
0.4548387631311099
],
"status": "reconciled",
"note": null
},
{
"text": "737,750",
"box": [
0.5103326865722064,
0.4220790213077812,
0.6309272798324337,
0.4548387631311099
],
"status": "reconciled",
"note": null
},
{
"text": "653,867",
"box": [
0.6309272798324337,
0.4220790213077812,
0.7515408474347064,
0.4548387631311099
],
"status": "reconciled",
"note": null
},
{
"text": "554,355",
"box": [
0.7515408474347064,
0.4220790213077812,
0.8737997433624645,
0.4548387631311099
],
"status": "reconciled",
"note": null
},
{
"text": "120,161",
"box": [
0.8737997433624645,
0.4220790213077812,
0.9744935254253836,
0.4548387631311099
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Total operating expenses",
"box": [
0.021937058345028133,
0.4548387631311099,
0.2960247347327506,
0.48761407323754696
],
"status": "reconciled",
"note": null
},
{
"text": "237,155",
"box": [
0.2960247347327506,
0.4548387631311099,
0.40347028262288726,
0.48761407323754696
],
"status": "reconciled",
"note": null
},
{
"text": "227,282",
"box": [
0.40347028262288726,
0.4548387631311099,
0.5103326865722064,
0.48761407323754696
],
"status": "reconciled",
"note": null
},
{
"text": "223,404",
"box": [
0.5103326865722064,
0.4548387631311099,
0.6309272798324337,
0.48761407323754696
],
"status": "reconciled",
"note": null
},
{
"text": "239,689",
"box": [
0.6309272798324337,
0.4548387631311099,
0.7515408474347064,
0.48761407323754696
],
"status": "reconciled",
"note": null
},
{
"text": "237,096",
"box": [
0.7515408474347064,
0.4548387631311099,
0.8737997433624645,
0.48761407323754696
],
"status": "reconciled",
"note": null
},
{
"text": "63,031",
"box": [
0.8737997433624645,
0.4548387631311099,
0.9744935254253836,
0.48761407323754696
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Realized loan reserves / (recoveries)",
"box": [
0.021937058345028133,
0.48761407323754696,
0.2960247347327506,
0.5156949639137897
],
"status": "reconciled",
"note": null
},
{
"text": "12,575",
"box": [
0.2960247347327506,
0.48761407323754696,
0.40347028262288726,
0.5156949639137897
],
"status": "reconciled",
"note": null
},
{
"text": "(2,045)",
"box": [
0.40347028262288726,
0.48761407323754696,
0.5103326865722064,
0.5156949639137897
],
"status": "reconciled",
"note": null
},
{
"text": "20,499",
"box": [
0.5103326865722064,
0.48761407323754696,
0.6309272798324337,
0.5156949639137897
],
"status": "reconciled",
"note": null
},
{
"text": "14,790",
"box": [
0.6309272798324337,
0.48761407323754696,
0.7515408474347064,
0.5156949639137897
],
"status": "reconciled",
"note": null
},
{
"text": "29,707",
"box": [
0.7515408474347064,
0.48761407323754696,
0.8737997433624645,
0.5156949639137897
],
"status": "reconciled",
"note": null
},
{
"text": "9,425",
"box": [
0.8737997433624645,
0.48761407323754696,
0.9744935254253836,
0.5156949639137897
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Preferred stock dividends",
"box": [
0.021937058345028133,
0.5156949639137897,
0.2960247347327506,
0.5446361257621576
],
"status": "reconciled",
"note": null
},
{
"text": "21,888",
"box": [
0.2960247347327506,
0.5156949639137897,
0.40347028262288726,
0.5446361257621576
],
"status": "reconciled",
"note": null
},
{
"text": "40,954",
"box": [
0.40347028262288726,
0.5156949639137897,
0.5103326865722064,
0.5446361257621576
],
"status": "reconciled",
"note": null
},
{
"text": "41,368",
"box": [
0.5103326865722064,
0.5156949639137897,
0.6309272798324337,
0.5446361257621576
],
"status": "reconciled",
"note": null
},
{
"text": "41,368",
"box": [
0.6309272798324337,
0.5156949639137897,
0.7515408474347064,
0.5446361257621576
],
"status": "reconciled",
"note": null
},
{
"text": "41,368",
"box": [
0.7515408474347064,
0.5156949639137897,
0.8737997433624645,
0.5446361257621576
],
"status": "reconciled",
"note": null
},
{
"text": "10,342",
"box": [
0.8737997433624645,
0.5156949639137897,
0.9744935254253836,
0.5446361257621576
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Distributable earnings1",
"box": [
0.021937058345028133,
0.5446361257621576,
0.2960247347327506,
0.5917321282448411
],
"status": "reconciled",
"note": null
},
{
"text": "$ 313,729",
"box": [
0.2960247347327506,
0.5446361257621576,
0.40347028262288726,
0.5917321282448411
],
"status": "reconciled",
"note": null
},
{
"text": "$ 405,696",
"box": [
0.40347028262288726,
0.5446361257621576,
0.5103326865722064,
0.5917321282448411
],
"status": "reconciled",
"note": null
},
{
"text": "$ 452,479",
"box": [
0.5103326865722064,
0.5446361257621576,
0.6309272798324337,
0.5917321282448411
],
"status": "reconciled",
"note": null
},
{
"text": "$ 358,020",
"box": [
0.6309272798324337,
0.5446361257621576,
0.7515408474347064,
0.5917321282448411
],
"status": "reconciled",
"note": null
},
{
"text": "$ 246,184",
"box": [
0.7515408474347064,
0.5446361257621576,
0.8737997433624645,
0.5917321282448411
],
"status": "reconciled",
"note": null
},
{
"text": "$ 37,363",
"box": [
0.8737997433624645,
0.5446361257621576,
0.9744935254253836,
0.5917321282448411
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Distributable earnings ROE on common equity",
"box": [
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"markdown": "| (Amounts in 000s, except per share amounts) | Year Ended 2021 | Year Ended 2022 | Year Ended 2023 | Year Ended 2024 | Year Ended 2025 | Quarter Ended 1Q26 |\n| --- | --- | --- | --- | --- | --- | --- |\n| Net income attributable to common stockholders | $ 317,412 | $ 284,829 | $ 330,065 | $ 223,272 | $ 107,427 | $ 629 |\n| Adjustments: | | | | | | |\n| Net income attributable to noncontrolling interest | 38,507 | 28,044 | 29,122 | 19,278 | 9,033 | 52 |\n| Income from mortgage servicing rights | (130,230) | (69,346) | (69,912) | (51,272) | (54,532) | (9,660) |\n| Deferred tax provision (benefit) | 10,892 | (1,741) | (7,349) | (11,613) | 3,773 | (2,580) |\n| Amortization and write-offs of MSRs | 91,356 | 104,378 | 77,829 | 76,922 | 81,112 | 19,340 |\n| Depreciation and amortization | 10,900 | 11,069 | 16,425 | 12,040 | 26,217 | 7,814 |\n| Loss on extinguishment of debt | 3,374 | 4,933 | 1,561 | 412 | 2,919 | \u2013 |\n| Provision for credit losses, net | (39,856) | 25,077 | 68,642 | 65,537 | 32,487 | (70) |\n| Loss (gain) on derivative instruments, net | 432 | 3,480 | (8,844) | 9,212 | (3,379) | 1,298 |\n| (Gain) loss on real estate | (2,466) | \u2013 | \u2013 | \u2013 | 27,338 | 14,636 |\n| Loss on redemption of preferred stock | 3,479 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |\n| Stock-based compensation | 9,929 | 14,973 | 14,940 | 14,232 | 13,789 | 5,904 |\n| Distributable earnings1 | $ 313,729 | $ 405,696 | $ 452,479 | $ 358,020 | $ 246,184 | $ 37,363 |\n| Distributable earnings per common share2 | $2.01 | $2.23 | $2.25 | $1.74 | $1.17 | $0.18 |",
