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Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 503.45 Td (References ) Tj ET Q q 0 0 0 rg BT 128.07 503.45 Td (herein ) Tj ET Q q 0 0 0 rg BT 160.90 503.45 Td (to ) Tj ET Q q 0 0 0 rg BT 173.35 503.45 Td (Redwood, ) Tj ET Q q 0 0 0 rg BT 237.17 503.45 Td (the ) Tj ET Q q 0 0 0 rg BT 255.33 503.45 Td (company, ) Tj ET Q q 0 0 0 rg BT 317.12 503.45 Td (we, ) Tj ET Q q 0 0 0 rg BT 347.93 503.45 Td (us, ) Tj ET Q q 0 0 0 rg BT 375.48 503.45 Td (and ) Tj ET Q q 0 0 0 rg BT 396.30 503.45 Td (our ) Tj ET Q q 0 0 0 rg BT 426.28 503.45 Td (include ) Tj ET Q q 0 0 0 rg BT 464.20 503.45 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 513.54 503.45 Td (Trust, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 487.85 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 93.86 487.85 Td (and ) Tj ET Q q 0 0 0 rg BT 116.89 487.85 Td (its ) Tj ET Q q 0 0 0 rg BT 132.36 487.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 200.20 487.85 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 264.77 487.85 Td (Note ) Tj ET Q q 0 0 0 rg BT 294.10 487.85 Td (that ) Tj ET Q q 0 0 0 rg BT 317.72 487.85 Td (because ) Tj ET Q q 0 0 0 rg BT 362.97 487.85 Td (we ) Tj ET Q q 0 0 0 rg BT 381.52 487.85 Td (round ) Tj ET Q q 0 0 0 rg BT 414.93 487.85 Td (numbers ) Tj ET Q q 0 0 0 rg BT 462.19 487.85 Td (in ) Tj ET Q q 0 0 0 rg BT 475.44 487.85 Td (the ) Tj ET Q q 0 0 0 rg BT 495.81 487.85 Td (tables ) Tj ET Q q 0 0 0 rg BT 529.82 487.85 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 472.20 Td (millions, ) Tj ET Q q 0 0 0 rg BT 115.19 472.20 Td (except ) Tj ET Q q 0 0 0 rg BT 151.26 472.20 Td (per ) Tj ET Q q 0 0 0 rg BT 170.60 472.20 Td (share ) Tj ET Q q 0 0 0 rg BT 199.54 472.20 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 247.62 472.20 Td (some ) Tj ET Q q 0 0 0 rg BT 277.18 472.20 Td (numbers ) Tj ET Q q 0 0 0 rg BT 322.81 472.20 Td (may ) Tj ET Q q 0 0 0 rg BT 346.05 472.20 Td (not ) Tj ET Q q 0 0 0 rg BT 365.20 472.20 Td (foot ) Tj ET Q q 0 0 0 rg BT 388.00 472.20 Td (due ) Tj ET Q q 0 0 0 rg BT 409.81 472.20 Td (to ) Tj ET Q q 0 0 0 rg BT 422.84 472.20 Td (rounding. ) Tj ET Q q 0 0 0 rg BT 473.17 472.20 Td (References ) Tj ET Q q 0 0 0 rg BT 529.83 472.20 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 456.60 Td (the ) Tj ET Q q 0 0 0 rg BT 90.65 456.60 Td () Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 96.36 456.60 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 125.69 456.60 Td ( ) Tj ET Q q 0 0 0 rg BT 128.45 456.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 172.53 456.60 Td (refer ) Tj ET Q q 0 0 0 rg BT 197.88 456.60 Td (to ) Tj ET Q q 0 0 0 rg BT 210.82 456.60 Td (the ) Tj ET Q q 0 0 0 rg BT 229.47 456.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 267.85 456.60 Td (ended ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 302.39 456.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 375.05 456.60 Td (2019) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 399.51 456.60 Td (, ) Tj ET Q q 0 0 0 rg BT 405.33 456.60 Td (and ) Tj ET Q q 0 0 0 rg BT 426.63 456.60 Td (references ) Tj ET Q q 0 0 0 rg BT 480.12 456.60 Td (to ) Tj ET Q q 0 0 0 rg BT 493.06 456.60 Td (the ) Tj ET Q q 0 0 0 rg BT 511.71 456.60 Td () Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 517.42 456.60 Td (third) Tj ET Q BT /F3 11.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 441.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 116.39 441.00 Td (refer ) Tj ET Q q 0 0 0 rg BT 142.04 441.00 Td (to ) Tj ET Q q 0 0 0 rg BT 155.27 441.00 Td (the ) Tj ET Q q 0 0 0 rg BT 174.22 441.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 212.90 441.00 Td (ended ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 247.75 441.00 Td (September30, ) Tj ET Q q 0 0 0 rg BT 323.74 441.00 Td (2019) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 348.20 441.00 Td (, ) Tj ET Q q 0 0 0 rg BT 354.32 441.00 Td (unless ) Tj ET Q q 0 0 0 rg BT 387.74 441.00 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 438.25 441.00 Td (specified.) 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BT 121.52 374.70 Td (of ) Tj ET Q q 0 0 0 rg BT 133.32 374.70 Td (the ) Tj ET Q q 0 0 0 rg BT 150.96 374.70 Td (Private ) Tj ET Q q 0 0 0 rg BT 185.29 374.70 Td (Securities ) Tj ET Q q 0 0 0 rg BT 232.66 374.70 Td (Litigation ) Tj ET Q q 0 0 0 rg BT 278.86 374.70 Td (Reform ) Tj ET Q q 0 0 0 rg BT 315.35 374.70 Td (Act ) Tj ET Q q 0 0 0 rg BT 333.56 374.70 Td (of ) Tj ET Q q 0 0 0 rg BT 345.36 374.70 Td (1995. ) Tj ET Q q 0 0 0 rg BT 374.10 374.70 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 453.16 374.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 506.94 374.70 Td (involve ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 359.80 Td (numerous ) Tj ET Q q 0 0 0 rg BT 121.13 359.80 Td (risks ) Tj ET Q q 0 0 0 rg BT 143.99 359.80 Td (and ) Tj ET Q q 0 0 0 rg BT 164.53 359.80 Td (uncertainties. ) Tj ET Q q 0 0 0 rg BT 229.97 359.80 Td (Our ) Tj ET Q q 0 0 0 rg BT 250.89 359.80 Td (actual ) Tj ET Q q 0 0 0 rg BT 281.54 359.80 Td (results ) Tj ET Q q 0 0 0 rg BT 314.31 359.80 Td (may ) Tj ET Q q 0 0 0 rg BT 336.61 359.80 Td (differ ) Tj ET Q q 0 0 0 rg BT 363.75 359.80 Td (from ) Tj ET Q q 0 0 0 rg BT 388.16 359.80 Td (our ) Tj ET Q q 0 0 0 rg BT 406.55 359.80 Td (expectations, ) Tj ET Q q 0 0 0 rg BT 472.02 359.80 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 522.30 359.80 Td (and ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 344.90 Td (projections ) Tj ET Q q 0 0 0 rg BT 125.97 344.90 Td (and, ) Tj ET Q q 0 0 0 rg BT 148.64 344.90 Td (consequently, ) Tj ET Q q 0 0 0 rg BT 216.06 344.90 Td (you ) Tj ET Q q 0 0 0 rg BT 235.24 344.90 Td (should ) Tj ET Q q 0 0 0 rg BT 268.60 344.90 Td (not ) Tj ET Q q 0 0 0 rg BT 286.21 344.90 Td (rely ) Tj ET Q q 0 0 0 rg BT 304.98 344.90 Td (on ) Tj ET Q q 0 0 0 rg BT 319.09 344.90 Td (these ) Tj ET Q q 0 0 0 rg BT 346.63 344.90 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 422.55 344.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 475.92 344.90 Td (as ) Tj ET Q q 0 0 0 rg BT 487.90 344.90 Td (predictions ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 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(goals, ) Tj ET Q q 0 0 0 rg BT 477.83 300.15 Td (or ) Tj ET Q q 0 0 0 rg BT 491.02 300.15 Td (intentions. ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 285.25 Td (These ) Tj ET Q q 0 0 0 rg BT 101.80 285.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 177.45 285.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 230.55 285.25 Td (are ) Tj ET Q q 0 0 0 rg BT 246.92 285.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 282.33 285.25 Td (to ) Tj ET Q q 0 0 0 rg BT 293.83 285.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 315.63 285.25 Td (and ) Tj ET Q q 0 0 0 rg BT 335.12 285.25 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 399.50 285.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 447.18 285.25 Td (among ) Tj ET Q q 0 0 0 rg BT 481.84 285.25 Td (other ) Tj ET Q q 0 0 0 rg BT 508.51 285.25 Td (things, ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 270.35 Td (those ) Tj ET Q q 0 0 0 rg BT 101.52 270.35 Td (described ) Tj ET Q q 0 0 0 rg BT 151.64 270.35 Td (in ) Tj ET Q q 0 0 0 rg BT 163.65 270.35 Td (our ) Tj ET Q q 0 0 0 rg BT 182.85 270.35 Td (Annual ) Tj ET Q q 0 0 0 rg BT 219.19 270.35 Td (Report ) Tj ET Q q 0 0 0 rg BT 254.52 270.35 Td (on ) Tj ET Q q 0 0 0 rg BT 270.24 270.35 Td (Form ) Tj ET Q q 0 0 0 rg BT 298.58 270.35 Td (10-K ) Tj ET Q q 0 0 0 rg BT 324.02 270.35 Td (under ) Tj ET Q q 0 0 0 rg BT 355.09 270.35 Td (the ) Tj ET Q q 0 0 0 rg BT 373.91 270.35 Td (caption ) Tj ET Q q 0 0 0 rg BT 412.57 270.35 Td (Risk ) Tj ET Q q 0 0 0 rg BT 439.96 270.35 Td (Factors. ) Tj ET Q q 0 0 0 rg BT 486.00 270.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 517.07 270.35 Td (risks, ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 255.40 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 137.55 255.40 Td (and ) Tj ET Q q 0 0 0 rg BT 158.20 255.40 Td (factors ) Tj ET Q q 0 0 0 rg BT 192.44 255.40 Td (that ) Tj ET Q q 0 0 0 rg BT 213.65 255.40 Td (could ) Tj ET Q q 0 0 0 rg BT 242.66 255.40 Td (cause ) Tj ET Q q 0 0 0 rg BT 272.27 255.40 Td (actual ) Tj ET Q q 0 0 0 rg BT 303.02 255.40 Td (results ) Tj ET Q q 0 0 0 rg BT 335.90 255.40 Td (to ) Tj ET Q q 0 0 0 rg BT 348.56 255.40 Td (differ ) Tj ET Q q 0 0 0 rg BT 375.81 255.40 Td (materially ) Tj ET Q q 0 0 0 rg BT 424.04 255.40 Td (from ) Tj ET Q q 0 0 0 rg BT 448.56 255.40 Td (those ) Tj ET Q q 0 0 0 rg BT 477.38 255.40 Td (projected ) Tj ET Q q 0 0 0 rg BT 525.43 255.40 Td (are ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 240.50 Td (described ) Tj ET Q q 0 0 0 rg BT 121.87 240.50 Td (below ) Tj ET Q q 0 0 0 rg BT 153.86 240.50 Td (and ) Tj ET Q q 0 0 0 rg BT 174.98 240.50 Td (may ) Tj ET Q q 0 0 0 rg BT 197.85 240.50 Td (be ) Tj ET Q q 0 0 0 rg BT 213.51 240.50 Td (described ) Tj ET Q q 0 0 0 rg BT 263.38 240.50 Td (from ) Tj ET Q q 0 0 0 rg BT 288.37 240.50 Td (time ) Tj ET Q q 0 0 0 rg BT 312.58 240.50 Td (to ) Tj ET Q q 0 0 0 rg BT 325.70 240.50 Td (time ) Tj ET Q q 0 0 0 rg BT 349.92 240.50 Td (in ) Tj ET Q q 0 0 0 rg BT 361.68 240.50 Td (reports ) Tj ET Q q 0 0 0 rg BT 398.32 240.50 Td (we ) Tj ET Q q 0 0 0 rg BT 415.15 240.50 Td (file ) Tj ET Q q 0 0 0 rg BT 432.54 240.50 Td (with ) Tj ET Q q 0 0 0 rg BT 455.39 240.50 Td (the ) Tj ET Q q 0 0 0 rg BT 473.97 240.50 Td (Securities ) Tj ET Q q 0 0 0 rg BT 522.29 240.50 Td (and ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 225.60 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 120.32 225.60 Td (Commission, ) Tj ET Q q 0 0 0 rg BT 183.40 225.60 Td (including ) Tj ET Q q 0 0 0 rg BT 228.97 225.60 Td (reports ) Tj ET Q q 0 0 0 rg BT 264.79 225.60 Td (on ) Tj ET Q q 0 0 0 rg BT 279.45 225.60 Td (Forms ) Tj ET Q q 0 0 0 rg BT 311.20 225.60 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 338.50 225.60 Td (10-Q, ) Tj ET Q q 0 0 0 rg BT 367.94 225.60 Td (and ) Tj ET Q q 0 0 0 rg BT 388.24 225.60 Td (8-K. ) Tj ET Q q 0 0 0 rg BT 409.71 225.60 Td (We ) Tj ET Q q 0 0 0 rg BT 427.86 225.60 Td (undertake ) Tj ET Q q 0 0 0 rg BT 477.71 225.60 Td (no ) Tj ET Q q 0 0 0 rg BT 492.37 225.60 Td (obligation ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 210.70 Td (to ) Tj ET Q q 0 0 0 rg BT 84.22 210.70 Td (update ) Tj ET Q q 0 0 0 rg BT 120.16 210.70 Td (or ) Tj ET Q q 0 0 0 rg BT 132.38 210.70 Td (revise ) Tj ET Q q 0 0 0 rg BT 161.91 210.70 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 238.28 210.70 Td (statements, ) Tj ET Q q 0 0 0 rg BT 295.02 210.70 Td (whether ) Tj ET Q q 0 0 0 rg BT 335.44 210.70 Td (as ) Tj ET Q q 0 0 0 rg BT 347.87 210.70 Td (a ) Tj ET Q q 0 0 0 rg BT 355.82 210.70 Td (result ) Tj ET Q q 0 0 0 rg BT 383.79 210.70 Td (of ) Tj ET Q q 0 0 0 rg BT 395.63 210.70 Td (new ) Tj ET Q q 0 0 0 rg BT 417.39 210.70 Td (information, ) Tj ET Q q 0 0 0 rg BT 476.65 210.70 Td (future ) Tj ET Q q 0 0 0 rg BT 506.56 210.70 Td (events, ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 195.80 Td (or ) Tj ET Q q 0 0 0 rg BT 84.63 195.80 Td (otherwise.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 171.85 Td (Statements ) Tj ET Q q 0 0 0 rg BT 129.38 171.85 Td (regarding ) Tj ET Q q 0 0 0 rg BT 179.58 171.85 Td (the ) Tj ET Q q 0 0 0 rg BT 199.46 171.85 Td (following ) Tj ET Q q 0 0 0 rg BT 247.13 171.85 Td (subjects, ) Tj ET Q q 0 0 0 rg BT 292.85 171.85 Td (among ) Tj ET Q q 0 0 0 rg BT 330.43 171.85 Td (others, ) Tj ET Q q 0 0 0 rg BT 367.41 171.85 Td (are ) Tj ET Q q 0 0 0 rg BT 386.70 171.85 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 465.27 171.85 Td (by ) Tj ET Q q 0 0 0 rg BT 481.45 171.85 Td (their ) Tj ET Q q 0 0 0 rg BT 507.33 171.85 Td (nature: ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 156.95 Td (statements ) Tj ET Q q 0 0 0 rg BT 126.43 156.95 Td (we ) Tj ET Q q 0 0 0 rg BT 142.96 156.95 Td (make ) Tj ET Q q 0 0 0 rg BT 171.36 156.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 219.97 156.95 Td (Redwoods ) Tj ET Q q 0 0 0 rg BT 274.06 156.95 Td (business ) Tj ET Q q 0 0 0 rg BT 317.05 156.95 Td (strategy ) Tj ET Q q 0 0 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rg BT 416.07 650.90 Td ($1.46 ) Tj ET Q q 0 0 0 rg BT 447.07 650.90 Td (per ) Tj ET Q q 0 0 0 rg BT 467.24 650.90 Td (share ) Tj ET Q q 0 0 0 rg BT 496.82 650.90 Td (and ) Tj ET Q q 0 0 0 rg BT 519.00 650.90 Td (core ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 635.80 Td (earnings ) Tj ET Q q 0 0 0 rg BT 116.76 635.80 Td (of ) Tj ET Q q 0 0 0 rg BT 129.92 635.80 Td ($1.58 ) Tj ET Q q 0 0 0 rg BT 160.51 635.80 Td (per ) Tj ET Q q 0 0 0 rg BT 180.26 635.80 Td (share, ) Tj ET Q q 0 0 0 rg BT 212.44 635.80 Td (resulting ) Tj ET Q q 0 0 0 rg BT 257.40 635.80 Td (in ) Tj ET Q q 0 0 0 rg BT 269.56 635.80 Td (a ) Tj ET Q q 0 0 0 rg BT 278.73 635.80 Td (core ) Tj ET Q q 0 0 0 rg BT 303.30 635.80 Td (ROE ) Tj ET Q q 0 0 0 rg BT 328.68 635.80 Td (for ) Tj ET Q q 0 0 0 rg BT 345.44 635.80 Td (2019 ) Tj ET Q q 0 0 0 rg BT 373.02 635.80 Td (of ) Tj ET Q q 0 0 0 rg BT 386.19 635.80 Td (11.6%. ) Tj ET Q q 0 0 0 rg BT 422.77 635.80 Td (Our ) Tj ET Q q 0 0 0 rg BT 444.93 635.80 Td (earnings ) Tj ET Q q 0 0 0 rg BT 489.69 635.80 Td (for ) Tj ET Q q 0 0 0 rg BT 506.44 635.80 Td (the ) Tj ET Q q 0 0 0 rg BT 525.61 635.80 Td (full ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 620.70 Td (year ) Tj ET Q q 0 0 0 rg BT 94.40 620.70 Td (were ) Tj ET Q q 0 0 0 rg BT 119.60 620.70 Td (comprised ) Tj ET Q q 0 0 0 rg BT 172.39 620.70 Td (of ) Tj ET Q q 0 0 0 rg BT 183.99 620.70 Td (a ) Tj ET Q q 0 0 0 rg BT 191.59 620.70 Td (healthy ) Tj ET Q q 0 0 0 rg BT 228.62 620.70 Td (balance ) Tj ET Q q 0 0 0 rg BT 268.23 620.70 Td (of ) Tj ET Q q 0 0 0 rg BT 279.83 620.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 334.62 620.70 Td (returns ) Tj ET Q q 0 0 0 rg BT 369.99 620.70 Td (and ) Tj ET Q q 0 0 0 rg BT 390.20 620.70 Td (income ) Tj ET Q q 0 0 0 rg BT 427.61 620.70 Td (from ) Tj ET Q q 0 0 0 rg BT 451.81 620.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 501.39 620.70 Td (banking ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 605.55 Td (operations, ) Tj ET Q q 0 0 0 rg BT 131.73 605.55 Td (and ) Tj ET Q q 0 0 0 rg BT 155.28 605.55 Td (we ) Tj ET Q q 0 0 0 rg BT 174.41 605.55 Td (made ) Tj ET Q q 0 0 0 rg BT 207.16 605.55 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 233.51 605.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 268.24 605.55 Td (of ) Tj ET Q q 0 0 0 rg BT 283.18 605.