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"markdown": "\n\nAs of June 30, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Total outstanding borrowings is based on total outstanding principal balance. 2) Net debt to equity ratio (excluding CECL reserve) is calculated as (i) $1.3 billion outstanding principal of borrowings less $18 million of cash, (ii) divided by the sum of total stockholders' equity of $489 million plus CECL reserve of $139 million. Net debt to equity ratio including CECL reserve is 2.5x as of June 30, 2026. Total debt to equity ratio excluding CECL reserve is 2.0x and including CECL reserve is 2.6x as of June 30, 2026. Please see prior earnings presentations for calculations of net debt to equity ratio for prior periods. 3) As of June 30, 2026, includes $18 million of cash and approximately $88 million of available financing proceeds under our secured funding agreements.",
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