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"$1.07 including realized losses totaling $22.6M in 2025; $0.07 including realized losses totaling $22.9M in 1Q26"
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0.8717848883735546,
0.3217493197732731
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},
{
"text": "$ 629",
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],
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}
],
[
{
"text": "Adjustments:",
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0.37400707768550245,
0.3572062928880153
],
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},
{
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},
{
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},
{
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},
{
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},
{
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},
{
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}
],
[
{
"text": "Net income attributable to noncontrolling interest",
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0.37400707768550245,
0.37404341465028174
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},
{
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],
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},
{
"text": "",
"box": [
0.47919611419308494,
0.3572062928880153,
0.5773851516424938,
0.37404341465028174
],
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},
{
"text": "",
"box": [
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],
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},
{
"text": "",
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],
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},
{
"text": "",
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],
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},
{
"text": "",
"box": [
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],
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}
],
[
{
"text": "",
"box": [
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0.37400707768550245,
0.39060493796030266
],
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},
{
"text": "38,507",
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0.37404341465028174,
0.47919611419308494,
0.39060493796030266
],
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},
{
"text": "28,044",
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0.37404341465028174,
0.5773851516424938,
0.39060493796030266
],
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},
{
"text": "29,122",
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0.37404341465028174,
0.6755021025894635,
0.39060493796030266
],
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},
{
"text": "19,278",
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0.37404341465028174,
0.7736539706008274,
0.39060493796030266
],
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},
{
"text": "9,033",
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0.37404341465028174,
0.8717848883735546,
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},
{
"text": "52",
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0.9613117194178156,
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}
],
[
{
"text": "Income from mortgage servicing rights",
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0.042442943300752406,
0.39060493796030266,
0.37400707768550245,
0.40509949366803216
],
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},
{
"text": "",
"box": [
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0.39060493796030266,
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0.40509949366803216
],
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},
{
"text": "",
"box": [
0.47919611419308494,
0.39060493796030266,
0.5773851516424938,
0.40509949366803216
],
"status": null,
"note": null
},
{
"text": "",
"box": [
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],
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},
{
"text": "",
"box": [
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],
"status": null,
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},
{
"text": "",
"box": [
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0.8717848883735546,
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],
"status": null,
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},
{
"text": "",
"box": [
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],
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}
],
[
{
"text": "",
"box": [
0.042442943300752406,
0.40509949366803216,
0.37400707768550245,
0.42165240547253124
],
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},
{
"text": "(130,230)",
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0.40509949366803216,
0.47919611419308494,
0.42165240547253124
],
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},
{
"text": "(69,346)",
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0.47919611419308494,
0.40509949366803216,
0.5773851516424938,
0.42165240547253124
],
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},
{
"text": "(69,912)",
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0.40509949366803216,
0.6755021025894635,
0.42165240547253124
],
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"note": null
},
{
"text": "(51,272)",
"box": [
0.6755021025894635,
0.40509949366803216,
0.7736539706008274,
0.42165240547253124
],
"status": null,
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},
{
"text": "(54,532)",
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0.7736539706008274,
0.40509949366803216,
0.8717848883735546,
0.42165240547253124
],
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},
{
"text": "(9,660)",
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0.40509949366803216,
0.9613117194178156,
0.42165240547253124
],
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}
],
[
{
"text": "Deferred tax provision (benefit)",
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0.42165240547253124,
0.37400707768550245,
0.43613834840213445
],
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},
{
"text": "",
"box": [
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0.43613834840213445
],
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},
{
"text": "",
"box": [
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0.42165240547253124,
0.5773851516424938,
0.43613834840213445
],
"status": null,
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},
{
"text": "",
"box": [
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0.43613834840213445