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 345.90 605.55 Td (through ) Tj ET Q q 0 0 0 rg BT 389.24 605.55 Td (a ) Tj ET Q q 0 0 0 rg BT 400.18 605.55 Td (combination ) Tj ET Q q 0 0 0 rg BT 465.72 605.55 Td (of ) Tj ET Q q 0 0 0 rg BT 480.66 605.55 Td (organic ) Tj ET Q q 0 0 0 rg BT 521.79 605.55 Td (and ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 590.45 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 126.73 590.45 Td (activity ) Tj ET Q q 0 0 0 rg BT 163.26 590.45 Td (that ) Tj ET Q q 0 0 0 rg BT 184.99 590.45 Td (we ) Tj ET Q q 0 0 0 rg BT 201.73 590.45 Td (believe ) Tj ET Q q 0 0 0 rg BT 239.68 590.45 Td (will ) Tj ET Q q 0 0 0 rg BT 258.20 590.45 Td (help ) Tj ET Q q 0 0 0 rg BT 282.34 590.45 Td (us ) Tj ET Q q 0 0 0 rg BT 295.88 590.45 Td (deliver ) Tj ET Q q 0 0 0 rg BT 331.41 590.45 Td (increased ) Tj ET Q q 0 0 0 rg BT 380.36 590.45 Td (returns ) Tj ET Q q 0 0 0 rg BT 416.67 590.45 Td (to ) Tj ET Q q 0 0 0 rg BT 429.60 590.45 Td (our ) Tj ET Q q 0 0 0 rg BT 448.53 590.45 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 512.86 590.45 Td (in ) Tj ET Q q 0 0 0 rg BT 524.40 590.45 Td (the ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 575.30 Td (coming ) Tj ET Q q 0 0 0 rg BT 111.01 575.30 Td (quarters ) Tj ET Q q 0 0 0 rg BT 153.58 575.30 Td (and ) Tj ET Q q 0 0 0 rg BT 174.79 575.30 Td (years. ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 551.20 Td (In ) Tj ET Q q 0 0 0 rg BT 83.50 551.20 Td (total, ) Tj ET Q q 0 0 0 rg BT 110.92 551.20 Td (we ) Tj ET Q q 0 0 0 rg BT 127.36 551.20 Td (were ) Tj ET Q q 0 0 0 rg BT 153.20 551.20 Td (pleased ) Tj ET Q q 0 0 0 rg BT 193.85 551.20 Td (with ) Tj ET Q q 0 0 0 rg BT 216.48 551.20 Td (our ) Tj ET Q q 0 0 0 rg BT 235.12 551.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 277.16 551.20 Td (results ) Tj ET Q q 0 0 0 rg BT 310.60 551.20 Td (and ) Tj ET Q q 0 0 0 rg BT 331.45 551.20 Td (today ) Tj ET Q q 0 0 0 rg BT 361.49 551.20 Td (we ) Tj ET Q q 0 0 0 rg BT 377.93 551.20 Td (announced ) Tj ET Q q 0 0 0 rg BT 434.42 551.20 Td (a ) Tj ET Q q 0 0 0 rg BT 442.66 551.20 Td (6.7% ) Tj ET Q q 0 0 0 rg BT 469.31 551.20 Td (increase ) Tj ET Q q 0 0 0 rg BT 511.37 551.20 Td (to ) Tj ET Q q 0 0 0 rg BT 524.00 551.20 Td (our ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 536.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 107.89 536.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 152.77 536.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 197.08 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.18 536.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 272.68 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.78 536.10 Td ($0.32 ) Tj ET Q q 0 0 0 rg BT 313.91 536.10 Td (per ) Tj ET Q q 0 0 0 rg BT 332.21 536.10 Td (share ) Tj ET Q q 0 0 0 rg BT 359.92 536.10 Td (for ) Tj ET Q q 0 0 0 rg BT 375.22 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.93 536.10 Td (first ) Tj ET Q q 0 0 0 rg BT 412.60 536.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 449.68 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.39 536.10 Td (2020. ) Tj ET Q q 0 0 0 rg BT 490.52 536.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 511.23 536.10 Td (ability ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 520.95 Td (to ) Tj ET Q q 0 0 0 rg BT 85.04 520.95 Td (raise ) Tj ET Q q 0 0 0 rg BT 110.47 520.95 Td (our ) Tj ET Q q 0 0 0 rg BT 129.51 520.95 Td (dividend ) Tj ET Q q 0 0 0 rg BT 174.76 520.95 Td (despite ) Tj ET Q q 0 0 0 rg BT 213.79 520.95 Td (the ) Tj ET Q q 0 0 0 rg BT 232.45 520.95 Td (market ) Tj ET Q q 0 0 0 rg BT 268.68 520.95 Td (volatility ) Tj ET Q q 0 0 0 rg BT 311.71 520.95 Td (we ) Tj ET Q q 0 0 0 rg BT 328.56 520.95 Td (experienced ) Tj ET Q q 0 0 0 rg BT 391.41 520.95 Td (over ) Tj ET Q q 0 0 0 rg BT 415.66 520.95 Td (the ) Tj ET Q q 0 0 0 rg BT 434.31 520.95 Td (past ) Tj ET Q q 0 0 0 rg BT 457.75 520.95 Td (year ) Tj ET Q q 0 0 0 rg BT 481.19 520.95 Td (is ) Tj ET Q q 0 0 0 rg BT 491.43 520.95 Td (significant ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 505.85 Td (in ) Tj ET Q q 0 0 0 rg BT 83.60 505.85 Td (that ) Tj ET Q q 0 0 0 rg BT 105.39 505.85 Td (it ) Tj ET Q q 0 0 0 rg BT 114.57 505.85 Td (demonstrates ) Tj ET Q q 0 0 0 rg BT 183.36 505.85 Td (the ) Tj ET Q q 0 0 0 rg BT 201.97 505.85 Td (stability ) Tj ET Q q 0 0 0 rg BT 241.93 505.85 Td (of ) Tj ET Q q 0 0 0 rg BT 254.54 505.85 Td (our ) Tj ET Q q 0 0 0 rg BT 273.54 505.85 Td (business ) Tj ET Q q 0 0 0 rg BT 317.54 505.85 Td (model ) Tj ET Q q 0 0 0 rg BT 351.35 505.85 Td (driven ) Tj ET Q q 0 0 0 rg BT 384.34 505.85 Td (by ) Tj ET Q q 0 0 0 rg BT 399.15 505.85 Td (diverse ) Tj ET Q q 0 0 0 rg BT 436.75 505.85 Td (revenue ) Tj ET Q q 0 0 0 rg BT 478.38 505.85 Td (streams.) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 481.70 Td (What ) Tj ET Q q 0 0 0 rg BT 98.92 481.70 Td (really ) Tj ET Q q 0 0 0 rg BT 125.86 481.70 Td (set ) Tj ET Q q 0 0 0 rg BT 141.58 481.70 Td (2019 ) Tj ET Q q 0 0 0 rg BT 167.13 481.70 Td (apart ) Tj ET Q q 0 0 0 rg BT 193.64 481.70 Td (for ) Tj ET Q q 0 0 0 rg BT 208.36 481.70 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 256.11 481.70 Td (was ) Tj ET Q q 0 0 0 rg BT 275.64 481.70 Td (our ) Tj ET Q q 0 0 0 rg BT 293.17 481.70 Td (strategic ) Tj ET Q q 0 0 0 rg BT 336.06 481.70 Td (progress. ) Tj ET Q q 0 0 0 rg BT 382.19 481.70 Td (Fueled ) Tj ET Q q 0 0 0 rg BT 416.93 481.70 Td (in ) Tj ET Q q 0 0 0 rg BT 427.06 481.70 Td (part ) Tj ET Q q 0 0 0 rg BT 447.96 481.70 Td (by ) Tj ET Q q 0 0 0 rg BT 461.30 481.70 Td (two ) Tj ET Q q 0 0 0 rg BT 480.62 481.70 Td (acquisitions, ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 466.60 Td (it ) Tj ET Q q 0 0 0 rg BT 81.20 466.60 Td (was ) Tj ET Q q 0 0 0 rg BT 102.23 466.60 Td (a ) Tj ET Q q 0 0 0 rg BT 110.87 466.60 Td (historic ) Tj ET Q q 0 0 0 rg BT 148.46 466.60 Td (year ) Tj ET Q q 0 0 0 rg BT 171.89 466.60 Td (for ) Tj ET Q q 0 0 0 rg BT 188.11 466.60 Td (our ) Tj ET Q q 0 0 0 rg BT 207.13 466.60 Td (business ) Tj ET Q q 0 0 0 rg BT 251.16 466.60 Td (that ) Tj ET Q q 0 0 0 rg BT 272.98 466.60 Td (set ) Tj ET Q q 0 0 0 rg BT 290.20 466.60 Td (a ) Tj ET Q q 0 0 0 rg BT 298.83 466.60 Td (new ) Tj ET Q q 0 0 0 rg BT 321.67 466.60 Td (foundation ) Tj ET Q q 0 0 0 rg BT 377.11 466.60 Td (for ) Tj ET Q q 0 0 0 rg BT 393.32 466.60 Td (profitable ) Tj ET Q q 0 0 0 rg BT 442.92 466.60 Td (growth. ) Tj ET Q q 0 0 0 rg BT 482.74 466.60 Td (We ) Tj ET Q q 0 0 0 rg BT 501.77 466.60 Td (are ) Tj ET Q q 0 0 0 rg BT 519.80 466.60 Td (now ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 451.50 Td (a ) Tj ET Q q 0 0 0 rg BT 80.49 451.50 Td (leading ) Tj ET Q q 0 0 0 rg BT 119.39 451.50 Td (participant ) Tj ET Q q 0 0 0 rg BT 173.84 451.50 Td (in ) Tj ET Q q 0 0 0 rg BT 185.33 451.50 Td (several ) Tj ET Q q 0 0 0 rg BT 221.82 451.50 Td (distinct ) Tj ET Q q 0 0 0 rg BT 259.49 451.50 Td (areas ) Tj ET Q q 0 0 0 rg BT 287.58 451.50 Td (of ) Tj ET Q q 0 0 0 rg BT 300.07 451.50 Td (housing ) Tj ET Q q 0 0 0 rg BT 341.17 451.50 Td (credit, ) Tj ET Q q 0 0 0 rg BT 374.45 451.50 Td (and ) Tj ET Q q 0 0 0 rg BT 395.55 451.50 Td (our ) Tj ET Q q 0 0 0 rg BT 414.43 451.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 479.52 451.50 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 523.79 451.50 Td (has ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 436.35 Td (evolved ) Tj ET Q q 0 0 0 rg BT 112.54 436.35 Td (to ) Tj ET Q q 0 0 0 rg BT 125.05 436.35 Td (incorporate ) Tj ET Q q 0 0 0 rg BT 183.14 436.35 Td (a ) Tj ET Q q 0 0 0 rg BT 191.27 436.35 Td (diverse ) Tj ET Q q 0 0 0 rg BT 228.39 436.35 Td (mix ) Tj ET Q q 0 0 0 rg BT 247.91 436.35 Td (of ) Tj ET Q q 0 0 0 rg BT 260.03 436.35 Td (residential, ) Tj ET Q q 0 0 0 rg BT 315.13 436.35 Td (business ) Tj ET Q q 0 0 0 rg BT 358.66 436.35 Td (purpose, ) Tj ET Q q 0 0 0 rg BT 403.98 436.35 Td (and ) Tj ET Q q 0 0 0 rg BT 424.71 436.35 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 479.62 436.35 Td (investments. ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 421.25 Td (We ) Tj ET Q q 0 0 0 rg BT 92.48 421.25 Td (now ) Tj ET Q q 0 0 0 rg BT 117.15 421.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 159.41 421.25 Td (out ) Tj ET Q q 0 0 0 rg BT 179.87 421.25 Td (of ) Tj ET Q q 0 0 0 rg BT 193.94 421.25 Td (four ) Tj ET Q q 0 0 0 rg BT 217.61 421.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 263.45 421.25 Td (locations, ) Tj ET Q q 0 0 0 rg BT 313.93 421.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.60 421.25 Td (our ) Tj ET Q q 0 0 0 rg BT 357.07 421.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 402.73 421.25 Td (power ) Tj ET Q q 0 0 0 rg BT 437.59 421.25 Td (is ) Tj ET Q q 0 0 0 rg BT 449.25 421.25 Td (squarely ) Tj ET Q q 0 0 0 rg BT 493.72 421.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 528.18 421.25 Td (by ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 406.10 Td (organically ) Tj ET Q q 0 0 0 rg BT 126.56 406.10 Td (created ) Tj ET Q q 0 0 0 rg BT 165.70 406.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 225.84 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.80 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.16 406.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 318.71 406.10 Td (platforms ) Tj ET Q q 0 0 0 rg BT 367.03 406.10 Td (that ) Tj ET Q q 0 0 0 rg BT 388.57 406.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 431.53 406.10 Td (them. ) Tj ET Q q 0 0 0 rg BT 462.09 406.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 483.43 406.10 Td (risk-minded ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 391.00 Td (culture ) Tj ET Q q 0 0 0 rg BT 109.62 391.00 Td (and ) Tj ET Q q 0 0 0 rg BT 132.64 391.00 Td (our ) Tj ET Q q 0 0 0 rg BT 153.45 391.00 Td (values, ) Tj ET Q q 0 0 0 rg BT 191.29 391.00 Td (which ) Tj ET Q q 0 0 0 rg BT 223.71 391.00 Td (emphasize ) Tj ET Q q 0 0 0 rg BT 279.74 391.00 Td (passion, ) Tj ET Q q 0 0 0 rg BT 323.96 391.00 Td (integrity, ) Tj ET Q q 0 0 0 rg BT 371.53 391.00 Td (change, ) Tj ET Q q 0 0 0 rg BT 414.78 391.00 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 483.18 391.00 Td (and ) Tj ET Q q 0 0 0 rg BT 506.21 391.00 Td (results, ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 375.90 Td (underlie ) Tj ET Q q 0 0 0 rg BT 113.83 375.90 Td (our ) Tj ET Q q 0 0 0 rg BT 132.25 375.90 Td (methodical ) Tj ET Q q 0 0 0 rg BT 188.49 375.90 Td (pursuit ) Tj ET Q q 0 0 0 rg BT 223.89 375.90 Td (to ) Tj ET Q q 0 0 0 rg BT 236.31 375.90 Td (become ) Tj ET Q q 0 0 0 rg BT 278.16 375.90 Td (one ) Tj ET Q q 0 0 0 rg BT 299.00 375.90 Td (of ) Tj ET Q q 0 0 0 rg BT 311.03 375.90 Td (the ) Tj ET Q q 0 0 0 rg BT 329.06 375.90 Td (nations ) Tj ET Q q 0 0 0 rg BT 367.90 375.90 Td (most ) Tj ET Q q 0 0 0 rg BT 394.12 375.90 Td (innovative ) Tj ET Q q 0 0 0 rg BT 445.77 375.90 Td (investors ) Tj ET Q q 0 0 0 rg BT 490.78 375.90 Td (in ) Tj ET Q q 0 0 0 rg BT 501.80 375.90 Td (housing ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 360.75 Td (credit.) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 336.65 Td (And ) Tj ET Q q 0 0 0 rg BT 94.28 336.65 Td (it ) Tj ET Q q 0 0 0 rg BT 102.73 336.65 Td (would ) Tj ET Q q 0 0 0 rg BT 134.40 336.65 Td (not ) Tj ET Q q 0 0 0 rg BT 152.66 336.65 Td (be ) Tj ET Q q 0 0 0 rg BT 167.53 336.65 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 216.01 336.65 Td (if ) Tj ET Q q 0 0 0 rg BT 224.07 336.65 Td (we ) Tj ET Q q 0 0 0 rg BT 240.14 336.65 Td (didn't ) Tj ET Q q 0 0 0 rg BT 270.61 336.65 Td (continue ) Tj ET Q q 0 0 0 rg BT 314.70 336.65 Td (to ) Tj ET Q q 0 0 0 rg BT 326.96 336.65 Td (move ) Tj ET Q q 0 0 0 rg BT 356.04 336.65 Td (with ) Tj ET Q q 0 0 0 rg BT 378.30 336.65 Td (a ) Tj ET Q q 0 0 0 rg BT 386.18 336.65 Td (quick ) Tj ET Q q 0 0 0 rg BT 414.05 336.65 Td (step, ) Tj ET Q q 0 0 0 rg BT 440.12 336.65 Td (pushing ) Tj ET Q q 0 0 0 rg BT 480.79 336.65 Td (our ) Tj ET Q q 0 0 0 rg BT 499.05 336.65 Td (platform ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 321.50 Td (ahead ) Tj ET Q q 0 0 0 rg BT 103.90 321.50 Td (towards ) Tj ET Q q 0 0 0 rg BT 143.96 321.50 Td (the ) Tj ET Q q 0 0 0 rg BT 161.65 321.50 Td (next ) Tj ET Q q 0 0 0 rg BT 184.53 321.50 Td (phase ) Tj ET Q q 0 0 0 rg BT 215.43 321.50 Td (of ) Tj ET Q q 0 0 0 rg BT 227.11 321.50 Td (growth. ) Tj ET Q q 0 0 0 rg BT 265.99 321.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 286.67 321.50 Td (strategic ) Tj ET Q q 0 0 0 rg BT 330.11 321.50 Td (priorities ) Tj ET Q q 0 0 0 rg BT 374.34 321.50 Td (for ) Tj ET Q q 0 0 0 rg BT 389.61 321.50 Td (2020 ) Tj ET Q q 0 0 0 rg BT 415.71 321.50 Td (are ) Tj ET Q q 0 0 0 rg BT 432.80 321.50 Td (focused ) Tj ET Q q 0 0 0 rg BT 472.89 321.50 Td (on ) Tj ET Q q 0 0 0 rg BT 487.38 321.50 Td (channeling ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 306.40 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 123.74 306.40 Td (changes ) Tj ET Q q 0 0 0 rg BT 166.53 306.40 Td (and ) Tj ET Q q 0 0 0 rg BT 187.50 306.40 Td (technological ) Tj ET Q q 0 0 0 rg BT 255.06 306.40 Td (innovations ) Tj ET Q q 0 0 0 rg BT 312.83 306.40 Td (to ) Tj ET Q q 0 0 0 rg BT 325.59 306.40 Td (significantly ) Tj ET Q q 0 0 0 rg BT 384.73 306.40 Td (advance ) Tj ET Q q 0 0 0 rg BT 427.73 306.40 Td (our ) Tj ET Q q 0 0 0 rg BT 446.48 306.40 Td (overall ) Tj ET Q q 0 0 0 rg BT 481.24 306.40 Td (relevance ) Tj ET Q q 0 0 0 rg BT 530.02 306.40 Td (to ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 291.30 Td (the ) Tj ET Q q 0 0 0 rg BT 90.82 291.30 Td (housing ) Tj ET Q q 0 0 0 rg BT 132.24 291.30 Td (market. ) Tj ET Q q 0 0 0 rg BT 171.64 291.30 Td (We ) Tj ET Q q 0 0 0 rg BT 190.86 291.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 214.87 291.30 Td (to ) Tj ET Q q 0 0 0 rg BT 228.07 291.30 Td (confront ) Tj ET Q q 0 0 0 rg BT 271.48 291.30 Td (key ) Tj ET Q q 0 0 0 rg BT 291.11 291.30 Td (issues ) Tj ET Q q 0 0 0 rg BT 322.73 291.30 Td (facing ) Tj ET Q q 0 0 0 rg BT 355.14 291.30 Td (housing ) Tj ET Q q 0 0 0 rg BT 396.56 291.30 Td (finance ) Tj ET Q q 0 0 0 rg BT 434.39 291.30 Td (and ) Tj ET Q q 0 0 0 rg BT 455.81 291.30 Td (drive ) Tj ET Q q 0 0 0 rg BT 483.01 291.30 Td (the ) Tj ET Q q 0 0 0 rg BT 501.82 291.30 Td (industry ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 276.15 Td (forward ) Tj ET Q q 0 0 0 rg BT 111.58 276.15 Td (with ) Tj ET Q q 0 0 0 rg BT 134.57 276.15 Td (actionable ) Tj ET Q q 0 0 0 rg BT 187.78 276.15 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 238.77 276.15 Td (which ) Tj ET Q q 0 0 0 rg BT 269.38 276.15 Td (we ) Tj ET Q q 0 0 0 rg BT 286.18 276.15 Td (expand ) Tj ET Q q 0 0 0 rg BT 325.20 276.15 Td (on ) Tj ET Q q 0 0 0 rg BT 340.61 276.15 Td (below.) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 252.05 Td (Put ) Tj ET Q q 0 0 0 rg BT 92.19 252.05 Td (simply, ) Tj ET Q q 0 0 0 rg BT 130.39 252.05 Td (our ) Tj ET Q q 0 0 0 rg BT 150.78 252.05 Td (corporate ) Tj ET Q q 0 0 0 rg BT 202.17 252.05 Td (mission ) Tj ET Q q 0 0 0 rg BT 242.56 252.05 Td (is ) Tj ET Q q 0 0 0 rg BT 254.16 252.05 Td (to ) Tj ET Q q 0 0 0 rg BT 268.55 252.05 Td (help ) Tj ET Q q 0 0 0 rg BT 294.15 252.05 Td (make ) Tj ET Q q 0 0 0 rg BT 324.57 252.05 Td (quality ) Tj ET Q q 0 0 0 rg BT 361.17 252.05 Td (housing ) Tj ET Q q 0 0 0 rg BT 403.78 252.05 Td (accessible ) Tj ET Q q 0 0 0 rg BT 457.19 252.05 Td (to ) Tj ET Q q 0 0 0 rg BT 471.58 252.05 Td (all ) Tj ET Q q 0 0 0 rg BT 486.79 252.05 Td (Americans, ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 236.90 Td (whether ) Tj ET Q q 0 0 0 rg BT 114.03 236.90 Td (it's ) Tj ET Q q 0 0 0 rg BT 130.66 236.90 Td (rented ) Tj ET Q q 0 0 0 rg BT 165.28 236.90 Td (or ) Tj ET Q q 0 0 0 rg BT 178.31 236.90 Td (owned. ) Tj ET Q q 0 0 0 rg BT 217.16 236.90 Td (We ) Tj ET Q q 0 0 0 rg BT 236.20 236.90 Td (recognize ) Tj ET Q q 0 0 0 rg BT 286.04 236.90 Td (that ) Tj ET Q q 0 0 0 rg BT 307.87 236.90 Td (the ) Tj ET Q q 0 0 0 rg BT 326.51 236.90 Td (needs ) Tj ET Q q 0 0 0 rg BT 358.76 236.90 Td (of ) Tj ET Q q 0 0 0 rg BT 371.40 236.90 Td (consumers ) Tj ET Q q 0 0 0 rg BT 426.05 236.90 Td (have ) Tj ET Q q 0 0 0 rg BT 451.90 236.90 Td (changed, ) Tj ET Q q 0 0 0 rg BT 499.96 236.90 Td (and ) Tj ET Q q 0 0 0 rg BT 521.21 236.90 Td (that ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 221.80 Td (for ) Tj ET Q q 0 0 0 rg BT 87.99 221.80 Td (many ) Tj ET Q q 0 0 0 rg BT 116.81 221.80 Td (the ) Tj ET Q q 0 0 0 rg BT 135.21 221.80 Td (allure ) Tj ET Q q 0 0 0 rg BT 164.22 221.80 Td (of ) Tj ET Q q 0 0 0 rg BT 176.62 221.80 Td (a ) Tj ET Q q 0 0 0 rg BT 185.03 221.80 Td (home ) Tj ET Q q 0 0 0 rg BT 215.44 221.80 Td (has ) Tj ET Q q 0 0 0 rg BT 234.46 221.80 Td (as ) Tj ET Q q 0 0 0 rg BT 247.46 221.80 Td (much ) Tj ET Q q 0 0 0 rg BT 276.68 221.80 Td (to ) Tj ET Q q 0 0 0 rg BT 289.47 221.80 Td (do ) Tj ET Q q 0 0 0 rg BT 305.28 221.80 Td (with ) Tj ET Q q 0 0 0 rg BT 328.07 221.80 Td (comfort, ) Tj ET Q q 0 0 0 rg BT 371.46 221.80 Td (proximity ) Tj ET Q q 0 0 0 rg BT 419.04 221.80 Td (to ) Tj ET Q q 0 0 0 rg BT 431.83 221.80 Td (work, ) Tj ET Q q 0 0 0 rg BT 460.62 221.80 Td (and ) Tj ET Q q 0 0 0 rg BT 481.63 221.80 Td (lifestyle ) Tj ET Q q 0 0 0 rg BT 520.82 221.80 Td (as ) Tj ET Q q 0 0 0 rg BT 533.83 221.80 Td (it ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 206.70 Td (does ) Tj ET Q q 0 0 0 rg BT 98.61 206.70 Td (with ) Tj ET Q q 0 0 0 rg BT 121.60 206.70 Td (pride ) Tj ET Q q 0 0 0 rg BT 149.99 206.70 Td (of ) Tj ET Q q 0 0 0 rg BT 162.59 206.70 Td (homeownership.) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 182.55 Td (As ) Tj ET Q q 0 0 0 rg BT 87.61 182.55 Td (we ) Tj ET Q q 0 0 0 rg BT 105.02 182.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 150.44 182.55 Td (with ) Tj ET Q q 0 0 0 rg BT 174.03 182.55 Td (this ) Tj ET Q q 0 0 0 rg BT 194.42 182.55 Td (important ) Tj ET Q q 0 0 0 rg BT 245.19 182.55 Td (work, ) Tj ET Q q 0 0 0 rg BT 274.78 182.55 Td (we ) Tj ET Q q 0 0 0 rg BT 292.19 182.55 Td (recently ) Tj ET Q q 0 0 0 rg BT 333.80 182.55 Td (reorganized ) Tj ET Q q 0 0 0 rg BT 394.59 182.55 Td (our ) Tj ET Q q 0 0 0 rg BT 414.19 182.55 Td (business ) Tj ET Q q 0 0 0 rg BT 458.80 182.55 Td (to ) Tj ET Q q 0 0 0 rg BT 472.39 182.55 Td (create ) Tj ET Q q 0 0 0 rg BT 505.79 182.55 Td (a ) Tj ET Q q 0 0 0 rg BT 515.00 182.55 Td (more ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 167.45 Td (scalable ) Tj ET Q q 0 0 0 rg BT 116.59 167.45 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 185.34 167.45 Td (going ) Tj ET Q q 0 0 0 rg BT 219.33 167.45 Td (forward. ) Tj ET Q q 0 0 0 rg BT 264.70 167.45 Td (This ) Tj ET Q q 0 0 0 rg BT 289.88 167.45 Td (will ) Tj ET Q q 0 0 0 rg BT 311.26 167.45 Td (allow ) Tj ET Q q 0 0 0 rg BT 342.05 167.45 Td (us ) Tj ET Q q 0 0 0 rg BT 358.45 167.45 Td (to ) Tj ET Q q 0 0 0 rg BT 374.23 167.45 Td (better ) Tj ET Q q 0 0 0 rg BT 409.38 167.45 Td (manage ) Tj ET Q q 0 0 0 rg BT 454.19 167.45 Td (the ) Tj ET Q q 0 0 0 rg BT 475.59 167.45 Td (ever-evolving ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 152.30 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 139.94 152.30 Td (and ) Tj ET Q q 0 0 0 rg BT 161.52 152.30 Td (risks ) Tj ET Q q 0 0 0 rg BT 185.47 152.30 Td (facing ) Tj ET Q q 0 0 0 rg BT 218.04 152.30 Td (our ) Tj ET Q q 0 0 0 rg BT 237.40 152.30 Td (business ) Tj ET Q q 0 0 0 rg BT 281.77 152.30 Td (and ) Tj ET Q q 0 0 0 rg BT 303.35 152.30 Td (to ) Tj ET Q q 0 0 0 rg BT 316.71 152.30 Td (create ) Tj ET Q q 0 0 0 rg BT 349.87 152.30 Td (better ) Tj ET Q q 0 0 0 rg BT 382.60 152.30 Td (visibility ) 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ET Q q 0 0 0 rg BT 211.61 421.70 Td (now ) Tj ET Q q 0 0 0 rg BT 234.82 421.70 Td (entering ) Tj ET Q q 0 0 0 rg BT 278.20 421.70 Td (their ) Tj ET Q q 0 0 0 rg BT 302.99 421.70 Td (prime ) Tj ET Q q 0 0 0 rg BT 333.97 421.70 Td (home ) Tj ET Q q 0 0 0 rg BT 364.59 421.70 Td (buying ) Tj ET Q q 0 0 0 rg BT 400.60 421.70 Td (years.) 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(environment ) Tj ET Q q 0 0 0 rg BT 136.53 382.45 Td (has ) Tj ET Q q 0 0 0 rg BT 156.86 382.45 Td (contributed ) Tj ET Q q 0 0 0 rg BT 217.15 382.45 Td (to ) Tj ET Q q 0 0 0 rg BT 231.26 382.45 Td (what ) Tj ET Q q 0 0 0 rg BT 258.37 382.45 Td (is ) Tj ET Q q 0 0 0 rg BT 269.69 382.45 Td (now ) Tj ET Q q 0 0 0 rg BT 294.01 382.45 Td (a ) Tj ET Q q 0 0 0 rg BT 303.74 382.45 Td (decade-long ) Tj ET Q q 0 0 0 rg BT 369.07 382.45 Td (run ) Tj ET Q q 0 0 0 rg BT 388.79 382.45 Td (in ) Tj ET Q q 0 0 0 rg BT 401.51 382.45 Td (housing, ) Tj ET Q q 0 0 0 rg BT 446.84 382.45 Td (it ) Tj ET Q q 0 0 0 rg BT 457.14 382.45 Td (also ) Tj ET Q q 0 0 0 rg BT 480.46 382.45 Td (masks ) Tj ET Q q 0 0 0 rg BT 513.80 382.45 Td (some ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 367.35 Td (worrisome ) Tj ET Q q 0 0 0 rg BT 125.25 367.35 Td (trends ) Tj ET Q q 0 0 0 rg BT 158.52 367.35 Td (that ) Tj ET Q q 0 0 0 rg BT 180.38 367.35 Td (continue ) Tj ET Q q 0 0 0 rg BT 225.28 367.35 Td (to ) Tj ET Q q 0 0 0 rg BT 238.35 367.35 Td (garner ) Tj ET Q q 0 0 0 rg BT 273.00 367.35 Td (our ) Tj ET Q q 0 0 0 rg BT 292.07 367.35 Td (close ) Tj ET Q q 0 0 0 rg BT 319.96 367.35 Td (attention. ) Tj ET Q q 0 0 0 rg BT 369.42 367.35 Td (Most ) Tj ET Q q 0 0 0 rg BT 396.70 367.35 Td (notably, ) Tj ET Q q 0 0 0 rg BT 438.77 367.35 Td (the ) Tj ET Q q 0 0 0 rg BT 457.46 367.35 Td (supply ) Tj ET Q q 0 0 0 rg BT 492.13 367.35 Td (of ) Tj ET Q q 0 0 0 rg BT 504.81 367.35 Td (quality, ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 352.20 Td (affordable ) Tj ET Q q 0 0 0 rg BT 124.17 352.20 Td (homes ) Tj ET Q q 0 0 0 rg BT 159.55 352.20 Td (in ) Tj ET Q q 0 0 0 rg BT 171.32 352.20 Td (the ) Tj ET Q q 0 0 0 rg BT 190.10 352.20 Td (United ) Tj ET Q q 0 0 0 rg BT 225.46 352.20 Td (States ) Tj ET Q q 0 0 0 rg BT 258.01 352.20 Td (badly ) Tj ET Q q 0 0 0 rg BT 287.79 352.20 Td (lags ) Tj ET Q q 0 0 0 rg BT 310.36 352.20 Td (new ) Tj ET Q q 0 0 0 rg BT 333.34 352.20 Td (household ) Tj ET Q q 0 0 0 rg BT 387.13 352.20 Td (formation. ) Tj ET Q q 0 0 0 rg BT 440.08 352.20 Td (While ) Tj ET Q q 0 0 0 rg BT 470.64 352.20 Td (this ) Tj ET Q q 0 0 0 rg BT 490.60 352.20 Td (imbalance ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 337.10 Td (has ) Tj ET Q q 0 0 0 rg BT 91.24 337.10 Td (greatly ) Tj ET Q q 0 0 0 rg BT 127.27 337.10 Td (supported ) Tj ET Q q 0 0 0 rg BT 180.28 337.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 209.29 337.10 Td (home ) Tj ET Q q 0 0 0 rg BT 239.94 337.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 274.56 337.10 Td (its ) Tj ET Q q 0 0 0 rg BT 289.98 337.10 Td (made ) Tj ET Q q 0 0 0 rg BT 320.43 337.10 Td (access ) Tj ET Q q 0 0 0 rg BT 354.68 337.10 Td (to ) Tj ET Q q 0 0 0 rg BT 367.70 337.10 Td (desirable ) Tj ET Q q 0 0 0 rg BT 414.92 337.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 456.16 337.10 Td (more ) Tj ET Q q 0 0 0 rg BT 484.20 337.10 Td (challenging ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 322.00 Td (for ) Tj ET Q q 0 0 0 rg BT 87.44 322.00 Td (many ) Tj ET Q q 0 0 0 rg BT 115.71 322.00 Td (- ) Tj ET Q q 0 0 0 rg BT 121.56 322.00 Td (especially ) Tj ET Q q 0 0 0 rg BT 170.83 322.00 Td (low ) Tj ET Q q 0 0 0 rg BT 189.88 322.00 Td (to ) Tj ET Q q 0 0 0 rg BT 202.12 322.00 Td (moderate ) Tj ET Q q 0 0 0 rg BT 251.37 322.00 Td (income ) Tj ET Q q 0 0 0 rg BT 289.04 322.00 Td (families, ) Tj ET Q q 0 0 0 rg BT 330.69 322.00 Td (many ) Tj ET Q q 0 0 0 rg BT 358.96 322.00 Td (of ) Tj ET Q q 0 0 0 rg BT 370.82 322.00 Td (whom ) Tj ET Q q 0 0 0 rg BT 402.48 322.00 Td (are ) Tj ET Q q 0 0 0 rg BT 419.74 322.00 Td (would-be ) Tj ET Q q 0 0 0 rg BT 467.59 322.00 Td (first-time ) Tj ET Q q 0 0 0 rg BT 512.39 322.00 Td (home ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 306.85 Td (buyers. ) Tj ET Q q 0 0 0 rg BT 109.74 306.85 Td (An ) Tj ET Q q 0 0 0 rg BT 125.90 306.85 Td (expedient ) Tj ET Q q 0 0 0 rg BT 177.25 306.85 Td (solution ) Tj ET Q q 0 0 0 rg BT 218.19 306.85 Td (making ) Tj ET Q q 0 0 0 rg BT 256.14 306.85 Td (the ) Tj ET Q q 0 0 0 rg BT 274.49 306.85 Td (rounds ) Tj ET Q q 0 0 0 rg BT 310.23 306.85 Td (in ) Tj ET Q q 0 0 0 rg BT 321.57 306.85 Td (Washington ) Tj ET Q q 0 0 0 rg BT 381.51 306.85 Td (is ) Tj ET Q q 0 0 0 rg BT 391.44 306.85 Td (to ) Tj ET Q q 0 0 0 rg BT 404.18 306.85 Td (relax ) Tj ET Q q 0 0 0 rg BT 429.72 306.85 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 493.42 306.85 Td (standards ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 291.75 Td (and ) Tj ET Q q 0 0 0 rg BT 94.39 291.75 Td (make ) Tj ET Q q 0 0 0 rg BT 124.59 291.75 Td (it ) Tj ET Q q 0 0 0 rg BT 134.95 291.75 Td (easier ) Tj ET Q q 0 0 0 rg BT 167.52 291.75 Td (to ) Tj ET Q q 0 0 0 rg BT 181.69 291.75 Td (offer ) Tj ET Q q 0 0 0 rg BT 208.07 291.75 Td (loans ) Tj ET Q q 0 0 0 rg BT 237.45 291.75 Td (with ) Tj ET Q q 0 0 0 rg BT 261.63 291.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 292.19 291.75 Td (down ) Tj ET Q q 0 0 0 rg BT 323.18 291.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 374.16 291.75 Td (to ) Tj ET Q q 0 0 0 rg BT 388.33 291.75 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 440.89 291.75 Td (with ) Tj ET Q q 0 0 0 rg BT 465.06 291.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 500.03 291.75 Td (debt-to-) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 276.60 Td (income ) Tj ET Q q 0 0 0 rg BT 110.80 276.60 Td (ratios. ) Tj ET Q q 0 0 0 rg BT 143.57 276.60 Td (While ) Tj ET Q q 0 0 0 rg BT 174.34 276.60 Td (we ) Tj ET Q q 0 0 0 rg BT 191.53 276.60 Td (support ) Tj ET Q q 0 0 0 rg BT 232.29 276.60 Td (expanding ) Tj ET Q q 0 0 0 rg BT 286.90 276.60 Td (homeownership ) Tj ET Q q 0 0 0 rg BT 367.50 276.60 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 435.45 276.60 Td (for ) Tj ET Q q 0 0 0 rg BT 452.02 276.60 Td (all ) Tj ET Q q 0 0 0 rg BT 466.21 276.60 Td (Americans ) Tj ET Q q 0 0 0 rg BT 519.80 276.60 Td (who ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 261.50 Td (desire ) Tj ET Q q 0 0 0 rg BT 105.50 261.50 Td (to ) Tj ET Q q 0 0 0 rg BT 119.80 261.50 Td (own ) Tj ET Q q 0 0 0 rg BT 144.32 261.50 Td (their ) Tj ET Q q 0 0 0 rg BT 170.42 261.50 Td (own ) Tj ET Q q 0 0 0 rg BT 194.94 261.50 Td (homes, ) Tj ET Q q 0 0 0 rg BT 234.47 261.50 Td (lowering ) Tj ET Q q 0 0 0 rg BT 280.36 261.50 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 345.63 261.50 Td (standards ) Tj ET Q q 0 0 0 rg BT 396.53 261.50 Td (had ) Tj ET Q q 0 0 0 rg BT 419.05 261.50 Td (disastrous ) Tj ET Q q 0 0 0 rg BT 471.36 261.50 Td (consequences ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 246.40 Td (leading ) Tj ET Q q 0 0 0 rg BT 113.60 246.40 Td (up ) Tj ET Q q 0 0 0 rg BT 131.80 246.40 Td (to ) Tj ET Q q 0 0 0 rg BT 147.39 246.40 Td (the ) Tj ET Q q 0 0 0 rg BT 168.59 246.40 Td (2008 ) Tj ET Q q 0 0 0 rg BT 198.21 246.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 243.20 246.40 Td (crisis ) Tj ET Q q 0 0 0 rg BT 271.97 246.40 Td (and ) Tj ET Q q 0 0 0 rg BT 295.78 246.40 Td (beyond. ) Tj ET Q q 0 0 0 rg BT 341.19 246.40 Td (Additionally, ) Tj ET Q q 0 0 0 rg BT 407.60 246.40 Td (these ) Tj ET Q q 0 0 0 rg BT 439.41 246.40 Td (solutions ) Tj ET Q q 0 0 0 rg BT 487.80 246.40 Td (ignore ) Tj ET Q q 0 0 0 rg BT 524.40 246.40 Td (the ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 231.25 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 135.41 231.25 Td (problem ) Tj ET Q q 0 0 0 rg BT 179.20 231.25 Td (- ) Tj ET Q q 0 0 0 rg BT 185.80 231.25 Td (not ) Tj ET Q q 0 0 0 rg BT 204.80 231.25 Td (enough ) Tj ET Q q 0 0 0 rg BT 244.82 231.25 Td (homes. ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 207.15 Td (At ) Tj ET Q q 0 0 0 rg BT 86.79 207.15 Td (Redwood, ) Tj ET Q q 0 0 0 rg BT 139.81 207.15 Td (our ) Tj ET Q q 0 0 0 rg BT 159.60 207.15 Td (approach ) Tj ET Q q 0 0 0 rg BT 208.81 207.15 Td (to ) Tj ET Q q 0 0 0 rg BT 222.60 207.15 Td (residential ) Tj ET Q q 0 0 0 rg BT 275.98 207.15 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 340.74 207.15 Td (remains ) Tj ET Q q 0 0 0 rg BT 381.94 207.15 Td (unchanged. ) Tj ET Q q 0 0 0 rg BT 442.77 207.15 Td (We ) Tj ET Q q 0 0 0 rg BT 462.58 207.15 Td (emphasize ) Tj ET Q q 0 0 0 rg BT 517.59 207.15 Td (safe, ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 192.00 Td (well-structured ) Tj ET Q q 0 0 0 rg BT 145.73 192.00 Td (loans ) Tj ET Q q 0 0 0 rg BT 173.51 192.00 Td (that ) Tj ET Q q 0 0 0 rg BT 194.88 192.00 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 245.83 192.00 Td (can ) Tj ET Q q 0 0 0 rg BT 265.22 192.00 Td (reliably ) Tj ET Q q 0 0 0 rg BT 302.38 192.00 Td (afford. ) Tj ET Q q 0 0 0 rg BT 336.16 192.00 Td (But ) Tj ET Q q 0 0 0 rg BT 355.13 192.00 Td (more ) Tj ET Q q 0 0 0 rg BT 382.70 192.00 Td (importantly, ) Tj ET Q q 0 0 0 rg BT 443.25 192.00 Td (we ) Tj ET Q q 0 0 0 rg BT 459.63 192.00 Td (are ) Tj ET Q q 0 0 0 rg BT 477.20 192.00 Td (championing ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 176.90 Td (solutions ) Tj ET Q q 0 0 0 rg BT 118.03 176.90 Td (in ) Tj ET Q q 0 0 0 rg BT 129.85 176.90 Td (our ) Tj ET Q q 0 0 0 rg BT 149.07 176.90 Td (business ) Tj ET Q q 0 0 0 rg BT 193.31 176.90 Td (lines ) Tj ET Q q 0 0 0 rg BT 218.34 176.90 Td (that ) Tj ET Q q 0 0 0 rg BT 240.36 176.90 Td (offer ) Tj ET Q q 0 0 0 rg BT 265.78 176.90 Td (more ) Tj ET Q q 0 0 0 rg BT 294.01 176.90 Td (high ) Tj ET Q q 0 0 0 rg BT 318.44 176.90 Td (quality ) Tj ET Q q 0 0 0 rg BT 353.86 176.90 Td (and ) Tj ET Q q 0 0 0 rg BT 375.30 176.90 Td (accessible ) Tj ET Q q 0 0 0 rg BT 427.54 176.90 Td (housing ) Tj ET Q q 0 0 0 rg BT 468.98 176.90 Td (for ) Tj ET Q q 0 0 0 rg BT 485.39 176.90 Td (consumers. ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 161.80 Td (For ) Tj ET Q q 0 0 0 rg BT 90.97 161.80 Td (instance, ) Tj ET Q q 0 0 0 rg BT 136.55 161.80 Td (our ) Tj ET Q q 0 0 0 rg BT 155.52 161.80 Td (business ) Tj ET Q q 0 0 0 rg BT 199.50 161.80 Td (purpose ) Tj ET Q q 0 0 0 rg BT 242.27 161.80 Td (lending ) Tj ET Q q 0 0 0 rg BT 281.65 161.80 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 329.61 161.80 Td (focus ) Tj ET Q q 0 0 0 rg BT 357.99 161.80 Td (not ) Tj ET Q q 0 0 0 rg BT 376.96 161.80 Td (only ) Tj ET Q q 0 0 0 rg BT 400.15 161.80 Td (on ) Tj ET Q q 0 0 0 rg BT 415.53 161.80 Td (stabilized ) Tj ET Q q 0 0 0 rg BT 463.88 161.80 Td (rentals, ) Tj ET Q q 0 0 0 rg BT 501.64 161.80 Td (but ) Tj ET Q q 0 0 0 rg BT 520.81 161.80 Td (also ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 146.65 Td (bridge ) Tj ET Q q 0 0 0 rg BT 106.52 146.65 Td (lending ) Tj ET Q q 0 0 0 rg BT 145.47 146.65 Td (- ) Tj ET Q q 0 0 0 rg BT 151.62 146.65 Td (where ) Tj ET Q q 0 0 0 rg BT 183.36 146.65 Td (homes ) Tj ET Q q 0 0 0 rg BT 218.12 146.65 Td (are ) Tj ET Q q 0 0 0 rg BT 235.67 146.65 Td (renovated, ) Tj ET Q q 0 0 0 rg BT 290.02 146.65 Td (upgraded, ) Tj ET Q q 0 0 0 rg BT 343.16 146.65 Td (and ) Tj ET Q q 0 0 0 rg BT 363.92 146.65 Td (brought ) Tj ET Q q 0 0 0 rg BT 405.05 146.65 Td (up ) Tj ET Q q 0 0 0 rg BT 420.20 146.65 Td (to ) Tj ET Q q 0 0 0 rg BT 432.73 146.65 Td (current ) Tj ET Q q 0 0 0 rg BT 469.06 146.65 Td (building ) Tj ET Q q 0 0 0 rg BT 511.20 146.65 Td (codes ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 131.55 Td (before ) Tj ET Q q 0 0 0 rg BT 107.09 131.55 Td (getting ) Tj ET Q q 0 0 0 rg BT 145.56 131.55 Td (resold ) Tj ET Q q 0 0 0 rg BT 178.64 131.55 Td (or ) Tj ET Q q 0 0 0 rg BT 192.11 131.55 Td (rented ) Tj ET Q q 0 0 0 rg BT 227.19 131.55 Td (to ) Tj ET Q q 0 0 0 rg BT 240.67 131.55 Td (consumers. ) Tj ET Q q 0 0 0 rg BT 298.77 131.55 Td (We ) Tj ET Q q 0 0 0 rg BT 318.26 131.55 Td (are ) Tj ET Q q 0 0 0 rg BT 336.75 131.55 Td (actively ) Tj ET Q q 0 0 0 rg BT 376.25 131.55 Td (expanding ) Tj ET Q q 0 0 0 rg BT 430.96 131.55 Td (the ) Tj ET Q q 0 0 0 rg BT 450.05 131.55 Td (bridge ) Tj ET Q q 0 0 0 rg BT 485.52 131.55 Td (business ) Tj ET Q q 0 0 0 rg BT 530.01 131.55 Td (to ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 116.40 Td (include ) Tj ET Q q 0 0 0 rg BT 108.75 116.40 Td (more ) Tj ET Q q 0 0 0 rg BT 135.51 116.40 Td (robust ) Tj ET Q q 0 0 0 rg BT 167.84 116.40 Td (construction/redevelopment ) Tj ET Q q 0 0 0 rg BT 306.38 116.40 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 375.71 116.40 Td (including ) Tj ET Q q 0 0 0 rg BT 421.66 116.40 Td (market-leading ) Tj ET Q q 0 0 0 rg BT 496.20 116.40 Td (financing ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 101.30 Td (programs ) Tj ET Q q 0 0 0 rg BT 119.61 101.30 Td (for ) Tj ET Q q 0 0 0 rg BT 134.42 101.30 Td (build-to-rent ) Tj ET Q q 0 0 0 rg BT 196.60 101.30 Td (communities, ) Tj ET Q q 0 0 0 rg BT 262.64 101.30 Td (urban ) Tj ET Q q 0 0 0 rg BT 292.07 101.30 Td (infill ) Tj ET Q q 0 0 0 rg BT 313.27 101.30 Td (development, ) Tj ET Q q 0 0 0 rg BT 382.10 101.30 Td (and ) Tj ET Q q 0 0 0 rg BT 401.94 101.30 Td (modular ) Tj ET Q q 0 0 0 rg BT 443.56 101.30 Td (home ) Tj ET Q q 0 0 0 rg BT 472.80 101.30 Td (development, ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 86.20 Td (to ) Tj ET Q q 0 0 0 rg BT 85.90 86.20 Td (name ) Tj ET Q q 0 0 0 rg BT 116.62 86.20 Td (a ) Tj ET Q q 0 0 0 rg BT 126.13 86.20 Td (few. ) Tj ET Q q 0 0 0 rg BT 149.45 86.20 Td (These ) Tj ET Q q 0 0 0 rg BT 182.17 86.20 Td (strategies ) Tj ET Q q 0 0 0 rg BT 232.84 86.20 Td (all ) Tj ET Q q 0 0 0 rg BT 247.55 86.20 Td (complement ) Tj ET Q q 0 0 0 rg BT 312.26 86.20 Td (our ) Tj ET Q q 0 0 0 rg BT 332.16 86.20 Td (consumer ) Tj ET Q q 0 0 0 rg BT 383.08 86.20 Td (residential ) Tj ET Q q 0 0 0 rg BT 436.57 86.20 Td (lending ) Tj ET Q q 0 0 0 rg BT 476.88 86.20 Td (business ) Tj ET Q q 0 0 0 rg BT 521.79 86.20 Td (and ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 71.05 Td (expand ) Tj ET Q q 0 0 0 rg BT 111.02 71.05 Td (upon ) Tj ET Q q 0 0 0 rg BT 139.04 71.05 Td (our ) Tj ET Q q 0 0 0 rg BT 158.03 71.05 Td (mission.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 222.80 736.44 Td (S H A R E H O L D E R L E T T E R) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 302.45 21.00 Td (5) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 702.85 Td (As ) Tj ET Q q 0 0 0 rg BT 86.05 702.85 Td (we ) Tj ET Q q 0 0 0 rg BT 101.89 702.85 Td (look ) Tj ET Q q 0 0 0 rg BT 124.54 702.85 Td (ahead ) Tj ET Q q 0 0 0 rg BT 156.40 702.85 Td (into ) Tj ET Q q 0 0 0 rg BT 177.02 702.85 Td (2020, ) Tj ET Q q 0 0 0 rg BT 206.09 702.85 Td (all ) Tj ET Q q 0 0 0 rg BT 218.93 702.85 Td (eyes ) Tj ET Q q 0 0 0 rg BT 242.78 702.85 Td (are ) Tj ET Q q 0 0 0 rg BT 259.83 702.85 Td (on ) Tj ET Q q 0 0 0 rg BT 274.27 702.85 Td (the ) Tj ET Q q 0 0 0 rg BT 291.92 702.85 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 313.38 702.85 Td (housing ) Tj ET Q q 0 0 0 rg BT 353.63 702.85 Td (regulator ) Tj ET Q q 0 0 0 rg BT 399.44 702.85 Td (\(FHFA\), ) Tj ET Q q 0 0 0 rg BT 436.72 702.85 Td (where ) Tj ET Q q 0 0 0 rg BT 467.97 702.85 Td (its ) Tj ET Q q 0 0 0 rg BT 480.79 702.85 Td (new ) Tj ET Q q 0 0 0 rg BT 502.63 702.85 Td (director ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 687.75 Td (is ) Tj ET Q q 0 0 0 rg BT 82.44 687.75 Td (focused ) Tj ET Q q 0 0 0 rg BT 123.70 687.75 Td (on ) Tj ET Q q 0 0 0 rg BT 139.35 687.75 Td (taking ) Tj ET Q q 0 0 0 rg BT 172.19 687.75 Td (the ) Tj ET Q q 0 0 0 rg BT 191.04 687.75 Td (GSEs ) Tj ET Q q 0 0 0 rg BT 219.69 687.75 Td (out ) Tj ET Q q 0 0 0 rg BT 238.93 687.75 Td (of ) Tj ET Q q 0 0 0 rg BT 251.78 687.75 Td (conservatorship, ) Tj ET Q q 0 0 0 rg BT 334.01 687.75 Td (reducing ) Tj ET Q q 0 0 0 rg BT 379.65 687.75 Td (their ) Tj ET Q q 0 0 0 rg BT 404.68 687.75 Td (footprint ) Tj ET Q q 0 0 0 rg BT 449.88 687.75 Td (across ) Tj ET Q q 0 0 0 rg BT 482.93 687.75 Td (the ) Tj ET Q q 0 0 0 rg BT 501.78 687.75 Td (housing ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 672.60 Td (sector, ) Tj ET Q q 0 0 0 rg BT 106.13 672.60 Td (and ) Tj ET Q q 0 0 0 rg BT 127.08 672.60 Td (leveling ) Tj ET Q q 0 0 0 rg BT 167.42 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 185.77 672.60 Td (playing ) Tj ET Q q 0 0 0 rg BT 223.70 672.60 Td (field ) Tj ET Q q 0 0 0 rg BT 247.43 672.60 Td (for ) Tj ET Q q 0 0 0 rg BT 263.35 672.60 Td (private ) Tj ET Q q 0 0 0 rg BT 299.27 672.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 333.79 672.60 Td (to ) Tj ET Q q 0 0 0 rg BT 346.52 672.60 Td (participate ) Tj ET Q q 0 0 0 rg BT 400.83 672.60 Td (in ) Tj ET Q q 0 0 0 rg BT 412.16 672.60 Td (a ) Tj ET Q q 0 0 0 rg BT 420.50 672.60 Td (larger ) Tj ET Q q 0 0 0 rg BT 451.02 672.60 Td (part ) Tj ET Q q 0 0 0 rg BT 473.13 672.60 Td (of ) Tj ET Q q 0 0 0 rg BT 485.47 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 503.82 672.60 Td (market. ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 657.50 Td (We ) Tj ET Q q 0 0 0 rg BT 91.80 657.50 Td (see ) Tj ET Q q 0 0 0 rg BT 112.20 657.50 Td (this ) Tj ET Q q 0 0 0 rg BT 132.78 657.50 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 185.55 657.50 Td (shift ) Tj ET Q q 0 0 0 rg BT 209.32 657.50 Td (as ) Tj ET Q q 0 0 0 rg BT 223.32 657.50 Td (a ) Tj ET Q q 0 0 0 rg BT 232.71 657.50 Td (major ) Tj ET Q q 0 0 0 rg BT 263.89 657.50 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 324.25 657.50 Td (for ) Tj ET Q q 0 0 0 rg BT 341.23 657.50 Td (our ) Tj ET Q q 0 0 0 rg BT 361.02 657.50 Td (residential ) Tj ET Q q 0 0 0 rg BT 414.39 657.50 Td (lending ) Tj ET Q q 0 0 0 rg BT 454.59 657.50 Td (business, ) Tj ET Q q 0 0 0 rg BT 502.39 657.50 Td (and ) Tj ET Q q 0 0 0 rg BT 524.39 657.50 Td (the ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 642.40 Td (catalyst ) Tj ET Q q 0 0 0 rg BT 111.24 642.40 Td (for ) Tj ET Q q 0 0 0 rg BT 127.69 642.40 Td (us ) Tj ET Q q 0 0 0 rg BT 141.56 642.40 Td (to ) Tj ET Q q 0 0 0 rg BT 154.81 642.40 Td (invest ) Tj ET Q q 0 0 0 rg BT 186.06 642.40 Td (in ) Tj ET Q q 0 0 0 rg BT 197.92 642.40 Td (our ) Tj ET Q q 0 0 0 rg BT 217.17 642.40 Td (platform ) Tj ET Q q 0 0 0 rg BT 261.40 642.40 Td (to ) Tj ET Q q 0 0 0 rg BT 274.65 642.40 Td (support ) Tj ET Q q 0 0 0 rg BT 315.28 642.40 Td (higher ) Tj ET Q q 0 0 0 rg BT 349.33 642.40 Td (levels ) Tj ET Q q 0 0 0 rg BT 379.59 642.40 Td (of ) Tj ET Q q 0 0 0 rg BT 392.46 642.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 429.51 642.40 Td (and ) Tj ET Q q 0 0 0 rg BT 450.98 642.40 Td (profitability. ) Tj ET Q q 0 0 0 rg BT 511.79 642.40 Td (Were ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 627.25 Td (now ) Tj ET Q q 0 0 0 rg BT 94.46 627.25 Td (applying ) Tj ET Q q 0 0 0 rg BT 138.51 627.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 170.95 627.25 Td (technological ) Tj ET Q q 0 0 0 rg BT 238.00 627.25 Td (innovations ) Tj ET Q q 0 0 0 rg BT 295.27 627.25 Td (to ) Tj ET Q q 0 0 0 rg BT 307.51 627.25 Td (reimagine ) Tj ET Q q 0 0 0 rg BT 357.76 627.25 Td (the ) Tj ET Q q 0 0 0 rg BT 375.62 627.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 405.46 627.25 Td (non-agency ) Tj ET Q q 0 0 0 rg BT 464.35 627.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 487.21 627.25 Td (production ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 612.15 Td (and ) Tj ET Q q 0 0 0 rg BT 93.05 612.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 150.67 612.15 Td (workstream. ) Tj ET Q q 0 0 0 rg BT 211.89 612.15 Td (We ) Tj ET Q q 0 0 0 rg BT 230.75 612.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 254.39 612.15 Td (to ) Tj ET Q q 0 0 0 rg BT 267.23 612.15 Td (transform ) Tj ET Q q 0 0 0 rg BT 316.04 612.15 Td (our ) Tj ET Q q 0 0 0 rg BT 334.88 612.15 Td (correspondent ) Tj ET Q q 0 0 0 rg BT 408.12 612.15 Td (loan ) Tj ET Q q 0 0 0 rg BT 431.57 612.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 486.21 612.15 Td (platform ) Tj ET Q q 0 0 0 rg BT 530.02 612.15 Td (to ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 597.00 Td (be ) Tj ET Q q 0 0 0 rg BT 89.40 597.00 Td (more ) Tj ET Q q 0 0 0 rg BT 119.20 597.00 Td (component-based, ) Tj ET Q q 0 0 0 rg BT 215.42 597.00 Td (allowing ) Tj ET Q q 0 0 0 rg BT 260.41 597.00 Td (us ) Tj ET Q q 0 0 0 rg BT 275.81 597.00 Td (to ) Tj ET Q q 0 0 0 rg BT 290.60 597.00 Td (implement ) Tj ET Q q 0 0 0 rg BT 347.18 597.00 Td (the ) Tj ET Q q 0 0 0 rg BT 367.58 597.00 Td (best ) Tj ET Q q 0 0 0 rg BT 393.17 597.00 Td (technologies ) Tj ET Q q 0 0 0 rg BT 459.97 597.00 Td (as ) Tj ET Q q 0 0 0 rg BT 474.97 597.00 Td (they ) Tj ET Q q 0 0 0 rg BT 500.58 597.00 Td (become ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 581.90 Td (available ) Tj ET Q q 0 0 0 rg BT 117.75 581.90 Td (rather ) Tj ET Q q 0 0 0 rg BT 149.49 581.90 Td (than ) Tj ET Q q 0 0 0 rg BT 174.06 581.90 Td (through ) Tj ET Q q 0 0 0 rg BT 215.42 581.90 Td (all-or-none ) Tj ET Q q 0 0 0 rg BT 281.79 581.90 Td (systems ) Tj ET Q q 0 0 0 rg BT 322.94 581.90 Td (that ) Tj ET Q q 0 0 0 rg BT 345.09 581.90 Td (remain ) Tj ET Q q 0 0 0 rg BT 381.24 581.90 Td (the ) Tj ET Q q 0 0 0 rg BT 400.20 581.90 Td (standard ) Tj ET Q q 0 0 0 rg BT 445.54 581.90 Td (in ) Tj ET Q q 0 0 0 rg BT 457.50 581.90 Td (the ) Tj ET Q q 0 0 0 rg BT 476.46 581.90 Td (industry. ) Tj ET Q q 0 0 0 rg BT 520.99 581.90 Td (We ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 566.80 Td (are ) Tj ET Q q 0 0 0 rg BT 89.81 566.80 Td (also ) Tj ET Q q 0 0 0 rg BT 111.81 566.80 Td (working ) Tj ET Q q 0 0 0 rg BT 152.81 566.80 Td (to ) Tj ET Q q 0 0 0 rg BT 165.60 566.80 Td (automate ) Tj ET Q q 0 0 0 rg BT 214.41 566.80 Td (the ) Tj ET Q q 0 0 0 rg BT 232.82 566.80 Td (revalidation ) Tj ET Q q 0 0 0 rg BT 291.83 566.80 Td (of ) Tj ET Q q 0 0 0 rg BT 304.23 566.80 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 368.01 566.80 Td (data ) Tj ET Q q 0 0 0 rg BT 392.21 566.80 Td (to ) Tj ET Q q 0 0 0 rg BT 405.00 566.80 Td (significantly ) Tj ET Q q 0 0 0 rg BT 464.19 566.80 Td (reduce ) Tj ET Q q 0 0 0 rg BT 500.21 566.80 Td (the ) Tj ET Q q 0 0 0 rg BT 518.62 566.80 Td (time ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 551.65 Td (it ) Tj ET Q q 0 0 0 rg BT 81.55 551.65 Td (takes ) Tj ET Q q 0 0 0 rg BT 109.93 551.65 Td (us ) Tj ET Q q 0 0 0 rg BT 123.91 551.65 Td (to ) Tj ET Q q 0 0 0 rg BT 137.27 551.65 Td (purchase ) Tj ET Q q 0 0 0 rg BT 184.06 551.65 Td (non-agency ) Tj ET Q q 0 0 0 rg BT 244.07 551.65 Td (loans ) Tj ET Q q 0 0 0 rg BT 272.66 551.65 Td (from ) Tj ET Q q 0 0 0 rg BT 298.22 551.65 Td (originators, ) Tj ET Q q 0 0 0 rg BT 356.16 551.65 Td (allowing ) Tj ET Q q 0 0 0 rg BT 399.73 551.65 Td (them ) Tj ET Q q 0 0 0 rg BT 427.91 551.65 Td (to ) Tj ET Q q 0 0 0 rg BT 441.28 551.65 Td (recycle ) Tj ET Q q 0 0 0 rg BT 478.26 551.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 513.42 551.65 Td (faster ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 536.55 Td (and ) Tj ET Q q 0 0 0 rg BT 92.92 536.55 Td (make ) Tj ET Q q 0 0 0 rg BT 121.65 536.55 Td (more ) Tj ET Q q 0 0 0 rg BT 149.37 536.55 Td (loans. ) Tj ET Q q 0 0 0 rg BT 180.29 536.55 Td (At ) Tj ET Q q 0 0 0 rg BT 194.00 536.55 Td (the ) Tj ET Q q 0 0 0 rg BT 212.32 536.55 Td (moment, ) Tj ET Q q 0 0 0 rg BT 258.44 536.55 Td (technology ) Tj ET Q q 0 0 0 rg BT 315.16 536.55 Td (to ) Tj ET Q q 0 0 0 rg BT 327.87 536.55 Td (assist ) Tj ET Q q 0 0 0 rg BT 356.16 536.55 Td (loan ) Tj ET Q q 0 0 0 rg BT 379.48 536.55 Td (sellers ) Tj ET Q q 0 0 0 rg BT 412.19 536.55 Td (in ) Tj ET Q q 0 0 0 rg BT 423.50 536.55 Td (originating ) Tj ET Q q 0 0 0 rg BT 478.39 536.55 Td (conventional ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 521.40 Td (loans ) Tj ET Q q 0 0 0 rg BT 100.25 521.40 Td (that ) Tj ET Q q 0 0 0 rg BT 122.09 521.40 Td (can ) Tj ET Q q 0 0 0 rg BT 141.95 521.40 Td (be ) Tj ET Q q 0 0 0 rg BT 157.60 521.40 Td (seamlessly ) Tj ET Q q 0 0 0 rg BT 211.66 521.40 Td (sold ) Tj ET Q q 0 0 0 rg BT 234.90 521.40 Td (exists ) Tj ET Q q 0 0 0 rg BT 264.53 521.40 Td (only ) Tj ET Q q 0 0 0 rg BT 287.79 521.40 Td (in ) Tj ET Q q 0 0 0 rg BT 299.43 521.40 Td (the ) Tj ET Q q 0 0 0 rg BT 318.08 521.40 Td (Agency ) Tj ET Q q 0 0 0 rg BT 357.56 521.40 Td (origination ) Tj ET Q q 0 0 0 rg BT 412.58 521.40 Td (space. ) Tj ET Q q 0 0 0 rg BT 446.65 521.40 Td (We ) Tj ET Q q 0 0 0 rg BT 465.70 521.40 Td (want ) Tj ET Q q 0 0 0 rg BT 491.74 521.40 Td (to ) Tj ET Q q 0 0 0 rg BT 504.77 521.40 Td (make ) Tj ET Q q 0 0 0 rg BT 533.84 521.40 Td (it ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 506.30 Td (a ) Tj ET Q q 0 0 0 rg BT 80.61 506.30 Td (reality ) Tj ET Q q 0 0 0 rg BT 112.60 506.30 Td (in ) Tj ET Q q 0 0 0 rg BT 124.20 506.30 Td (the ) Tj ET Q q 0 0 0 rg BT 142.80 506.30 Td (private ) Tj ET Q q 0 0 0 rg BT 178.98 506.30 Td (sector.) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 482.20 Td (An ) Tj ET Q q 0 0 0 rg BT 87.97 482.20 Td (equally ) Tj ET Q q 0 0 0 rg BT 125.13 482.20 Td (compelling ) Tj ET Q q 0 0 0 rg BT 181.50 482.20 Td (runway ) Tj ET Q q 0 0 0 rg BT 218.25 482.20 Td (exists ) Tj ET Q q 0 0 0 rg BT 247.40 482.20 Td (in ) Tj ET Q q 0 0 0 rg BT 258.54 482.20 Td (our ) Tj ET Q q 0 0 0 rg BT 277.09 482.20 Td (business-purpose ) Tj ET Q q 0 0 0 rg BT 364.04 482.20 Td (lending ) Tj ET Q q 0 0 0 rg BT 403.00 482.20 Td (segment. ) Tj ET Q q 0 0 0 rg BT 450.56 482.20 Td (We ) Tj ET Q q 0 0 0 rg BT 469.12 482.20 Td (are ) Tj ET Q q 0 0 0 rg BT 486.67 482.20 Td (now ) Tj ET Q q 0 0 0 rg BT 509.43 482.20 Td (one ) Tj ET Q q 0 0 0 rg BT 530.39 482.20 Td (of ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 467.05 Td (the ) Tj ET Q q 0 0 0 rg BT 91.17 467.05 Td (largest ) Tj ET Q q 0 0 0 rg BT 127.10 467.05 Td (originators ) Tj ET Q q 0 0 0 rg BT 182.22 467.05 Td (of ) Tj ET Q q 0 0 0 rg BT 195.38 467.05 Td (business-purpose ) Tj ET Q q 0 0 0 rg BT 283.34 467.05 Td (residential ) Tj ET Q q 0 0 0 rg BT 336.48 467.05 Td (loans, ) Tj ET Q q 0 0 0 rg BT 368.25 467.05 Td (with ) Tj ET Q q 0 0 0 rg BT 391.80 467.05 Td (a ) Tj ET Q q 0 0 0 rg BT 400.96 467.05 Td (platform ) Tj ET Q q 0 0 0 rg BT 445.49 467.05 Td (capable ) Tj ET Q q 0 0 0 rg BT 487.26 467.05 Td (of ) Tj ET Q q 0 0 0 rg BT 500.42 467.05 Td (building ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 87.56 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 106.31 451.95 Td (momentum ) Tj ET Q q 0 0 0 rg BT 165.07 451.95 Td (from ) Tj ET Q q 0 0 0 rg BT 190.41 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 199.16 451.95 Td (combined ) Tj ET Q q 0 0 0 rg BT 250.92 451.95 Td (platform ) Tj ET Q q 0 0 0 rg BT 295.03 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 316.97 451.95 Td (originated ) Tj ET Q q 0 0 0 rg BT 369.69 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 378.44 451.95 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 433.60 451.95 Td ($2.4 ) Tj ET Q q 0 0 0 rg BT 457.76 451.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 490.31 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 503.06 451.95 Td (loans ) Tj ET Q q 0 0 0 rg BT 531.41 451.95 Td (in ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 436.80 Td (2019. ) Tj ET Q q 0 0 0 rg BT 101.27 436.80 Td (We ) Tj ET Q q 0 0 0 rg BT 119.52 436.80 Td (also ) Tj ET Q q 0 0 0 rg BT 140.96 436.80 Td (have ) Tj ET Q q 0 0 0 rg BT 166.03 436.80 Td (the ) Tj ET Q q 0 0 0 rg BT 183.88 436.80 Td (largest ) Tj ET Q q 0 0 0 rg BT 218.50 436.80 Td (and ) Tj ET Q q 0 0 0 rg BT 238.95 436.80 Td (most ) Tj ET Q q 0 0 0 rg BT 264.99 436.80 Td (highly-regarded ) Tj ET Q q 0 0 0 rg BT 344.02 436.80 Td (SFR ) Tj ET Q q 0 0 0 rg BT 364.68 436.80 Td (securitization ) Tj ET Q q 0 0 0 rg BT 429.91 436.80 Td (platform ) Tj ET Q q 0 0 0 rg BT 473.12 436.80 Td (in ) Tj ET Q q 0 0 0 rg BT 483.96 436.80 Td (the ) Tj ET Q q 0 0 0 rg BT 501.81 436.80 Td (housing ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 421.70 Td (market, ) Tj ET Q q 0 0 0 rg BT 111.34 421.70 Td (which ) Tj ET Q q 0 0 0 rg BT 142.09 421.70 Td (will ) Tj ET Q q 0 0 0 rg BT 160.82 421.70 Td (help ) Tj ET Q q 0 0 0 rg BT 185.16 421.70 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 237.71 421.70 Td (our ) Tj ET Q q 0 0 0 rg BT 256.85 421.70 Td (strategy ) Tj ET Q q 0 0 0 rg BT 298.76 421.70 Td (to ) Tj ET Q q 0 0 0 rg BT 311.90 421.70 Td (grow ) Tj ET Q q 0 0 0 rg BT 339.24 421.70 Td (profitably ) Tj ET Q q 0 0 0 rg BT 388.15 421.70 Td (and ) Tj ET Q q 0 0 0 rg BT 409.51 421.70 Td (organically ) Tj ET Q q 0 0 0 rg BT 464.46 421.70 Td (generate ) Tj ET Q q 0 0 0 rg BT 511.00 421.70 Td (assets ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 406.60 Td (with ) Tj ET Q q 0 0 0 rg BT 95.58 406.60 Td (attractive ) Tj ET Q q 0 0 0 rg BT 143.73 406.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 163.30 406.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 208.49 406.60 Td (returns. ) Tj ET Q q 0 0 0 rg BT 248.45 406.60 Td (We ) Tj ET Q q 0 0 0 rg BT 268.04 406.60 Td (have ) Tj ET Q q 0 0 0 rg BT 294.45 406.60 Td (begun ) Tj ET Q q 0 0 0 rg BT 329.24 406.60 Td (the ) Tj ET Q q 0 0 0 rg BT 348.44 406.60 Td (process ) Tj ET Q q 0 0 0 rg BT 388.83 406.60 Td (of ) Tj ET Q q 0 0 0 rg BT 402.01 406.60 Td (combining ) Tj ET Q q 0 0 0 rg BT 456.80 406.60 Td (the ) Tj ET Q q 0 0 0 rg BT 475.99 406.60 Td (5 ) Tj ET Q q 0 0 0 rg BT 485.58 406.60 Td (Arches ) Tj ET Q q 0 0 0 rg BT 521.79 406.60 Td (and ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 391.45 Td (CoreVest) Tj ET Q BT /F3 10.80 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 115.60 391.45 Td (-) Tj ET Q BT /F3 10.80 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 119.20 391.45 Td (platforms ) Tj ET Q q 0 0 0 rg BT 171.00 391.45 Td (under ) Tj ET Q q 0 0 0 rg BT 205.45 391.45 Td (a ) Tj ET Q q 0 0 0 rg BT 217.30 391.45 Td (unified ) Tj ET Q q 0 0 0 rg BT 256.53 391.45 Td (leadership ) Tj ET Q q 0 0 0 rg BT 312.96 391.45 Td (structure, ) Tj ET Q q 0 0 0 rg BT 364.18 391.45 Td (taking ) Tj ET Q q 0 0 0 rg BT 400.01 391.45 Td (best ) Tj ET Q q 0 0 0 rg BT 432.65 391.45 Td (of ) Tj ET Q q 0 0 0 rg BT 448.50 391.45 Td (breed ) Tj ET Q q 0 0 0 rg BT 488.96 391.45 Td (from ) Tj ET Q q 0 0 0 rg BT 517.39 391.45 Td (both ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 376.35 Td (businesses ) Tj ET Q q 0 0 0 rg BT 125.96 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 138.29 376.35 Td (position ) Tj ET Q q 0 0 0 rg BT 179.42 376.35 Td (for ) Tj ET Q q 0 0 0 rg BT 194.95 376.35 Td (profitable ) Tj ET Q q 0 0 0 rg BT 243.86 376.35 Td (future ) Tj ET Q q 0 0 0 rg BT 274.39 376.35 Td (growth. ) Tj ET Q q 0 0 0 rg BT 313.53 376.35 Td (Once ) Tj ET Q q 0 0 0 rg BT 342.10 376.35 Td (fully ) Tj ET Q q 0 0 0 rg BT 364.04 376.35 Td (integrated, ) Tj ET Q q 0 0 0 rg BT 419.55 376.35 Td (we ) Tj ET Q q 0 0 0 rg BT 435.70 376.35 Td (believe ) Tj ET Q q 0 0 0 rg BT 473.05 376.35 Td (no ) Tj ET Q q 0 0 0 rg BT 487.80 376.35 Td (competing ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 361.20 Td (platform ) Tj ET Q q 0 0 0 rg BT 115.74 361.20 Td (will ) Tj ET Q q 0 0 0 rg BT 134.10 361.20 Td (possess ) Tj ET Q q 0 0 0 rg BT 174.29 361.20 Td (the ) Tj ET Q q 0 0 0 rg BT 192.67 361.20 Td (same ) Tj ET Q q 0 0 0 rg BT 220.86 361.20 Td (breadth ) Tj ET Q q 0 0 0 rg BT 261.45 361.20 Td (of ) Tj ET Q q 0 0 0 rg BT 273.82 361.20 Td (financing ) Tj ET Q q 0 0 0 rg BT 320.41 361.20 Td (products ) Tj ET Q q 0 0 0 rg BT 365.57 361.20 Td (and ) Tj ET Q q 0 0 0 rg BT 386.56 361.20 Td (depth ) Tj ET Q q 0 0 0 rg BT 418.14 361.20 Td (of ) Tj ET Q q 0 0 0 rg BT 430.51 361.20 Td (expertise ) Tj ET Q q 0 0 0 rg BT 477.48 361.20 Td (to ) Tj ET Q q 0 0 0 rg BT 490.25 361.20 Td (deliver ) Tj ET Q q 0 0 0 rg BT 525.62 361.20 Td (all-) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 346.10 Td (inclusive ) Tj ET Q q 0 0 0 rg BT 116.12 346.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.64 346.10 Td (customized ) Tj ET Q q 0 0 0 rg BT 195.76 346.10 Td (solutions ) Tj ET Q q 0 0 0 rg BT 241.87 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.18 346.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 308.08 346.10 Td (real ) Tj ET Q q 0 0 0 rg BT 328.99 346.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 361.69 346.10 Td (investors. ) Tj ET Q q 0 0 0 rg BT 410.59 346.10 Td (A ) Tj ET Q q 0 0 0 rg BT 421.32 346.10 Td (unified ) Tj ET Q q 0 0 0 rg BT 457.63 346.10 Td (platform ) Tj ET Q q 0 0 0 rg BT 501.91 346.10 Td (will ) Tj ET Q q 0 0 0 rg BT 520.81 346.10 Td (also ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 331.00 Td (allow ) Tj ET Q q 0 0 0 rg BT 100.22 331.00 Td (us ) Tj ET Q q 0 0 0 rg BT 114.05 331.00 Td (to ) Tj ET Q q 0 0 0 rg BT 127.27 331.00 Td (apply ) Tj ET Q q 0 0 0 rg BT 157.09 331.00 Td (our ) Tj ET Q q 0 0 0 rg BT 176.31 331.00 Td (technology ) Tj ET Q q 0 0 0 rg BT 233.54 331.00 Td (advantage ) Tj ET Q q 0 0 0 rg BT 287.58 331.00 Td (to ) Tj ET Q q 0 0 0 rg BT 300.79 331.00 Td (a ) Tj ET Q q 0 0 0 rg BT 309.62 331.00 Td (full ) Tj ET Q q 0 0 0 rg BT 327.24 331.00 Td (suite ) Tj ET Q q 0 0 0 rg BT 353.25 331.00 Td (of ) Tj ET Q q 0 0 0 rg BT 366.08 331.00 Td (products ) Tj ET Q q 0 0 0 rg BT 411.69 331.00 Td (and ) Tj ET Q q 0 0 0 rg BT 433.12 331.00 Td (in ) Tj ET Q q 0 0 0 rg BT 444.94 331.00 Td (the ) Tj ET Q q 0 0 0 rg BT 463.77 331.00 Td (process ) Tj ET Q q 0 0 0 rg BT 503.80 331.00 Td (remove ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 315.85 Td (redundant ) Tj ET Q q 0 0 0 rg BT 124.87 315.85 Td (external ) Tj ET Q q 0 0 0 rg BT 166.73 315.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 194.20 315.85 Td (in ) Tj ET Q q 0 0 0 rg BT 205.86 315.85 Td (the ) Tj ET Q q 0 0 0 rg BT 224.54 315.85 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 279.62 315.85 Td (operation ) Tj ET Q q 0 0 0 rg BT 329.48 315.85 Td (of ) Tj ET Q q 0 0 0 rg BT 342.16 315.85 Td (the ) Tj ET Q q 0 0 0 rg BT 360.84 315.85 Td (business. ) Tj ET Q q 0 0 0 rg BT 407.92 315.85 Td (Importantly, ) Tj ET Q q 0 0 0 rg BT 469.22 315.85 Td (we ) Tj ET Q q 0 0 0 rg BT 486.10 315.85 Td (are ) Tj ET Q q 0 0 0 rg BT 504.17 315.85 Td (still ) Tj ET Q q 0 0 0 rg BT 523.23 315.85 Td (just ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 300.75 Td (scratching ) Tj ET Q q 0 0 0 rg BT 126.46 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 147.53 300.75 Td (surface ) Tj ET Q q 0 0 0 rg BT 187.21 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 202.28 300.75 Td (how ) Tj ET Q q 0 0 0 rg BT 227.95 300.75 Td (business-purpose ) Tj ET Q q 0 0 0 rg BT 317.82 300.75 Td (lending ) Tj ET Q q 0 0 0 rg BT 359.70 300.75 Td (can ) Tj ET Q q 0 0 0 rg BT 381.98 300.75 Td (leverage ) Tj ET Q q 0 0 0 rg BT 429.06 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 450.13 300.75 Td (broader ) Tj ET Q q 0 0 0 rg BT 493.79 300.75 Td (Redwood ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 285.60 Td (platform. ) Tj ET Q q 0 0 0 rg BT 119.19 285.60 Td (To ) Tj ET Q q 0 0 0 rg BT 133.81 285.60 Td (wit: ) Tj ET Q q 0 0 0 rg BT 154.01 285.60 Td (we ) Tj ET Q q 0 0 0 rg BT 171.03 285.60 Td (have ) Tj ET Q q 0 0 0 rg BT 197.07 285.60 Td (begun ) Tj ET Q q 0 0 0 rg BT 231.50 285.60 Td (the ) Tj ET Q q 0 0 0 rg BT 250.32 285.60 Td (process ) Tj ET Q q 0 0 0 rg BT 290.35 285.60 Td (of ) Tj ET Q q 0 0 0 rg BT 303.17 285.60 Td (offering ) Tj ET Q q 0 0 0 rg BT 343.78 285.60 Td (single-family ) Tj ET Q q 0 0 0 rg BT 407.38 285.60 Td (rental ) Tj ET Q q 0 0 0 rg BT 437.78 285.60 Td (loan ) Tj ET Q q 0 0 0 rg BT 461.60 285.60 Td (programs ) Tj ET Q q 0 0 0 rg BT 510.81 285.60 Td (to ) Tj ET Q q 0 0 0 rg BT 524.02 285.60 Td (our ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 270.50 Td (180 ) Tj ET Q q 0 0 0 rg BT 93.80 270.50 Td (residential ) Tj ET Q q 0 0 0 rg BT 147.17 270.50 Td (loan ) Tj ET Q q 0 0 0 rg BT 171.57 270.50 Td (sellers, ) Tj ET Q q 0 0 0 rg BT 208.35 270.50 Td (secured ) Tj ET Q q 0 0 0 rg BT 249.95 270.50 Td (the ) Tj ET Q q 0 0 0 rg BT 269.34 270.50 Td (ability ) Tj ET Q q 0 0 0 rg BT 301.91 270.50 Td (to ) Tj ET Q q 0 0 0 rg BT 315.69 270.50 Td (pledge ) Tj ET Q q 0 0 0 rg BT 353.87 270.50 Td (single-family ) Tj ET Q q 0 0 0 rg BT 418.04 270.50 Td (rental ) Tj ET Q q 0 0 0 rg BT 449.01 270.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 478.01 270.50 Td (on ) Tj ET Q q 0 0 0 rg BT 494.21 270.50 Td (our ) Tj ET Q q 0 0 0 rg BT 513.99 270.50 Td (FHLB ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 255.40 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 124.29 255.40 Td (facility, ) Tj ET Q q 0 0 0 rg BT 160.78 255.40 Td (and ) Tj ET Q q 0 0 0 rg BT 181.90 255.40 Td (lowered ) Tj ET Q q 0 0 0 rg BT 223.60 255.40 Td (our ) Tj ET Q q 0 0 0 rg BT 242.50 255.40 Td (cost ) Tj ET Q q 0 0 0 rg BT 265.21 255.40 Td (of ) Tj ET Q q 0 0 0 rg BT 277.72 255.40 Td (funds ) Tj ET Q q 0 0 0 rg BT 307.03 255.40 Td (through ) Tj ET Q q 0 0 0 rg BT 347.95 255.40 Td (both ) Tj ET Q q 0 0 0 rg BT 373.46 255.40 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 428.18 255.40 Td (lines ) Tj ET Q q 0 0 0 rg BT 452.90 255.40 Td (and ) Tj ET Q q 0 0 0 rg BT 474.02 255.40 Td (securitization. ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 240.25 Td (All ) Tj ET Q q 0 0 0 rg BT 87.61 240.25 Td (told, ) Tj ET Q q 0 0 0 rg BT 112.79 240.25 Td (business ) Tj ET Q q 0 0 0 rg BT 156.80 240.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 199.60 240.25 Td (lending ) Tj ET Q q 0 0 0 rg BT 239.01 240.25 Td (now ) Tj ET Q q 0 0 0 rg BT 262.22 240.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 315.41 240.25 Td (almost ) Tj ET Q q 0 0 0 rg BT 350.40 240.25 Td (30% ) Tj ET Q q 0 0 0 rg BT 374.41 240.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.01 240.25 Td (our ) Tj ET Q q 0 0 0 rg BT 406.01 240.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 439.00 240.25 Td (allocation.) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 216.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 93.35 216.15 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 148.48 216.15 Td (initiative ) Tj ET Q q 0 0 0 rg BT 191.61 216.15 Td (continues ) Tj ET Q q 0 0 0 rg BT 240.78 216.15 Td (to ) Tj ET Q q 0 0 0 rg BT 253.52 216.15 Td (grow ) Tj ET Q q 0 0 0 rg BT 280.46 216.15 Td (and ) Tj ET Q q 0 0 0 rg BT 301.42 216.15 Td (expand ) Tj ET Q q 0 0 0 rg BT 340.18 216.15 Td (and ) Tj ET Q q 0 0 0 rg BT 361.14 216.15 Td (is ) Tj ET Q q 0 0 0 rg BT 371.08 216.15 Td (quickly ) Tj ET Q q 0 0 0 rg BT 407.24 216.15 Td (emerging ) Tj ET Q q 0 0 0 rg BT 456.38 216.15 Td (as ) Tj ET Q q 0 0 0 rg BT 469.34 216.15 Td (a ) Tj ET Q q 0 0 0 rg BT 477.69 216.15 Td (strategic ) Tj ET Q q 0 0 0 rg BT 521.80 216.15 Td (and ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 201.00 Td (complementary ) Tj ET Q q 0 0 0 rg BT 151.13 201.00 Td (facet ) Tj ET Q q 0 0 0 rg BT 178.66 201.00 Td (of ) Tj ET Q q 0 0 0 rg BT 192.19 201.00 Td (our ) Tj ET Q q 0 0 0 rg BT 212.12 201.00 Td (housing ) Tj ET Q q 0 0 0 rg BT 254.26 201.00 Td (finance ) Tj ET Q q 0 0 0 rg BT 292.81 201.00 Td (strategy. ) Tj ET Q q 0 0 0 rg BT 338.52 201.00 Td (Befittingly, ) Tj ET Q q 0 0 0 rg BT 394.22 201.00 Td (we ) Tj ET Q q 0 0 0 rg BT 411.96 201.00 Td (now ) Tj ET Q q 0 0 0 rg BT 436.09 201.00 Td (designate ) Tj ET Q q 0 0 0 rg BT 487.62 201.00 Td (multifamily ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 185.90 Td (investing ) Tj ET Q q 0 0 0 rg BT 117.82 185.90 Td (as ) Tj ET Q q 0 0 0 rg BT 130.65 185.90 Td (a ) Tj ET Q q 0 0 0 rg BT 138.88 185.90 Td (core ) Tj ET Q q 0 0 0 rg BT 162.51 185.90 Td (business ) Tj ET Q q 0 0 0 rg BT 206.14 185.90 Td (at ) Tj ET Q q 0 0 0 rg BT 217.95 185.90 Td (Redwood, ) Tj ET Q q 0 0 0 rg BT 269.79 185.90 Td (with ) Tj ET Q q 0 0 0 rg BT 292.40 185.90 Td (over ) Tj ET Q q 0 0 0 rg BT 316.22 185.90 Td ($475 ) Tj ET Q q 0 0 0 rg BT 342.86 185.90 Td (million ) Tj ET Q q 0 0 0 rg BT 377.49 185.90 Td (of ) Tj ET Q q 0 0 0 rg BT 389.71 185.