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 "markdown": "<a id='db878258-2d29-48f6-be98-478c86b4ea18'></a>\n\nPATH TO EARNINGS GROWTH\n\n<a id='48f61dfb-0058-4a1c-9d35-c7cec18dba0b'></a>\n\nOptimize asset mix and supplement Carry earnings with gains\n<::\nchart: Three main columns with associated data and a row of financial metrics below.\n\nColumn 1: Current Asset Mix (Q2 2026)\n  Stacked bar chart:\n    Loans: 49%\n    Securities: 33%\n    Equity: 18%\n\nArrow pointing right from Column 1 to Column 2, with text: Increase allocation to loans\n\nColumn 2: Run-Rate Asset Mix (Illustrative)\n  Stacked bar chart:\n    Loans: 65%\n    Securities: 20%\n    Equity: 15%\n\nArrow pointing right from Column 2 to Column 3, with text: Generate gains-on-sale\n\nColumn 3: ROE Enhancements\n  List of enhancements:\n    + Conduit loan securitization gains\n    + Securities gains-on-sale\n    + Equity NAV upside\n\nFinancial Metrics (below the columns):\n  ROE \u00b9\n    Current Asset Mix: ~8.0%\n    Run-Rate Asset Mix: ~8.5%-9.0%\n    ROE Enhancements: ~9.0%-10.0%+\n\n  DEPS \u00b9\n    Current Asset Mix: ~$0.23\n      Text below: Current dividend level\n    Run-Rate Asset Mix: $0.24-$0.25\n    ROE Enhancements: $0.26-$0.27\n      Text below: Earnings growth = dividend growth\n::>\n\n\n<a id='517be4ea-0a4a-44f5-ad8c-39a2a1af0232'></a>\n\nNote: Asset mix percentages exclude cash and all other assets\n1. Represents illustrative ROE and illustrative quarterly Distributable EPS\n\n<a id='53272c1d-03c8-46b2-bdc9-8300572fdc75'></a>\n\n13",
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