],
"status": null,
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},
{
"text": "",
"box": [
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],
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},
{
"text": "",
"box": [
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0.42165240547253124,
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],
"status": null,
"note": null
},
{
"text": "",
"box": [
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0.9613117194178156,
0.43613834840213445
],
"status": null,
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}
],
[
{
"text": "",
"box": [
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0.43613834840213445,
0.37400707768550245,
0.4526998730297208
],
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},
{
"text": "10,892",
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0.43613834840213445,
0.47919611419308494,
0.4526998730297208
],
"status": null,
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},
{
"text": "(1,741)",
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0.43613834840213445,
0.5773851516424938,
0.4526998730297208
],
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"note": null
},
{
"text": "(7,349)",
"box": [
0.5773851516424938,
0.43613834840213445,
0.6755021025894635,
0.4526998730297208
],
"status": null,
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},
{
"text": "(11,613)",
"box": [
0.6755021025894635,
0.43613834840213445,
0.7736539706008274,
0.4526998730297208
],
"status": null,
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},
{
"text": "3,773",
"box": [
0.7736539706008274,
0.43613834840213445,
0.8717848883735546,
0.4526998730297208
],
"status": null,
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},
{
"text": "(2,580)",
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0.8717848883735546,
0.43613834840213445,
0.9613117194178156,
0.4526998730297208
],
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}
],
[
{
"text": "Amortization and write-offs of MSRs",
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0.042442943300752406,
0.4526998730297208,
0.37400707768550245,
0.46719442867083627
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},
{
"text": "",
"box": [
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0.46719442867083627
],
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},
{
"text": "",
"box": [
0.47919611419308494,
0.4526998730297208,
0.5773851516424938,
0.46719442867083627
],
"status": null,
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},
{
"text": "",
"box": [
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0.4526998730297208,
0.6755021025894635,
0.46719442867083627
],
"status": null,
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},
{
"text": "",
"box": [
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],
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},
{
"text": "",
"box": [
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0.4526998730297208,
0.8717848883735546,
0.46719442867083627
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.8717848883735546,
0.4526998730297208,
0.9613117194178156,
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],
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}
],
[
{
"text": "",
"box": [
0.042442943300752406,
0.46719442867083627,
0.37400707768550245,
0.48377317763650046
],
"status": null,
"note": null
},
{
"text": "91,356",
"box": [
0.37400707768550245,
0.46719442867083627,
0.47919611419308494,
0.48377317763650046
],
"status": null,
"note": null
},
{
"text": "104,378",
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0.46719442867083627,
0.5773851516424938,
0.48377317763650046
],
"status": null,
"note": null
},
{
"text": "77,829",
"box": [
0.5773851516424938,
0.46719442867083627,
0.6755021025894635,
0.48377317763650046
],
"status": null,
"note": null
},
{
"text": "76,922",
"box": [
0.6755021025894635,
0.46719442867083627,
0.7736539706008274,
0.48377317763650046
],
"status": null,
"note": null
},
{
"text": "81,112",
"box": [
0.7736539706008274,
0.46719442867083627,
0.8717848883735546,
0.48377317763650046
],
"status": null,
"note": null
},
{
"text": "19,340",
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0.46719442867083627,
0.9613117194178156,
0.48377317763650046
],
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}
],
[
{
"text": "Depreciation and amortization",
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0.042442943300752406,
0.48377317763650046,
0.37400707768550245,
0.4982849574653738
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},
{
"text": "",
"box": [
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0.48377317763650046,
0.47919611419308494,
0.4982849574653738
],
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},
{
"text": "",
"box": [
0.47919611419308494,
0.48377317763650046,
0.5773851516424938,
0.4982849574653738
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.5773851516424938,
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0.6755021025894635,
0.4982849574653738
],
"status": null,
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},
{
"text": "",
"box": [
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0.4982849574653738
],
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},
{
"text": "",
"box": [
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0.48377317763650046,
0.8717848883735546,
0.4982849574653738
],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.8717848883735546,
0.48377317763650046,
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0.4982849574653738
],
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}
],
[
{
"text": "",
"box": [
0.042442943300752406,
0.4982849574653738,
0.37400707768550245,
0.5148378698637155
],
"status": null,
"note": null
},
{
"text": "10,900",
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0.4982849574653738,
0.47919611419308494,
0.5148378698637155
],
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"note": null
},
{
"text": "11,069",
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0.47919611419308494,
0.4982849574653738,
0.5773851516424938,
0.5148378698637155
],
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"note": null
},
{
"text": "16,425",
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0.5773851516424938,
0.4982849574653738,
0.6755021025894635,
0.5148378698637155
],
"status": null,
"note": null
},
{
"text": "12,040",
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0.6755021025894635,
0.4982849574653738,
0.7736539706008274,
0.5148378698637155
],
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"note": null
},
{
"text": "26,217",