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 424.11 185.90 Td (invested ) Tj ET Q q 0 0 0 rg BT 467.33 185.90 Td (since ) Tj ET Q q 0 0 0 rg BT 494.36 185.90 Td (2017. ) Tj ET Q q 0 0 0 rg BT 524.01 185.90 Td (We ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 170.80 Td (originate ) Tj ET Q q 0 0 0 rg BT 118.18 170.80 Td (small-balance ) Tj ET Q q 0 0 0 rg BT 187.19 170.80 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 242.79 170.80 Td (loans ) Tj ET Q q 0 0 0 rg BT 271.20 170.80 Td (\(both ) Tj ET Q q 0 0 0 rg BT 299.82 170.80 Td (term ) Tj ET Q q 0 0 0 rg BT 325.59 170.80 Td (and ) Tj ET Q q 0 0 0 rg BT 347.01 170.80 Td (bridge\) ) Tj ET Q q 0 0 0 rg BT 385.00 170.80 Td (in ) Tj ET Q q 0 0 0 rg BT 396.80 170.80 Td (our ) Tj ET Q q 0 0 0 rg BT 416.00 170.80 Td (business-purpose ) Tj ET Q q 0 0 0 rg BT 503.60 170.80 Td (lending ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 155.65 Td (segment ) Tj ET Q q 0 0 0 rg BT 117.48 155.65 Td (- ) Tj ET Q q 0 0 0 rg BT 124.55 155.65 Td (an ) Tj ET Q q 0 0 0 rg BT 139.64 155.65 Td (area ) Tj ET Q q 0 0 0 rg BT 163.72 155.65 Td (of ) Tj ET Q q 0 0 0 rg BT 176.79 155.65 Td (desired ) Tj ET Q q 0 0 0 rg BT 216.06 155.65 Td (growth ) Tj ET Q q 0 0 0 rg BT 253.33 155.65 Td (- ) Tj ET Q q 0 0 0 rg BT 260.40 155.65 Td (however, ) Tj ET Q q 0 0 0 rg BT 306.89 155.65 Td (our ) Tj ET Q q 0 0 0 rg BT 326.36 155.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 361.62 155.65 Td (deployment ) Tj ET Q q 0 0 0 rg BT 423.30 155.65 Td (in ) Tj ET Q q 0 0 0 rg BT 435.37 155.65 Td (traditional ) Tj ET Q q 0 0 0 rg BT 487.62 155.65 Td (multifamily ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 140.55 Td (has ) Tj ET Q q 0 0 0 rg BT 91.71 140.55 Td (been ) Tj ET Q q 0 0 0 rg BT 119.82 140.55 Td (almost ) Tj ET Q q 0 0 0 rg BT 155.30 140.55 Td (exclusively ) Tj ET Q q 0 0 0 rg BT 210.01 140.55 Td (in ) Tj ET Q q 0 0 0 rg BT 222.10 140.55 Td (programs ) Tj ET Q q 0 0 0 rg BT 271.59 140.55 Td (offered ) Tj ET Q q 0 0 0 rg BT 309.69 140.55 Td (by ) Tj ET Q q 0 0 0 rg BT 324.99 140.55 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 365.69 140.55 Td (Mac. ) Tj ET Q q 0 0 0 rg BT 392.61 140.55 Td (To ) Tj ET Q q 0 0 0 rg BT 407.51 140.55 Td (date, ) Tj ET Q q 0 0 0 rg BT 435.81 140.55 Td (we ) Tj ET Q q 0 0 0 rg BT 453.10 140.55 Td (remain ) Tj ET Q q 0 0 0 rg BT 489.40 140.55 Td (one ) Tj ET Q q 0 0 0 rg BT 511.31 140.55 Td (of ) Tj ET Q q 0 0 0 rg BT 524.41 140.55 Td (the ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 125.40 Td (few ) Tj ET Q q 0 0 0 rg BT 91.78 125.40 Td (investors ) Tj ET Q q 0 0 0 rg BT 137.14 125.40 Td (in ) Tj ET Q q 0 0 0 rg BT 148.52 125.40 Td (newly ) Tj ET Q q 0 0 0 rg BT 178.90 125.40 Td (issued ) Tj ET Q q 0 0 0 rg BT 212.08 125.40 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 252.07 125.40 Td (Mac ) Tj ET Q q 0 0 0 rg BT 275.27 125.40 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 330.44 125.40 Td (B-pieces ) Tj ET Q q 0 0 0 rg BT 374.63 125.40 Td (\(first ) Tj ET Q q 0 0 0 rg BT 397.77 125.40 Td (loss ) Tj ET Q q 0 0 0 rg BT 418.75 125.40 Td (credit ) Tj ET Q q 0 0 0 rg BT 448.92 125.40 Td (risk\) ) Tj ET Q q 0 0 0 rg BT 470.49 125.40 Td (that ) Tj ET Q q 0 0 0 rg BT 492.06 125.40 Td (is ) Tj ET Q q 0 0 0 rg BT 502.03 125.40 Td (not ) Tj ET Q q 0 0 0 rg BT 520.81 125.40 Td (also ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 110.30 Td (a ) Tj ET Q q 0 0 0 rg BT 79.65 110.30 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 134.08 110.30 Td (operator. ) Tj ET Q q 0 0 0 rg BT 179.90 110.30 Td (Given ) Tj ET Q q 0 0 0 rg BT 210.15 110.30 Td (recent ) Tj ET Q q 0 0 0 rg BT 242.39 110.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 284.45 110.30 Td (implemented ) Tj ET Q q 0 0 0 rg BT 350.88 110.30 Td (by ) Tj ET Q q 0 0 0 rg BT 364.73 110.30 Td (the ) Tj ET Q q 0 0 0 rg BT 382.37 110.30 Td (FHFA, ) Tj ET Q q 0 0 0 rg BT 414.04 110.30 Td (we ) Tj ET Q q 0 0 0 rg BT 429.88 110.30 Td (are ) Tj ET Q q 0 0 0 rg BT 446.92 110.30 Td (now ) Tj ET Q q 0 0 0 rg BT 469.17 110.30 Td (exploring ) Tj ET Q q 0 0 0 rg BT 516.79 110.30 Td (ways ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 95.20 Td (to ) Tj ET Q q 0 0 0 rg BT 84.99 95.20 Td (expand ) Tj ET Q q 0 0 0 rg BT 124.01 95.20 Td (how ) Tj ET Q q 0 0 0 rg BT 147.22 95.20 Td (we ) Tj ET Q q 0 0 0 rg BT 164.03 95.20 Td (provide ) Tj ET Q q 0 0 0 rg BT 203.82 95.20 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 245.21 95.20 Td (to ) Tj ET Q q 0 0 0 rg BT 258.20 95.20 Td (this ) Tj ET Q q 0 0 0 rg BT 278.00 95.20 Td (rapidly ) Tj ET Q q 0 0 0 rg BT 313.79 95.20 Td (growing ) Tj ET Q q 0 0 0 rg BT 356.17 95.20 Td (market.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 222.80 736.44 Td (S H A R E H O L D E R L E T T E R) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 302.45 21.00 Td (6) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 702.85 Td (While ) Tj ET Q q 0 0 0 rg BT 101.30 702.85 Td (we ) Tj ET Q q 0 0 0 rg BT 117.02 702.85 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 166.32 702.85 Td (most ) Tj ET Q q 0 0 0 rg BT 192.02 702.85 Td (of ) Tj ET Q q 0 0 0 rg BT 203.54 702.85 Td (our ) Tj ET Q q 0 0 0 rg BT 221.45 702.85 Td (investing ) Tj ET Q q 0 0 0 rg BT 266.56 702.85 Td (activities ) Tj ET Q q 0 0 0 rg BT 310.06 702.85 Td (to ) Tj ET Q q 0 0 0 rg BT 321.96 702.85 Td (be ) Tj ET Q q 0 0 0 rg BT 336.48 702.85 Td (driven ) Tj ET Q q 0 0 0 rg BT 368.38 702.85 Td (from ) Tj ET Q q 0 0 0 rg BT 392.49 702.85 Td (within ) Tj ET Q q 0 0 0 rg BT 422.99 702.85 Td (our ) Tj ET Q q 0 0 0 rg BT 440.90 702.85 Td (residential, ) Tj ET Q q 0 0 0 rg BT 495.40 702.85 Td (business-) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 687.75 Td (purpose, ) Tj ET Q q 0 0 0 rg BT 118.47 687.75 Td (and ) Tj ET Q q 0 0 0 rg BT 140.34 687.75 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 196.40 687.75 Td (verticals, ) Tj ET Q q 0 0 0 rg BT 242.06 687.75 Td (we ) Tj ET Q q 0 0 0 rg BT 259.53 687.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 305.01 687.75 Td (to ) Tj ET Q q 0 0 0 rg BT 318.67 687.75 Td (dedicate ) Tj ET Q q 0 0 0 rg BT 364.55 687.75 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 422.02 687.75 Td (resources ) Tj ET Q q 0 0 0 rg BT 471.29 687.75 Td (to ) Tj ET Q q 0 0 0 rg BT 484.95 687.75 Td (other ) Tj ET Q q 0 0 0 rg BT 514.22 687.75 Td (third-) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 672.60 Td (party ) Tj ET Q q 0 0 0 rg BT 99.96 672.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 156.13 672.60 Td (activities. ) Tj ET Q q 0 0 0 rg BT 204.10 672.60 Td (For ) Tj ET Q q 0 0 0 rg BT 223.47 672.60 Td (over ) Tj ET Q q 0 0 0 rg BT 248.05 672.60 Td (a ) Tj ET Q q 0 0 0 rg BT 257.04 672.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 295.39 672.60 Td (century, ) Tj ET Q q 0 0 0 rg BT 337.37 672.60 Td (our ) Tj ET Q q 0 0 0 rg BT 356.74 672.60 Td (role ) Tj ET Q q 0 0 0 rg BT 378.51 672.60 Td (as ) Tj ET Q q 0 0 0 rg BT 392.10 672.60 Td (an ) Tj ET Q q 0 0 0 rg BT 407.09 672.60 Td (active ) Tj ET Q q 0 0 0 rg BT 438.67 672.60 Td (investor ) Tj ET Q q 0 0 0 rg BT 480.04 672.60 Td (and ) Tj ET Q q 0 0 0 rg BT 501.62 672.60 Td (liquidity ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 657.50 Td (provider ) Tj ET Q q 0 0 0 rg BT 115.07 657.50 Td (has ) Tj ET Q q 0 0 0 rg BT 133.96 657.50 Td (been, ) Tj ET Q q 0 0 0 rg BT 164.27 657.50 Td (and ) Tj ET Q q 0 0 0 rg BT 185.16 657.50 Td (will ) Tj ET Q q 0 0 0 rg BT 203.43 657.50 Td (remain, ) Tj ET Q q 0 0 0 rg BT 241.92 657.50 Td (highly ) Tj ET Q q 0 0 0 rg BT 273.61 657.50 Td (relevant ) Tj ET Q q 0 0 0 rg BT 314.69 657.50 Td (to ) Tj ET Q q 0 0 0 rg BT 327.36 657.50 Td (the ) Tj ET Q q 0 0 0 rg BT 345.66 657.50 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 395.93 657.50 Td (capital ) Tj ET Q q 0 0 0 rg BT 430.40 657.50 Td (markets. ) Tj ET Q q 0 0 0 rg BT 473.88 657.50 Td (This ) Tj ET Q q 0 0 0 rg BT 495.96 657.50 Td (effort ) Tj ET Q q 0 0 0 rg BT 524.43 657.50 Td (will ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 642.40 Td (operate ) Tj ET Q q 0 0 0 rg BT 113.18 642.40 Td (in ) Tj ET Q q 0 0 0 rg BT 125.16 642.40 Td (coordination ) Tj ET Q q 0 0 0 rg BT 189.36 642.40 Td (with ) Tj ET Q q 0 0 0 rg BT 212.74 642.40 Td (our ) Tj ET Q q 0 0 0 rg BT 232.12 642.40 Td (other ) Tj ET Q q 0 0 0 rg BT 261.10 642.40 Td (businesses ) Tj ET Q q 0 0 0 rg BT 316.10 642.40 Td (and ) Tj ET Q q 0 0 0 rg BT 337.69 642.40 Td (actively ) Tj ET Q q 0 0 0 rg BT 377.09 642.40 Td (focus ) Tj ET Q q 0 0 0 rg BT 405.89 642.40 Td (on ) Tj ET Q q 0 0 0 rg BT 421.68 642.40 Td (third-party ) Tj ET Q q 0 0 0 rg BT 475.43 642.40 Td (opportunities ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 627.25 Td (that ) Tj ET Q q 0 0 0 rg BT 94.17 627.25 Td (we ) Tj ET Q q 0 0 0 rg BT 111.34 627.25 Td (find ) Tj ET Q q 0 0 0 rg BT 133.11 627.25 Td (attractive, ) Tj ET Q q 0 0 0 rg BT 184.06 627.25 Td (including ) Tj ET Q q 0 0 0 rg BT 231.64 627.25 Td (non-agency ) Tj ET Q q 0 0 0 rg BT 291.65 627.25 Td (RMBS, ) Tj ET Q q 0 0 0 rg BT 326.85 627.25 Td (agency ) Tj ET Q q 0 0 0 rg BT 364.85 627.25 Td (CRT ) Tj ET Q q 0 0 0 rg BT 388.50 627.25 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 425.08 627.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 473.24 627.25 Td (backed ) Tj ET Q q 0 0 0 rg BT 511.83 627.25 Td (by ) Tj ET Q q 0 0 0 rg BT 527.01 627.25 Td (re-) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 612.15 Td (performing ) Tj ET Q q 0 0 0 rg BT 128.49 612.15 Td (loans ) Tj ET Q q 0 0 0 rg BT 156.22 612.15 Td (\(RPLs\), ) Tj ET Q q 0 0 0 rg BT 189.96 612.15 Td (and ) Tj ET Q q 0 0 0 rg BT 210.69 612.15 Td (other ) Tj ET Q q 0 0 0 rg BT 238.81 612.15 Td (investments. ) Tj ET Q q 0 0 0 rg BT 301.72 612.15 Td (Importantly, ) Tj ET Q q 0 0 0 rg BT 362.48 612.15 Td (this ) Tj ET Q q 0 0 0 rg BT 381.79 612.15 Td (vertical ) Tj ET Q q 0 0 0 rg BT 418.70 612.15 Td (also ) Tj ET Q q 0 0 0 rg BT 440.42 612.15 Td (allows ) Tj ET Q q 0 0 0 rg BT 472.54 612.15 Td (us ) Tj ET Q q 0 0 0 rg BT 485.67 612.15 Td (to ) Tj ET Q q 0 0 0 rg BT 498.18 612.15 Td (continue ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 597.00 Td (tracking ) Tj ET Q q 0 0 0 rg BT 114.97 597.00 Td (the ) Tj ET Q q 0 0 0 rg BT 135.17 597.00 Td (pertinent ) Tj ET Q q 0 0 0 rg BT 183.74 597.00 Td (markets ) Tj ET Q q 0 0 0 rg BT 226.12 597.00 Td (and ) Tj ET Q q 0 0 0 rg BT 248.91 597.00 Td (manage ) Tj ET Q q 0 0 0 rg BT 292.52 597.00 Td (our ) Tj ET Q q 0 0 0 rg BT 313.11 597.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 349.48 597.00 Td (both ) Tj ET Q q 0 0 0 rg BT 376.68 597.00 Td (opportunistically ) Tj ET Q q 0 0 0 rg BT 461.04 597.00 Td (and ) Tj ET Q q 0 0 0 rg BT 483.84 597.00 Td (for ) Tj ET Q q 0 0 0 rg BT 501.62 597.00 Td (liquidity ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 581.90 Td (management ) Tj ET Q q 0 0 0 rg BT 138.82 581.90 Td (purposes. ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 557.80 Td (Over ) Tj ET Q q 0 0 0 rg BT 100.17 557.80 Td (the ) Tj ET Q q 0 0 0 rg BT 120.14 557.80 Td (past ) Tj ET Q q 0 0 0 rg BT 144.90 557.80 Td (two ) Tj ET Q q 0 0 0 rg BT 167.05 557.80 Td (years ) Tj ET Q q 0 0 0 rg BT 196.42 557.80 Td (weve ) Tj ET Q q 0 0 0 rg BT 228.61 557.80 Td (made ) Tj ET Q q 0 0 0 rg BT 260.39 557.80 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 318.56 557.80 Td (progress ) Tj ET Q q 0 0 0 rg BT 364.52 557.80 Td (in ) Tj ET Q q 0 0 0 rg BT 377.48 557.80 Td (diversifying ) Tj ET Q q 0 0 0 rg BT 436.64 557.80 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 487.23 557.80 Td (integrating ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 542.65 Td (resources, ) Tj ET Q q 0 0 0 rg BT 122.84 542.65 Td (and ) Tj ET Q q 0 0 0 rg BT 143.28 542.65 Td (positioning ) Tj ET Q q 0 0 0 rg BT 199.51 542.65 Td (Redwoodto ) Tj ET Q q 0 0 0 rg BT 260.94 542.65 Td (grow ) Tj ET Q q 0 0 0 rg BT 287.37 542.65 Td (profitably ) Tj ET Q q 0 0 0 rg BT 335.37 542.65 Td (in ) Tj ET Q q 0 0 0 rg BT 346.20 542.65 Td (the ) Tj ET Q q 0 0 0 rg BT 364.04 542.65 Td (years ) Tj ET Q q 0 0 0 rg BT 391.27 542.65 Td (ahead. ) Tj ET Q q 0 0 0 rg BT 429.33 542.65 Td (Our ) Tj ET Q q 0 0 0 rg BT 450.16 542.65 Td (business ) Tj ET Q q 0 0 0 rg BT 493.40 542.65 Td (segments ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 527.55 Td (now ) Tj ET Q q 0 0 0 rg BT 97.45 527.55 Td (speak ) Tj ET Q q 0 0 0 rg BT 130.71 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 149.14 527.55 Td (production ) Tj ET Q q 0 0 0 rg BT 207.19 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 230.64 527.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 277.07 527.55 Td (generation ) Tj ET Q q 0 0 0 rg BT 334.72 527.55 Td (across ) Tj ET Q q 0 0 0 rg BT 369.77 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 380.62 527.55 Td (compelling ) Tj ET Q q 0 0 0 rg BT 439.68 527.55 Td (suite ) Tj ET Q q 0 0 0 rg BT 467.71 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 482.56 527.55 Td (sectors ) Tj ET Q q 0 0 0 rg BT 521.79 527.55 Td (and ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 512.40 Td (collaborate ) Tj ET Q q 0 0 0 rg BT 127.81 512.40 Td (toward ) Tj ET Q q 0 0 0 rg BT 162.81 512.40 Td (a ) Tj ET Q q 0 0 0 rg BT 170.03 512.40 Td (unifying ) Tj ET Q q 0 0 0 rg BT 209.85 512.40 Td (vision ) Tj ET Q q 0 0 0 rg BT 238.86 512.40 Td (of ) Tj ET Q q 0 0 0 rg BT 250.08 512.40 Td (being ) Tj ET Q q 0 0 0 rg BT 279.50 512.40 Td (one ) Tj ET Q q 0 0 0 rg BT 299.53 512.40 Td (of ) Tj ET Q q 0 0 0 rg BT 310.75 512.40 Td (the ) Tj ET Q q 0 0 0 rg BT 327.97 512.40 Td (markets ) Tj ET Q q 0 0 0 rg BT 368.99 512.40 Td (most ) Tj ET Q q 0 0 0 rg BT 394.40 512.40 Td (innovative ) Tj ET Q q 0 0 0 rg BT 445.23 512.40 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 494.43 512.40 Td (investors. ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 497.30 Td (As ) Tj ET Q q 0 0 0 rg BT 87.03 497.30 Td (we ) Tj ET Q q 0 0 0 rg BT 103.85 497.30 Td (move ) Tj ET Q q 0 0 0 rg BT 133.69 497.30 Td (forward, ) Tj ET Q q 0 0 0 rg BT 176.29 497.30 Td (were ) Tj ET Q q 0 0 0 rg BT 205.32 497.30 Td (committed ) Tj ET Q q 0 0 0 rg BT 260.72 497.30 Td (to ) Tj ET Q q 0 0 0 rg BT 273.73 497.30 Td (serving ) Tj ET Q q 0 0 0 rg BT 311.35 497.30 Td (our ) Tj ET Q q 0 0 0 rg BT 330.36 497.30 Td (mission ) Tj ET Q q 0 0 0 rg BT 369.38 497.30 Td (while ) Tj ET Q q 0 0 0 rg BT 397.39 497.30 Td (generating ) Tj ET Q q 0 0 0 rg BT 453.01 497.30 Td (solid ) Tj ET Q q 0 0 0 rg BT 478.83 497.30 Td (risk-adjusted ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 482.20 Td (returns ) Tj ET Q q 0 0 0 rg BT 108.37 482.20 Td (that ) Tj ET Q q 0 0 0 rg BT 130.17 482.20 Td (can ) Tj ET Q q 0 0 0 rg BT 149.99 482.20 Td (sustainably ) Tj ET Q q 0 0 0 rg BT 205.98 482.20 Td (grow ) Tj ET Q q 0 0 0 rg BT 233.18 482.20 Td (our ) Tj ET Q q 0 0 0 rg BT 252.17 482.20 Td (dividends ) Tj ET Q q 0 0 0 rg BT 301.98 482.20 Td (over ) Tj ET Q q 0 0 0 rg BT 326.18 482.20 Td (time ) Tj ET Q q 0 0 0 rg BT 350.58 482.20 Td (for ) Tj ET Q q 0 0 0 rg BT 366.77 482.20 Td (our ) Tj ET Q q 0 0 0 rg BT 385.77 482.20 Td (shareholders.) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 458.05 Td (We ) Tj ET Q q 0 0 0 rg BT 92.96 458.05 Td (appreciate ) Tj ET Q q 0 0 0 rg BT 149.11 458.05 Td (the ) Tj ET Q q 0 0 0 rg BT 169.67 458.05 Td (trust ) Tj ET Q q 0 0 0 rg BT 195.98 458.05 Td (and ) Tj ET Q q 0 0 0 rg BT 219.15 458.05 Td (commitment ) Tj ET Q q 0 0 0 rg BT 285.09 458.05 Td (exhibited ) Tj ET Q q 0 0 0 rg BT 335.23 458.05 Td (by ) Tj ET Q q 0 0 0 rg BT 351.99 458.05 Td (our ) Tj ET Q q 0 0 0 rg BT 372.94 458.05 Td (long-term ) Tj ET Q q 0 0 0 rg BT 425.66 458.05 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 492.02 458.05 Td (who ) Tj ET Q q 0 0 0 rg BT 517.18 458.05 Td (have ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 442.95 Td (steadfastly ) Tj ET Q q 0 0 0 rg BT 125.64 442.95 Td (supported ) Tj ET Q q 0 0 0 rg BT 178.05 442.95 Td (Redwoods ) Tj ET Q q 0 0 0 rg BT 232.92 442.95 Td (evolution. ) Tj ET Q q 0 0 0 rg BT 283.17 442.95 Td (We ) Tj ET Q q 0 0 0 rg BT 301.61 442.95 Td (look ) Tj ET Q q 0 0 0 rg BT 324.65 442.95 Td (forward ) Tj ET Q q 0 0 0 rg BT 363.66 442.95 Td (to ) Tj ET Q q 0 0 0 rg BT 376.09 442.95 Td (sharing ) Tj ET Q q 0 0 0 rg BT 413.51 442.95 Td (a ) Tj ET Q q 0 0 0 rg BT 421.55 442.95 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 497.21 442.95 Td (overview ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 427.80 Td (of ) Tj ET Q q 0 0 0 rg BT 84.09 427.80 Td (our ) Tj ET Q q 0 0 0 rg BT 102.57 427.80 Td (business ) Tj ET Q q 0 0 0 rg BT 146.07 427.80 Td (segments, ) Tj ET Q q 0 0 0 rg BT 198.16 427.80 Td (a ) Tj ET Q q 0 0 0 rg BT 206.26 427.80 Td (deep ) Tj ET Q q 0 0 0 rg BT 233.95 427.80 Td (dive ) Tj ET Q q 0 0 0 rg BT 256.85 427.80 Td (into ) Tj ET Q q 0 0 0 rg BT 277.93 427.80 Td (recent ) Tj ET Q q 0 0 0 rg BT 310.62 427.80 Td (government ) Tj ET Q q 0 0 0 rg BT 371.90 427.80 Td (actions ) Tj ET Q q 0 0 0 rg BT 408.40 427.80 Td (concerning ) Tj ET Q q 0 0 0 rg BT 464.69 427.80 Td (housing ) Tj ET Q q 0 0 0 rg BT 505.39 427.80 Td (finance ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 412.70 Td (reform ) Tj ET Q q 0 0 0 rg BT 107.36 412.70 Td (and ) Tj ET Q q 0 0 0 rg BT 128.96 412.70 Td (the ) Tj ET Q q 0 0 0 rg BT 147.95 412.70 Td (role ) Tj ET Q q 0 0 0 rg BT 169.73 412.70 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 219.32 412.70 Td (expects ) Tj ET Q q 0 0 0 rg BT 259.91 412.70 Td (to ) Tj ET Q q 0 0 0 rg BT 273.29 412.70 Td (play ) Tj ET Q q 0 0 0 rg BT 296.68 412.70 Td (at ) Tj ET Q q 0 0 0 rg BT 309.25 412.70 Td (our ) Tj ET Q q 0 0 0 rg BT 328.63 412.70 Td (third ) Tj ET Q q 0 0 0 rg BT 354.20 412.70 Td (annual ) Tj ET Q q 0 0 0 rg BT 389.40 412.70 Td (Investor ) Tj ET Q q 0 0 0 rg BT 431.03 412.70 Td (Day, ) Tj ET Q q 0 0 0 rg BT 456.23 412.70 Td (to ) Tj ET Q q 0 0 0 rg BT 469.60 412.70 Td (be ) Tj ET Q q 0 0 0 rg BT 485.59 412.70 Td (held ) Tj ET Q q 0 0 0 rg BT 510.18 412.70 Td (March ) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 397.60 Td (24th ) Tj ET Q q 0 0 0 rg BT 96.61 397.60 Td (in ) Tj ET Q q 0 0 0 rg BT 108.21 397.60 Td (New ) Tj ET Q q 0 0 0 rg BT 133.42 397.60 Td (York ) Tj ET Q q 0 0 0 rg BT 156.82 397.60 Td (City.) Tj ET Q BT /F3 10.80 Tf ET q 0 0 0 rg BT 72.00 349.35 Td (Thank ) Tj ET Q q 0 0 0 rg BT 104.02 349.35 Td (you ) Tj ET Q q 0 0 0 rg BT 124.64 349.35 Td (for ) Tj ET Q q 0 0 0 rg BT 140.83 349.35 Td (your ) Tj ET Q q 0 0 0 rg BT 165.03 349.35 Td (continued ) Tj ET Q q 0 0 0 rg BT 216.45 349.35 Td (support.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F7 10.00 Tf ET q 0 0 0 rg BT 138.60 259.85 Td (Chris) Tj ET Q q 0 0 0 rg BT 158.82 259.85 Td (t) Tj ET Q q 0 0 0 rg BT 162.07 259.85 Td (opher J) Tj ET Q q 0 0 0 rg BT 191.67 259.85 Td (. Aba) Tj ET Q q 0 0 0 rg BT 212.19 259.85 Td (t) Tj ET Q q 0 0 0 rg BT 215.44 259.85 Td (e) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 390.85 259.85 Td (Dashiell I. R) Tj ET Q q 0 0 0 rg BT 437.71 259.85 Td (obinson) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 133.75 246.85 Td (Chie) Tj ET Q q 0 0 0 rg BT 151.56 246.85 Td (f Ex) Tj ET Q q 0 0 0 rg BT 165.91 246.85 Td (ecutiv) Tj ET Q q 0 0 0 rg BT 190.35 246.85 Td (e Of) Tj ET Q q 0 0 0 rg BT 207.16 246.85 Td (ficer) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 411.25 246.85 Td (Pr) Tj ET Q q 0 0 0 rg BT 419.77 246.85 Td (esiden) Tj ET Q q 0 0 0 rg BT 446.34 246.85 Td (t) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 149.44 0 0 54.00 355.75 273.37 cm /I15 Do Q /GS0 gs q 167.00 0 0 52.00 96.00 274.52 cm /I16 Do Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 228.35 736.44 Td (Q U A R T E R L Y R E S U L T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 302.45 21.00 Td (7) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 701.60 Td (F) Tj ET Q q 0 0 0 rg BT 79.46 701.60 Td (our) Tj ET Q q 0 0 0 rg BT 99.84 701.60 Td (th Quar) Tj ET Q q 0 0 0 rg BT 146.09 701.60 Td (ter Highlights) Tj ET Q BT /F6 14.00 Tf ET q 0 0 0 rg BT 226.55 701.60 Td ( ) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 682.10 468.00 -8.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 674.10 468.00 -20.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 654.10 462.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 534.50 654.10 6.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 642.10 270.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 342.50 642.10 192.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 534.50 642.10 6.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 630.10 270.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 342.50 630.10 94.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 436.50 630.10 4.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 440.50 630.10 94.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 534.50 630.10 6.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 682.1 m 72.5 674.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 682.1 m 342.5 682.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 682.1 m 436.5 682.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 682.1 m 440.5 682.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 682.1 m 534.5 682.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 682.1 m 540.5 674.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 682.1 m 540.5 682.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 674.1 m 72.5 654.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 674.1 m 540.5 654.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 654.1 m 72.5 642.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 654.1 m 540.5 642.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 642.1 m 72.5 630.1 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 630.1 m 436.5 630.1 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 630.1 m 440.5 630.1 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 630.1 m 534.5 630.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 642.1 m 540.5 630.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 630.1 m 72.5 618.1 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 630.1 m 436.5 630.1 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 630.1 m 534.5 630.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 630.1 m 540.5 618.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 618.1 m 72.5 614.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 618.1 m 540.5 614.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 614.1 m 72.5 599.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 614.1 m 540.5 599.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 599.1 m 72.5 584.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 599.1 m 540.5 584.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 584.1 m 72.5 568.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 584.1 m 540.5 568.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 568.1 m 72.5 552.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 568.1 m 540.5 552.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 552.1 m 72.5 546.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 552.1 m 540.5 546.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 546.1 m 72.5 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 546.1 m 540.5 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 531.1 m 72.5 516.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 531.1 m 540.5 516.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 516.1 m 72.5 501.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 516.1 m 540.5 501.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 501.1 m 72.5 495.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 501.1 m 540.5 495.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 495.1 m 72.5 480.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 495.1 m 540.5 480.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 480.1 m 72.5 476.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 476.1 m 342.5 476.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 476.1 m 436.5 476.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 476.1 m 440.5 476.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 476.1 m 534.5 476.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 480.1 m 540.5 476.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 476.1 m 540.5 476.1 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 209.70 660.10 Td (K) Tj ET Q q 1 1 1 rg BT 217.10 660.10 Td (e) Tj ET Q q 1 1 1 rg BT 224.02 660.10 Td (y Financial R) Tj ET Q q 1 1 1 rg BT 296.11 660.10 Td (esults and Me) Tj ET Q q 1 1 1 rg BT 377.58 660.10 Td (trics) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 399.00 632.85 Td (Thr) Tj ET Q q 1 1 1 rg BT 411.43 632.85 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 439.97 632.85 Td (ths Ended) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 366.85 620.85 Td (12/31/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 467.15 620.85 Td (9/30/2019) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.00 604.10 Td (E) Tj ET Q q 0 0 0 rg BT 89.80 604.10 Td (arnings per Shar) Tj ET Q q 0 0 0 rg BT 155.71 604.10 Td (e) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 345.00 604.10 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 411.10 604.10 Td (0.38) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 443.00 604.10 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 509.10 604.10 Td (0.31) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 589.10 Td (Cor) Tj ET Q q 0 0 0 rg BT 99.03 589.10 Td (e E) Tj ET Q q 0 0 0 rg BT 111.00 589.10 Td (arnings per Shar) Tj ET Q q 0 0 0 rg BT 176.91 589.10 Td (e \(non-GAAP\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 345.00 589.10 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 411.10 589.10 Td (0.45) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 443.00 589.10 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 509.10 589.10 Td (0.37) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 573.10 Td (R) Tj ET Q q 0 0 0 rg BT 90.34 573.10 Td (e) Tj ET Q q 0 0 0 rg BT 95.20 573.10 Td (turn on E) Tj ET Q q 0 0 0 rg BT 132.38 573.10 Td (quity) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 411.10 573.10 Td (10.9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 428.85 573.10 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 514.15 573.10 Td (8.6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 573.10 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 557.10 Td (Cor) Tj ET Q q 0 0 0 rg BT 99.03 557.10 Td (e R) Tj ET Q q 0 0 0 rg BT 111.54 557.10 Td (e) Tj ET Q q 0 0 0 rg BT 116.40 557.10 Td (turn on E) Tj ET Q q 0 0 0 rg BT 153.57 557.10 Td (quity \(non-GAAP\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 411.10 557.10 Td (13.6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 428.85 557.10 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 509.10 557.10 Td (10.9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 557.10 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 536.10 Td (Book V) Tj ET Q q 0 0 0 rg BT 113.19 536.10 Td (alue per Shar) Tj ET Q q 0 0 0 rg BT 166.52 536.10 Td (e) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 345.00 536.10 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 406.05 536.10 Td (15.98) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 443.00 536.10 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 504.05 536.10 Td (15.92) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 521.10 Td (Dividend per Shar) Tj ET Q q 0 0 0 rg BT 157.23 521.10 Td (e) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 345.00 521.10 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 411.10 521.10 Td (0.30) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 443.00 521.10 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 509.10 521.10 Td (0.30) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 506.10 Td (E) Tj ET Q q 0 0 0 rg BT 89.75 506.10 Td (c) Tj ET Q q 0 0 0 rg BT 93.89 506.10 Td (onomic R) Tj ET Q q 0 0 0 rg BT 131.72 506.10 Td (e) Tj ET Q q 0 0 0 rg BT 136.64 506.10 Td (turn on Book V) Tj ET Q q 0 0 0 rg BT 196.94 506.10 Td (alue ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 216.52 510.87 Td (\(1\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 416.15 506.10 Td (2.3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 428.85 506.10 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 514.15 506.10 Td (1.3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 506.10 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 485.10 Td (R) Tj ET Q q 0 0 0 rg BT 90.25 485.10 Td (ec) Tj ET Q q 0 0 0 rg BT 99.38 485.10 Td (our) Tj ET Q q 0 0 0 rg BT 113.22 485.10 Td (se Le) Tj ET Q q 0 0 0 rg BT 133.50 485.10 Td (v) Tj ET Q q 0 0 0 rg BT 137.92 485.10 Td (er) Tj ET Q q 0 0 0 rg BT 146.17 485.10 Td (ag) Tj ET Q q 0 0 0 rg BT 155.59 485.10 Td (e Ra) Tj ET Q q 0 0 0 rg BT 172.95 485.10 Td (tio ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 186.13 489.87 Td (\(2\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 416.00 485.10 Td (3.1x) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 514.00 485.10 Td (2.7x) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 9.80 0 0 11.74 72.00 452.74 cm /I17 Do Q /GS0 gs q 8.20 0 0 11.74 81.80 452.74 cm /I18 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 455.00 Td (The ) Tj ET Q q 0 0 0 rg BT 113.03 455.00 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 170.28 455.00 Td (of ) Tj ET Q q 0 0 0 rg BT 184.54 455.00 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 233.44 455.00 Td (in ) Tj ET Q q 0 0 0 rg BT 246.68 455.00 Td (October ) Tj ET Q q 0 0 0 rg BT 292.31 455.00 Td (2019 ) Tj ET Q q 0 0 0 rg BT 321.26 455.00 Td (contributed ) Tj ET Q q 0 0 0 rg BT 382.96 455.00 Td (to ) Tj ET Q q 0 0 0 rg BT 397.62 455.00 Td (strong ) Tj ET Q q 0 0 0 rg BT 433.26 455.00 Td (overall ) Tj ET Q q 0 0 0 rg BT 470.34 455.00 Td (results ) Tj ET Q q 0 0 0 rg BT 506.19 455.00 Td (for ) Tj ET Q q 0 0 0 rg BT 524.11 455.00 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 439.35 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 130.04 439.35 Td (as ) Tj ET Q q 0 0 0 rg BT 142.80 439.35 Td (its ) Tj ET Q q 0 0 0 rg BT 156.15 439.35 Td (origination ) Tj ET Q q 0 0 0 rg BT 211.47 439.35 Td (platform ) Tj ET Q q 0 0 0 rg BT 255.56 439.35 Td (helped ) Tj ET Q q 0 0 0 rg BT 292.36 439.35 Td (drive ) Tj ET Q q 0 0 0 rg BT 319.16 439.35 Td (strong ) Tj ET Q q 0 0 0 rg BT 352.69 439.35 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 403.53 439.35 Td (banking ) Tj ET Q q 0 0 0 rg BT 445.22 439.35 Td (income, ) Tj ET Q q 0 0 0 rg BT 486.72 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 507.64 439.35 Td (capital ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 423.75 Td (deployed ) Tj ET Q q 0 0 0 rg BT 140.10 423.75 Td (into ) Tj ET Q q 0 0 0 rg BT 162.28 423.75 Td (business ) Tj ET Q q 0 0 0 rg BT 207.29 423.75 Td (purpose ) Tj ET Q q 0 0 0 rg BT 251.06 423.75 Td (loan ) Tj ET Q q 0 0 0 rg BT 275.29 423.75 Td (\("BPL"\) ) Tj ET Q q 0 0 0 rg BT 314.42 423.