"box": [
0.7736539706008274,
0.4982849574653738,
0.8717848883735546,
0.5148378698637155
],
"status": null,
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},
{
"text": "7,814",
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0.9613117194178156,
0.5148378698637155
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}
],
[
{
"text": "Loss on extinguishment of debt",
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0.042442943300752406,
0.5148378698637155,
0.37400707768550245,
0.5293238127236907
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},
{
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0.5148378698637155,
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0.5293238127236907
],
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},
{
"text": "",
"box": [
0.47919611419308494,
0.5148378698637155,
0.5773851516424938,
0.5293238127236907
],
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},
{
"text": "",
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],
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},
{
"text": "",
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0.5293238127236907
],
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},
{
"text": "",
"box": [
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0.5148378698637155,
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0.5293238127236907
],
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"note": null
},
{
"text": "",
"box": [
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0.5148378698637155,
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0.5293238127236907
],
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}
],
[
{
"text": "",
"box": [
0.042442943300752406,
0.5293238127236907,
0.37400707768550245,
0.5458853374217202
],
"status": null,
"note": null
},
{
"text": "3,374",
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0.37400707768550245,
0.5293238127236907,
0.47919611419308494,
0.5458853374217202
],
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"note": null
},
{
"text": "4,933",
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0.5293238127236907,
0.5773851516424938,
0.5458853374217202
],
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},
{
"text": "1,561",
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0.5773851516424938,
0.5293238127236907,
0.6755021025894635,
0.5458853374217202
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},
{
"text": "412",
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0.6755021025894635,
0.5293238127236907,
0.7736539706008274,
0.5458853374217202
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},
{
"text": "2,919",
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0.5293238127236907,
0.8717848883735546,
0.5458853374217202
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},
{
"text": "\u2013",
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0.9613117194178156,
0.5458853374217202
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}
],
[
{
"text": "Provision for credit losses, net",
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0.5458853374217202,
0.37400707768550245,
0.5758993247374189
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},
{
"text": "(39,856)",
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0.5458853374217202,
0.47919611419308494,
0.5758993247374189
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},
{
"text": "25,077",
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0.5458853374217202,
0.5773851516424938,
0.5758993247374189
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"status": null,
"note": null
},
{
"text": "68,642",
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0.5458853374217202,
0.6755021025894635,
0.5758993247374189
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"status": null,
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},
{
"text": "65,537",
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0.5458853374217202,
0.7736539706008274,
0.5758993247374189
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},
{
"text": "32,487",
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0.5758993247374189
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},
{
"text": "(70)",
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}
],
[
{
"text": "Loss (gain) on derivative instruments, net",
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0.5914187485420055
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},
{
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},
{
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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},
{
"text": "",
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}
],
[
{
"text": "",
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},
{
"text": "432",
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0.6079759663678006
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},
{
"text": "3,480",
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},
{
"text": "(8,844)",
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0.5914187485420055,
0.6755021025894635,
0.6079759663678006
],
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},
{
"text": "9,212",
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0.6079759663678006
],
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},
{
"text": "(3,379)",
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0.5914187485420055,
0.8717848883735546,
0.6079759663678006
],
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},
{
"text": "1,298",
"box": [
0.8717848883735546,
0.5914187485420055,
0.9613117194178156,
0.6079759663678006
],
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}
],
[
{
"text": "(Gain) loss on real estate",
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0.6079759663678006,
0.37400707768550245,
0.622487745740439
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},
{
"text": "",
"box": [
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0.622487745740439
],
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},
{
"text": "",
"box": [
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0.6079759663678006,
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0.622487745740439
],
"status": null,
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},
{
"text": "",
"box": [
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],
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},
{
"text": "",
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],
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},
{
"text": "",
"box": [
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],
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},
{
"text": "",
"box": [
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],
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}
],
[
{
"text": "",
"box": [
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0.622487745740439,
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0.6390664955997357
],
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},
{
"text": "(2,466)",
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0.622487745740439,
0.47919611419308494,
0.6390664955997357
],
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},
{
"text": "\u2013",
"box": [
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0.622487745740439,
0.5773851516424938,
0.6390664955997357
],
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},
{
"text": "\u2013",
"box": [
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0.622487745740439,
0.6755021025894635,
0.6390664955997357
],
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},
{
"text": "\u2013",
"box": [
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0.622487745740439,
0.7736539706008274,
0.6390664955997357
],
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},
{
"text": "27,338",
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0.8717848883735546,
0.6390664955997357
],
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},
{
"text": "14,636",
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0.622487745740439,
0.9613117194178156,
0.6390664955997357
],
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}
],
[
{
"text": "Loss on redemption of preferred stock",
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0.042442943300752406,
0.6390664955997357,
0.37400707768550245,
0.6535567451614495
],
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},
{
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},
{
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},
{
"text": "",
"box": [
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},
{
"text": "",
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},
{
"text": "",
"box": [
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],
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},
{
"text": "",
"box": [
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],
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}
],
[
{
"text": "",
"box": [
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0.6701139631578313
],
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},
{
"text": "3,479",
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0.6535567451614495,
0.47919611419308494,
0.6701139631578313
],
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},
{
"text": "\u2013",
"box": [
0.47919611419308494,
0.6535567451614495,
0.5773851516424938,
0.6701139631578313
],
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},
{
"text": "\u2013",
"box": [
0.5773851516424938,
0.6535567451614495,
0.6755021025894635,
0.6701139631578313
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},
{
"text": "\u2013",
"box": [
0.6755021025894635,
0.6535567451614495,
0.7736539706008274,
0.6701139631578313
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},
{
"text": "\u2013",
"box": [
0.7736539706008274,
0.6535567451614495,
0.8717848883735546,
0.6701139631578313
],
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},
{
"text": "\u2013",
"box": [
0.8717848883735546,
0.6535567451614495,
0.9613117194178156,
0.6701139631578313
],
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}
],
[
{
"text": "Stock-based compensation",
"box": [
0.042442943300752406,
0.6701139631578313,
0.37400707768550245,
0.6846042118866492
],
"status": null,
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},
{
"text": "",
"box": [
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0.6701139631578313,
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0.6846042118866492
],
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},
{
"text": "",
"box": [
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],
"status": null,
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},
{
"text": "",
"box": [
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],
"status": null,
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},
{
"text": "",
"box": [
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],
"status": null,
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},
{
"text": "",
"box": [
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0.6701139631578313,
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0.6846042118866492
],
"status": null,
"note": null
},
{
"text": "",
"box": [
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],
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}
],
[
{
"text": "",
"box": [
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0.7003863220969382
],
"status": null,
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},
{
"text": "9,929",
"box": [
0.37400707768550245,
0.6846042118866492,
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0.7003863220969382
],
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},
{
"text": "14,973",
"box": [
0.47919611419308494,
0.6846042118866492,
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0.7003863220969382
],
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"note": null
},
{
"text": "14,940",
"box": [
0.5773851516424938,
0.6846042118866492,
0.6755021025894635,
0.7003863220969382
],
"status": null,
"note": null
},
{
"text": "14,232",
"box": [
0.6755021025894635,
0.6846042118866492,
0.7736539706008274,
0.7003863220969382
],
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},
{
"text": "13,789",
"box": [
0.7736539706008274,
0.6846042118866492,
0.8717848883735546,
0.7003863220969382
],
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},
{
"text": "5,904",
"box": [
0.8717848883735546,
0.6846042118866492,
0.9613117194178156,
0.7003863220969382
],
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}
],
[
{
"text": "Distributable earnings1",
"box": [
0.042442943300752406,
0.7003863220969382,
0.37400707768550245,
0.7355892426333369
],
"status": null,
"note": null
},
{
"text": "$ 313,729",
"box": [
0.37400707768550245,
0.7003863220969382,
0.47919611419308494,
0.7355892426333369
],
"status": null,
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},
{
"text": "$ 405,696",
"box": [
0.47919611419308494,
0.7003863220969382,
0.5773851516424938,
0.7355892426333369
],
"status": null,
"note": null
},
{
"text": "$ 452,479",
"box": [
0.5773851516424938,
0.7003863220969382,
0.6755021025894635,
0.7355892426333369
],
"status": null,
"note": null
},
{
"text": "$ 358,020",
"box": [
0.6755021025894635,
0.7003863220969382,
0.7736539706008274,
0.7355892426333369
],
"status": null,
"note": null
},
{
"text": "$ 246,184",
"box": [
0.7736539706008274,
0.7003863220969382,
0.8717848883735546,
0.7355892426333369
],
"status": null,
"note": null
},
{
"text": "$ 37,363",
"box": [
0.8717848883735546,
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0.9613117194178156,
0.7355892426333369
],
"status": null,
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}
],
[
{
"text": "Distributable earnings per common share2",
"box": [
0.042442943300752406,
0.7355892426333369,
0.37400707768550245,
0.8069643286725181
],
"status": null,
"note": null
},
{
"text": "$2.01",
"box": [
0.37400707768550245,
0.7355892426333369,
0.47919611419308494,
0.8069643286725181
],
"status": null,
"note": null
},
{
"text": "$2.23",
"box": [
0.47919611419308494,
0.7355892426333369,
0.5773851516424938,
0.8069643286725181
],
"status": null,
"note": null
},
{
"text": "$2.25",
"box": [
0.5773851516424938,
0.7355892426333369,
0.6755021025894635,
0.8069643286725181
],
"status": null,
"note": null
},
{
"text": "$1.74",
"box": [
0.6755021025894635,
0.7355892426333369,
0.7736539706008274,
0.8069643286725181
],
"status": null,
"note": null
},
{
"text": "$1.17",
"box": [
0.7736539706008274,
0.7355892426333369,
0.8717848883735546,
0.8069643286725181
],
"status": null,
"note": null
},
{
"text": "$0.18",
"box": [
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0.9613117194178156,
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],
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}
],
[
{
"text": "Source: Company filings (As of December 31, 2025)",
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0.8615310457516341
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},
{
"text": "",
"box": [
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],
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},
{
"text": "",
"box": [
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],
"status": null,
"note": null
},
{
"text": "",
"box": [
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],
"status": null,
"note": null
},
{
"text": "",
"box": [
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],
"status": null,
"note": null
},
{
"text": "",
"box": [
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],
"status": null,
"note": null
},
{
"text": "",
"box": [
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],
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}
],
[
{
"text": "1)",
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],
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},
{
"text": "Amounts are attributable to common stockholders and OP Unit holders. The OP Units are redeemable for cash, or at the Company's option for shares of the Company's common stock on a one-for-one basis",
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},
{
"text": "",
"box": [
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],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.5773851516424938,
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],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.6755021025894635,
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],
"status": null,
"note": null
},
{
"text": "",
"box": [
0.7736539706008274,
0.8615310457516341,
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],
"status": null,
"note": null
},
{
"text": "",
"box": [
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],
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}
],
[
{
"text": "2)",
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],
"status": null,
"note": null
},
{
"text": "$1.07 including realized losses totaling $22.6M in 2025; $0.07 including realized losses totaling $22.9M in 1Q26",
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},
{
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"box": [
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},
{
"text": "",
"box": [
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],
"status": null,
"note": null
},
{
"text": "",
"box": [
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],
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},
{
"text": "",
"box": [
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],
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},
{
"text": "",
"box": [
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}
]
],
"corrected_grid": [
[
{
"text": "(Amounts in 000s, except per share amounts)",
"box": [
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],
"status": "reconciled",
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},
{
"text": "Year Ended 2021",
"box": [
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"status": "reconciled",
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},
{
"text": "Year Ended 2022",
"box": [
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},
{
"text": "Year Ended 2023",
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"status": "reconciled",
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},
{
"text": "Year Ended 2024",
"box": [
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"status": "reconciled",
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},
{
"text": "Year Ended 2025",
"box": [
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0.21435350896661337,
0.8717848883735546,
0.2863095611012268
],
"status": "reconciled",
"note": null
},
{
"text": "Quarter Ended 1Q26",
"box": [
0.8717848883735546,
0.19571211288062107,
0.9613117194178156,
0.2863095611012268
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Net income attributable to common stockholders",
"box": [
0.042442943300752406,
0.2863095611012268,
0.37400707768550245,
0.3217493197732731
],
"status": "reconciled",
"note": null
},
{
"text": "$ 317,412",
"box": [
0.37400707768550245,
0.2863095611012268,
0.47919611419308494,
0.3217493197732731
],
"status": "reconciled",
"note": null
},
{
"text": "$ 284,829",
"box": [
0.47919611419308494,
0.2863095611012268,
0.5773851516424938,
0.3217493197732731
],
"status": "reconciled",
"note": null
},
{
"text": "$ 330,065",
"box": [
0.5773851516424938,
0.2863095611012268,
0.6755021025894635,
0.3217493197732731
],
"status": "reconciled",
"note": null
},
{
"text": "$ 223,272",
"box": [
0.6755021025894635,
0.2863095611012268,
0.7736539706008274,
0.3217493197732731
],
"status": "reconciled",
"note": null
},
{
"text": "$ 107,427",
"box": [
0.7736539706008274,
0.2863095611012268,
0.8717848883735546,
0.3217493197732731
],
"status": "reconciled",
"note": null
},
{
"text": "$ 629",
"box": [
0.8717848883735546,
0.2863095611012268,
0.9613117194178156,
0.3217493197732731
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Adjustments:",
"box": [
0.042442943300752406,
0.3217493197732731,
0.37400707768550245,
0.3572062928880153
],
"status": "reconciled",
"note": null
},
{
"text": "",
"box": null,
"status": null,
"note": null
},
{
"text": "",
"box": null,
"status": null,
"note": null
},
{
"text": "",
"box": null,
"status": null,
"note": null
},
{
"text": "",
"box": null,
"status": null,
"note": null
},
{
"text": "",
"box": null,
"status": null,
"note": null
},
{
"text": "",
"box": null,
"status": null,
"note": null
}
],
[
{
"text": "Net income attributable to noncontrolling interest",
"box": [
0.042442943300752406,
0.3572062928880153,
0.37400707768550245,
0.37404341465028174
],
"status": "reconciled",
"note": null
},
{
"text": "38,507",
"box": [
0.37400707768550245,
0.37404341465028174,
0.47919611419308494,
0.39060493796030266
],
"status": "reconciled",
"note": null
},
{
"text": "28,044",
"box": [
0.47919611419308494,
0.37404341465028174,
0.5773851516424938,
0.39060493796030266
],
"status": "reconciled",
"note": null
},
{
"text": "29,122",
"box": [
0.5773851516424938,
0.37404341465028174,
0.6755021025894635,
0.39060493796030266
],
"status": "reconciled",
"note": null
},
{
"text": "19,278",
"box": [
0.6755021025894635,
0.37404341465028174,
0.7736539706008274,
0.39060493796030266
],
"status": "reconciled",
"note": null
},
{
"text": "9,033",
"box": [
0.7736539706008274,
0.37404341465028174,
0.8717848883735546,
0.39060493796030266
],
"status": "reconciled",
"note": null
},
{
"text": "52",
"box": [
0.8717848883735546,
0.37404341465028174,
0.9613117194178156,
0.39060493796030266
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Income from mortgage servicing rights",
"box": [
0.042442943300752406,
0.39060493796030266,
0.37400707768550245,
0.40509949366803216
],
"status": "reconciled",
"note": null
},
{
"text": "(130,230)",
"box": [
0.37400707768550245,
0.40509949366803216,
0.47919611419308494,
0.42165240547253124
],
"status": "reconciled",
"note": null
},
{
"text": "(69,346)",
"box": [
0.47919611419308494,
0.40509949366803216,
0.5773851516424938,
0.42165240547253124
],
"status": "reconciled",
"note": null
},
{
"text": "(69,912)",
"box": [
0.5773851516424938,
0.40509949366803216,
0.6755021025894635,
0.42165240547253124
],
"status": "reconciled",
"note": null
},
{
"text": "(51,272)",
"box": [
0.6755021025894635,
0.40509949366803216,
0.7736539706008274,
0.42165240547253124
],
"status": "reconciled",
"note": null
},
{
"text": "(54,532)",
"box": [
0.7736539706008274,
0.40509949366803216,
0.8717848883735546,
0.42165240547253124
],
"status": "reconciled",
"note": null
},
{
"text": "(9,660)",
"box": [
0.8717848883735546,
0.40509949366803216,
0.9613117194178156,
0.42165240547253124
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Deferred tax provision (benefit)",
"box": [
0.042442943300752406,
0.42165240547253124,
0.37400707768550245,
0.43613834840213445
],
"status": "reconciled",
"note": null
},
{
"text": "10,892",
"box": [
0.37400707768550245,
0.43613834840213445,
0.47919611419308494,
0.4526998730297208
],
"status": "reconciled",
"note": null
},
{
"text": "(1,741)",
"box": [
0.47919611419308494,
0.43613834840213445,
0.5773851516424938,
0.4526998730297208
],
"status": "reconciled",
"note": null
},
{
"text": "(7,349)",
"box": [
0.5773851516424938,
0.43613834840213445,
0.6755021025894635,
0.4526998730297208
],
"status": "reconciled",
"note": null
},
{
"text": "(11,613)",
"box": [
0.6755021025894635,
0.43613834840213445,
0.7736539706008274,
0.4526998730297208
],
"status": "reconciled",
"note": null
},
{
"text": "3,773",
"box": [
0.7736539706008274,
0.43613834840213445,
0.8717848883735546,
0.4526998730297208
],
"status": "reconciled",
"note": null
},
{
"text": "(2,580)",
"box": [
0.8717848883735546,
0.43613834840213445,
0.9613117194178156,
0.4526998730297208
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Amortization and write-offs of MSRs",
"box": [
0.042442943300752406,
0.4526998730297208,
0.37400707768550245,
0.46719442867083627
],
"status": "reconciled",
"note": null
},
{
"text": "91,356",
"box": [
0.37400707768550245,
0.46719442867083627,
0.47919611419308494,
0.48377317763650046
],
"status": "reconciled",
"note": null
},
{
"text": "104,378",
"box": [
0.47919611419308494,
0.46719442867083627,
0.5773851516424938,
0.48377317763650046
],
"status": "reconciled",
"note": null
},
{
"text": "77,829",
"box": [
0.5773851516424938,
0.46719442867083627,
0.6755021025894635,
0.48377317763650046
],
"status": "reconciled",
"note": null
},
{
"text": "76,922",
"box": [
0.6755021025894635,
0.46719442867083627,
0.7736539706008274,
0.48377317763650046
],
"status": "reconciled",
"note": null
},
{
"text": "81,112",
"box": [
0.7736539706008274,
0.46719442867083627,
0.8717848883735546,
0.48377317763650046
],
"status": "reconciled",
"note": null
},
{
"text": "19,340",
"box": [
0.8717848883735546,
0.46719442867083627,
0.9613117194178156,
0.48377317763650046
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Depreciation and amortization",
"box": [
0.042442943300752406,
0.48377317763650046,
0.37400707768550245,
0.4982849574653738
],
"status": "reconciled",
"note": null
},
{
"text": "10,900",
"box": [
0.37400707768550245,
0.4982849574653738,
0.47919611419308494,
0.5148378698637155
],
"status": "reconciled",
"note": null
},
{
"text": "11,069",
"box": [
0.47919611419308494,
0.4982849574653738,
0.5773851516424938,
0.5148378698637155
],
"status": "reconciled",
"note": null
},
{
"text": "16,425",
"box": [
0.5773851516424938,
0.4982849574653738,
0.6755021025894635,
0.5148378698637155
],
"status": "reconciled",
"note": null
},
{
"text": "12,040",
"box": [
0.6755021025894635,
0.4982849574653738,
0.7736539706008274,
0.5148378698637155
],
"status": "reconciled",
"note": null
},
{
"text": "26,217",
"box": [
0.7736539706008274,
0.4982849574653738,
0.8717848883735546,
0.5148378698637155
],
"status": "reconciled",
"note": null
},
{
"text": "7,814",
"box": [
0.8717848883735546,
0.4982849574653738,
0.9613117194178156,
0.5148378698637155
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Loss on extinguishment of debt",
"box": [
0.042442943300752406,
0.5148378698637155,
0.37400707768550245,
0.5293238127236907
],
"status": "reconciled",
"note": null
},
{
"text": "3,374",
"box": [
0.37400707768550245,
0.5293238127236907,
0.47919611419308494,
0.5458853374217202
],
"status": "reconciled",
"note": null
},
{
"text": "4,933",
"box": [
0.47919611419308494,
0.5293238127236907,
0.5773851516424938,
0.5458853374217202
],
"status": "reconciled",
"note": null
},
{
"text": "1,561",
"box": [
0.5773851516424938,
0.5293238127236907,
0.6755021025894635,
0.5458853374217202
],
"status": "reconciled",
"note": null
},
{
"text": "412",
"box": [
0.6755021025894635,
0.5293238127236907,
0.7736539706008274,
0.5458853374217202
],
"status": "reconciled",
"note": null
},
{
"text": "2,919",
"box": [
0.7736539706008274,
0.5293238127236907,
0.8717848883735546,
0.5458853374217202
],
"status": "reconciled",
"note": null
},
{
"text": "\u2013",
"box": [
0.8717848883735546,
0.5293238127236907,
0.9613117194178156,
0.5458853374217202
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Provision for credit losses, net",
"box": [
0.042442943300752406,
0.5458853374217202,
0.37400707768550245,
0.5758993247374189
],
"status": "reconciled",
"note": null
},
{
"text": "(39,856)",
"box": [
0.37400707768550245,
0.5458853374217202,
0.47919611419308494,
0.5758993247374189
],
"status": "reconciled",
"note": null
},
{
"text": "25,077",
"box": [
0.47919611419308494,
0.5458853374217202,
0.5773851516424938,
0.5758993247374189
],
"status": "reconciled",
"note": null
},
{
"text": "68,642",
"box": [
0.5773851516424938,
0.5458853374217202,
0.6755021025894635,
0.5758993247374189
],
"status": "reconciled",
"note": null
},
{
"text": "65,537",
"box": [
0.6755021025894635,
0.5458853374217202,
0.7736539706008274,
0.5758993247374189
],
"status": "reconciled",
"note": null
},
{
"text": "32,487",
"box": [
0.7736539706008274,
0.5458853374217202,
0.8717848883735546,
0.5758993247374189
],
"status": "reconciled",
"note": null
},
{
"text": "(70)",
"box": [
0.8717848883735546,
0.5458853374217202,
0.9613117194178156,
0.5758993247374189
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Loss (gain) on derivative instruments, net",
"box": [
0.042442943300752406,
0.5758993247374189,
0.37400707768550245,
0.5914187485420055
],
"status": "reconciled",
"note": null
},
{
"text": "432",
"box": [
0.37400707768550245,
0.5914187485420055,
0.47919611419308494,
0.6079759663678006
],
"status": "reconciled",
"note": null
},
{
"text": "3,480",
"box": [
0.47919611419308494,
0.5914187485420055,
0.5773851516424938,
0.6079759663678006
],
"status": "reconciled",
"note": null
},
{
"text": "(8,844)",
"box": [
0.5773851516424938,
0.5914187485420055,
0.6755021025894635,
0.6079759663678006
],
"status": "reconciled",
"note": null
},
{
"text": "9,212",
"box": [
0.6755021025894635,
0.5914187485420055,
0.7736539706008274,
0.6079759663678006
],
"status": "reconciled",
"note": null
},
{
"text": "(3,379)",
"box": [
0.7736539706008274,
0.5914187485420055,
0.8717848883735546,
0.6079759663678006
],
"status": "reconciled",
"note": null
},
{
"text": "1,298",
"box": [
0.8717848883735546,
0.5914187485420055,
0.9613117194178156,
0.6079759663678006
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "(Gain) loss on real estate",
"box": [
0.042442943300752406,
0.6079759663678006,
0.37400707768550245,
0.622487745740439
],
"status": "reconciled",
"note": null
},
{
"text": "(2,466)",
"box": [
0.37400707768550245,
0.622487745740439,
0.47919611419308494,
0.6390664955997357
],
"status": "reconciled",
"note": null
},
{
"text": "\u2013",
"box": [
0.47919611419308494,
0.622487745740439,
0.5773851516424938,
0.6390664955997357
],
"status": "reconciled",
"note": null
},
{
"text": "\u2013",
"box": [
0.5773851516424938,
0.622487745740439,
0.6755021025894635,
0.6390664955997357
],
"status": "reconciled",
"note": null
},
{
"text": "\u2013",
"box": [
0.6755021025894635,
0.622487745740439,
0.7736539706008274,
0.6390664955997357
],
"status": "reconciled",
"note": null
},
{
"text": "27,338",
"box": [
0.7736539706008274,
0.622487745740439,
0.8717848883735546,
0.6390664955997357
],
"status": "reconciled",
"note": null
},
{
"text": "14,636",
"box": [
0.8717848883735546,
0.622487745740439,
0.9613117194178156,
0.6390664955997357
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Loss on redemption of preferred stock",
"box": [
0.042442943300752406,
0.6390664955997357,
0.37400707768550245,
0.6535567451614495
],
"status": "reconciled",
"note": null
},
{
"text": "3,479",
"box": [
0.37400707768550245,
0.6535567451614495,
0.47919611419308494,
0.6701139631578313
],
"status": "reconciled",
"note": null
},
{
"text": "\u2013",
"box": [
0.47919611419308494,
0.6535567451614495,
0.5773851516424938,
0.6701139631578313
],
"status": "reconciled",
"note": null
},
{
"text": "\u2013",
"box": [
0.5773851516424938,
0.6535567451614495,
0.6755021025894635,
0.6701139631578313
],
"status": "reconciled",
"note": null
},
{
"text": "\u2013",
"box": [
0.6755021025894635,
0.6535567451614495,
0.7736539706008274,
0.6701139631578313
],
"status": "reconciled",
"note": null
},
{
"text": "\u2013",
"box": [
0.7736539706008274,
0.6535567451614495,
0.8717848883735546,
0.6701139631578313
],
"status": "reconciled",
"note": null
},
{
"text": "\u2013",
"box": [
0.8717848883735546,
0.6535567451614495,
0.9613117194178156,
0.6701139631578313
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Stock-based compensation",
"box": [
0.042442943300752406,
0.6701139631578313,
0.37400707768550245,
0.6846042118866492
],
"status": "reconciled",
"note": null
},
{
"text": "9,929",
"box": [
0.37400707768550245,
0.6846042118866492,
0.47919611419308494,
0.7003863220969382
],
"status": "reconciled",
"note": null
},
{
"text": "14,973",
"box": [
0.47919611419308494,
0.6846042118866492,
0.5773851516424938,
0.7003863220969382
],
"status": "reconciled",
"note": null
},
{
"text": "14,940",
"box": [
0.5773851516424938,
0.6846042118866492,
0.6755021025894635,
0.7003863220969382
],
"status": "reconciled",
"note": null
},
{
"text": "14,232",
"box": [
0.6755021025894635,
0.6846042118866492,
0.7736539706008274,
0.7003863220969382
],
"status": "reconciled",
"note": null
},
{
"text": "13,789",
"box": [
0.7736539706008274,
0.6846042118866492,
0.8717848883735546,
0.7003863220969382
],
"status": "reconciled",
"note": null
},
{
"text": "5,904",
"box": [
0.8717848883735546,
0.6846042118866492,
0.9613117194178156,
0.7003863220969382
],
"status": "reconciled",
"note": null
}
],
[
{
"text": "Distributable earnings1",
"box": [
0.042442943300752406,
0.7003863220969382,
0.37400707768550245,
0.7355892426333369
],
"status": "reconciled",
"note": null
},
{
"text": "$ 313,729",
"box": [
0.37400707768550245,
0.7003863220969382,
0.47919611419308494,
0.7355892426333369
],
"status": "reconciled",
"note": null
},
{
"text": "$ 405,696",
"box": [
0.47919611419308494,
0.7003863220969382,
0.5773851516424938,
0.7355892426333369
],
"status": "reconciled",
"note": null
},
{
"text": "$ 452,479",
"box": [
0.5773851516424938,
0.7003863220969382,
0.6755021025894635,
0.7355892426333369
],
"status": "reconciled",
"note": null
},
{
"text": "$ 358,020",
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