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 376.11 423.75 Td (drove ) Tj ET Q q 0 0 0 rg BT 407.47 423.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 442.07 423.75 Td (net ) Tj ET Q q 0 0 0 rg BT 461.20 423.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 500.87 423.75 Td (income. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 408.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 111.17 408.15 Td (results ) Tj ET Q q 0 0 0 rg BT 144.77 408.15 Td (were ) Tj ET Q q 0 0 0 rg BT 170.63 408.15 Td (also ) Tj ET Q q 0 0 0 rg BT 192.42 408.15 Td (bolstered ) Tj ET Q q 0 0 0 rg BT 241.28 408.15 Td (by ) Tj ET Q q 0 0 0 rg BT 255.54 408.15 Td (strong ) Tj ET Q q 0 0 0 rg BT 288.92 408.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 353.89 408.15 Td (from ) Tj ET Q q 0 0 0 rg BT 378.73 408.15 Td (our ) Tj ET Q q 0 0 0 rg BT 397.25 408.15 Td (residential ) Tj ET Q q 0 0 0 rg BT 449.98 408.15 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 500.68 408.15 Td (banking ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 392.50 Td (platform, ) Tj ET Q q 0 0 0 rg BT 138.33 392.50 Td (which ) Tj ET Q q 0 0 0 rg BT 169.99 392.50 Td (saw ) Tj ET Q q 0 0 0 rg BT 191.87 392.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 242.27 392.50 Td (volume ) Tj ET Q q 0 0 0 rg BT 281.89 392.50 Td (and ) Tj ET Q q 0 0 0 rg BT 303.98 392.50 Td (margins ) Tj ET Q q 0 0 0 rg BT 346.22 392.50 Td (during ) Tj ET Q q 0 0 0 rg BT 381.74 392.50 Td (the ) Tj ET Q q 0 0 0 rg BT 401.18 392.50 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 442.39 392.50 Td (as ) Tj ET Q q 0 0 0 rg BT 456.33 392.50 Td (well ) Tj ET Q q 0 0 0 rg BT 479.22 392.50 Td (as ) Tj ET Q q 0 0 0 rg BT 493.16 392.50 Td (improved ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 376.90 Td (returns ) Tj ET Q q 0 0 0 rg BT 127.05 376.90 Td (on ) Tj ET Q q 0 0 0 rg BT 142.75 376.90 Td (our ) Tj ET Q q 0 0 0 rg BT 162.10 376.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 223.61 376.90 Td (from ) Tj ET Q q 0 0 0 rg BT 249.27 376.90 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 294.47 376.90 Td (optimization.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 354.99 cm /I19 Do Q /GS0 gs q 8.20 0 0 11.74 81.80 354.99 cm /I20 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 357.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 111.78 357.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 143.95 357.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 182.41 357.25 Td (results ) Tj ET Q q 0 0 0 rg BT 216.61 357.25 Td (contributed ) Tj ET Q q 0 0 0 rg BT 276.67 357.25 Td (to ) Tj ET Q q 0 0 0 rg BT 289.68 357.25 Td (an ) Tj ET Q q 0 0 0 rg BT 304.35 357.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 347.33 357.25 Td (in ) Tj ET Q q 0 0 0 rg BT 358.93 357.25 Td (book ) Tj ET Q q 0 0 0 rg BT 386.84 357.25 Td (value ) Tj ET Q q 0 0 0 rg BT 415.57 357.25 Td (of ) Tj ET Q q 0 0 0 rg BT 428.19 357.25 Td ($0.06 ) Tj ET Q q 0 0 0 rg BT 458.55 357.25 Td (per ) Tj ET Q q 0 0 0 rg BT 477.88 357.25 Td (share ) Tj ET Q q 0 0 0 rg BT 506.81 357.25 Td (and ) Tj ET Q q 0 0 0 rg BT 528.19 357.25 Td (an ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 341.65 Td (economic ) Tj ET Q q 0 0 0 rg BT 140.60 341.65 Td (return ) Tj ET Q q 0 0 0 rg BT 172.61 341.65 Td (on ) Tj ET Q q 0 0 0 rg BT 187.95 341.65 Td (book ) Tj ET Q q 0 0 0 rg BT 215.72 341.65 Td (value ) Tj ET Q q 0 0 0 rg BT 244.31 341.65 Td (of ) Tj ET Q q 0 0 0 rg BT 256.79 341.65 Td (2.3% ) Tj ET Q q 0 0 0 rg BT 283.95 341.65 Td (for ) Tj ET Q q 0 0 0 rg BT 300.09 341.65 Td (the ) Tj ET Q q 0 0 0 rg BT 318.69 341.65 Td (quarter. ) Tj ET Q q 0 0 0 rg BT 359.05 341.65 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 409.85 341.65 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 503.38 341.65 Td (items) Tj ET Q BT /F3 11.00 Tf ET BT /F3 6.60 Tf ET q 0 0 0 rg BT 529.85 345.50 Td (\(3\)) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 536.95 341.65 Td (, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 326.05 Td (which ) Tj ET Q q 0 0 0 rg BT 120.41 326.05 Td (negatively ) Tj ET Q q 0 0 0 rg BT 173.03 326.05 Td (impacted ) Tj ET Q q 0 0 0 rg BT 221.56 326.05 Td (book ) Tj ET Q q 0 0 0 rg BT 248.92 326.05 Td (value ) Tj ET Q q 0 0 0 rg BT 277.10 326.05 Td (by ) Tj ET Q q 0 0 0 rg BT 291.42 326.05 Td ($0.11 ) Tj ET Q q 0 0 0 rg BT 321.24 326.05 Td (per ) Tj ET Q q 0 0 0 rg BT 340.02 326.05 Td (share, ) Tj ET Q q 0 0 0 rg BT 371.46 326.05 Td (our ) Tj ET Q q 0 0 0 rg BT 390.04 326.05 Td (economic ) Tj ET Q q 0 0 0 rg BT 440.23 326.05 Td (return ) Tj ET Q q 0 0 0 rg BT 471.83 326.05 Td (on ) Tj ET Q q 0 0 0 rg BT 486.77 326.05 Td (book ) Tj ET Q q 0 0 0 rg BT 514.13 326.05 Td (value ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 310.40 Td (was ) Tj ET Q q 0 0 0 rg BT 111.40 310.40 Td (3.0%. ) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 288.54 cm /I21 Do Q /GS0 gs q 8.20 0 0 11.74 81.80 288.54 cm /I22 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 290.80 Td (On ) Tj ET Q q 0 0 0 rg BT 108.98 290.80 Td (February ) Tj ET Q q 0 0 0 rg BT 156.06 290.80 Td (27, ) Tj ET Q q 0 0 0 rg BT 175.05 290.80 Td (2020, ) Tj ET Q q 0 0 0 rg BT 206.27 290.80 Td (we ) Tj ET Q q 0 0 0 rg BT 224.02 290.80 Td (announced ) Tj ET Q q 0 0 0 rg BT 282.55 290.80 Td (a ) Tj ET Q q 0 0 0 rg BT 291.95 290.80 Td (6.7% ) Tj ET Q q 0 0 0 rg BT 320.10 290.80 Td (increase ) Tj ET Q q 0 0 0 rg BT 363.93 290.80 Td (to ) Tj ET Q q 0 0 0 rg BT 377.80 290.80 Td (our ) Tj ET Q q 0 0 0 rg BT 397.79 290.80 Td (regular ) Tj ET Q q 0 0 0 rg BT 435.89 290.80 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 483.15 290.80 Td (dividend ) Tj ET Q q 0 0 0 rg BT 529.83 290.80 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 275.15 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 155.59 275.15 Td (to ) Tj ET Q q 0 0 0 rg BT 168.83 275.15 Td ($0.32 ) Tj ET Q q 0 0 0 rg BT 199.41 275.15 Td (per ) Tj ET Q q 0 0 0 rg BT 218.96 275.15 Td (share ) Tj ET Q q 0 0 0 rg BT 248.10 275.15 Td (for ) Tj ET Q q 0 0 0 rg BT 264.58 275.15 Td (the ) Tj ET Q q 0 0 0 rg BT 283.54 275.15 Td (first ) Tj ET Q q 0 0 0 rg BT 304.48 275.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 343.16 275.15 Td (of ) Tj ET Q q 0 0 0 rg BT 355.99 275.15 Td (2020.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 253.29 cm /I23 Do Q /GS0 gs q 8.20 0 0 11.74 81.80 253.29 cm /I24 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 255.55 Td (We ) Tj ET Q q 0 0 0 rg BT 109.37 255.55 Td (deployed ) Tj ET Q q 0 0 0 rg BT 159.31 255.55 Td ($634 ) Tj ET Q q 0 0 0 rg BT 186.84 255.55 Td (million ) Tj ET Q q 0 0 0 rg BT 222.51 255.55 Td (of ) Tj ET Q q 0 0 0 rg BT 235.36 255.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 270.80 255.55 Td (during ) Tj ET Q q 0 0 0 rg BT 305.84 255.55 Td (the ) Tj ET Q q 0 0 0 rg BT 324.81 255.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 357.21 255.55 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 397.94 255.55 Td (inclusive ) Tj ET Q q 0 0 0 rg BT 442.57 255.55 Td (of ) Tj ET Q q 0 0 0 rg BT 455.42 255.55 Td (the ) Tj ET Q q 0 0 0 rg BT 474.39 255.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 530.22 255.55 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 239.95 Td (CoreVest's ) Tj ET Q q 0 0 0 rg BT 144.51 239.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 194.93 239.95 Td (platform ) Tj ET Q q 0 0 0 rg BT 239.21 239.95 Td (and ) Tj ET Q q 0 0 0 rg BT 260.31 239.95 Td (related ) Tj ET Q q 0 0 0 rg BT 297.27 239.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.96 239.95 Td (assets. ) Tj ET Q q 0 0 0 rg BT 375.11 239.95 Td (Total ) Tj ET Q q 0 0 0 rg BT 401.28 239.95 Td (transaction ) Tj ET Q q 0 0 0 rg BT 457.61 239.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 526.57 239.95 Td (for ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 224.30 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 137.01 224.30 Td (was ) Tj ET Q q 0 0 0 rg BT 157.94 224.30 Td ($492 ) Tj ET Q q 0 0 0 rg BT 185.00 224.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 223.25 224.30 Td (net ) Tj ET Q q 0 0 0 rg BT 241.74 224.30 Td (of ) Tj ET Q q 0 0 0 rg BT 254.11 224.30 Td (in-place ) Tj ET Q q 0 0 0 rg BT 295.62 224.30 Td (financing ) Tj ET Q q 0 0 0 rg BT 342.83 224.30 Td (\(see ) Tj ET Q q 0 0 0 rg BT 365.21 224.30 Td (the ) Tj ET Q q 0 0 0 rg BT 383.70 224.30 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 434.20 224.30 Td (for ) Tj ET Q q 0 0 0 rg BT 450.23 224.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 501.92 224.30 Td (details\).) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 202.44 cm /I25 Do Q /GS0 gs q 8.20 0 0 11.74 81.80 202.44 cm /I26 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 204.70 Td (We ) Tj ET Q q 0 0 0 rg BT 109.62 204.70 Td (purchased ) Tj ET Q q 0 0 0 rg BT 163.88 204.70 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 188.60 204.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 221.86 204.70 Td (and ) Tj ET Q q 0 0 0 rg BT 243.72 204.70 Td (sold ) Tj ET Q q 0 0 0 rg BT 267.61 204.70 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 292.33 204.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 325.59 204.70 Td (of ) Tj ET Q q 0 0 0 rg BT 338.69 204.70 Td (residential ) Tj ET Q q 0 0 0 rg BT 392.50 204.70 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 427.19 204.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 456.18 204.70 Td (during ) Tj ET Q q 0 0 0 rg BT 491.47 204.70 Td (the ) Tj ET Q q 0 0 0 rg BT 510.68 204.70 Td (fourth ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 189.05 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 130.85 189.05 Td (both ) Tj ET Q q 0 0 0 rg BT 157.05 189.05 Td (through ) Tj ET Q q 0 0 0 rg BT 198.94 189.05 Td (whole ) Tj ET Q q 0 0 0 rg BT 231.46 189.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 260.31 189.05 Td (sales ) Tj ET Q q 0 0 0 rg BT 287.33 189.05 Td (and ) Tj ET Q q 0 0 0 rg BT 309.06 189.05 Td (two ) Tj ET Q q 0 0 0 rg BT 330.36 189.05 Td (securitizations. ) Tj ET Q q 0 0 0 rg BT 405.43 189.05 Td (At ) Tj ET Q q 0 0 0 rg BT 419.81 189.05 Td (December ) Tj ET Q q 0 0 0 rg BT 474.54 189.05 Td (31, ) Tj ET Q q 0 0 0 rg BT 493.01 189.05 Td (2019, ) Tj ET Q q 0 0 0 rg BT 523.71 189.05 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 173.45 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 132.78 173.45 Td (of ) Tj ET Q q 0 0 0 rg BT 145.62 173.45 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 180.05 173.45 Td (residential ) Tj ET Q q 0 0 0 rg BT 233.61 173.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 262.34 173.45 Td (identified ) Tj ET Q q 0 0 0 rg BT 312.03 173.45 Td (for ) Tj ET Q q 0 0 0 rg BT 328.52 173.45 Td (purchase ) Tj ET Q q 0 0 0 rg BT 375.80 173.45 Td (was ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 397.19 173.45 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 421.66 173.45 Td (billion) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 451.60 173.45 Td (.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 151.59 cm /I27 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 81.80 153.85 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 153.85 Td (We ) Tj ET Q q 0 0 0 rg BT 110.91 153.85 Td (originated ) Tj ET Q q 0 0 0 rg BT 166.00 153.85 Td ($750 ) Tj ET Q q 0 0 0 rg BT 195.07 153.85 Td (million ) Tj ET Q q 0 0 0 rg BT 232.27 153.85 Td (of ) Tj ET Q q 0 0 0 rg BT 246.65 153.85 Td (business ) Tj ET Q q 0 0 0 rg BT 293.02 153.85 Td (purpose ) Tj ET Q q 0 0 0 rg BT 338.16 153.85 Td (loans ) Tj ET Q q 0 0 0 rg BT 368.44 153.85 Td (across ) Tj ET Q q 0 0 0 rg BT 403.40 153.85 Td (the ) Tj ET Q q 0 0 0 rg BT 423.90 153.85 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 472.91 153.85 Td (and ) Tj ET Q q 0 0 0 rg BT 496.06 153.85 Td (5 ) Tj ET Q q 0 0 0 rg BT 506.78 153.85 Td (Arches ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 138.20 Td (platforms, ) Tj ET Q q 0 0 0 rg BT 143.85 138.20 Td (including ) Tj ET Q q 0 0 0 rg BT 193.25 138.20 Td ($435 ) Tj ET Q q 0 0 0 rg BT 222.09 138.20 Td (million ) Tj ET Q q 0 0 0 rg BT 259.06 138.20 Td (of ) Tj ET Q q 0 0 0 rg BT 273.22 138.20 Td (single-family ) Tj ET Q q 0 0 0 rg BT 339.10 138.20 Td (rental ) Tj ET Q q 0 0 0 rg BT 371.16 138.20 Td (\("SFR"\) ) Tj ET Q q 0 0 0 rg BT 411.43 138.20 Td (loans ) Tj ET Q q 0 0 0 rg BT 441.49 138.20 Td (and ) Tj ET Q q 0 0 0 rg BT 464.41 138.20 Td ($315 ) Tj ET Q q 0 0 0 rg BT 493.25 138.20 Td (million ) Tj ET Q q 0 0 0 rg BT 530.22 138.20 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 122.60 Td (bridge ) Tj ET Q q 0 0 0 rg BT 125.91 122.60 Td (loans. ) Tj ET Q q 0 0 0 rg BT 157.98 122.60 Td (We ) Tj ET Q q 0 0 0 rg BT 177.61 122.60 Td (sold ) Tj ET Q q 0 0 0 rg BT 201.52 122.60 Td ($395 ) Tj ET Q q 0 0 0 rg BT 229.32 122.60 Td (million ) Tj ET Q q 0 0 0 rg BT 265.25 122.60 Td (of ) Tj ET Q q 0 0 0 rg BT 278.37 122.60 Td (SFR ) Tj ET Q q 0 0 0 rg BT 300.46 122.60 Td (loans ) Tj ET Q q 0 0 0 rg BT 329.47 122.60 Td (through ) Tj ET Q q 0 0 0 rg BT 371.51 122.60 Td (one ) Tj ET Q q 0 0 0 rg BT 393.60 122.60 Td (securitization, ) Tj ET Q q 0 0 0 rg BT 464.15 122.60 Td (Redwood's ) Tj ET Q q 0 0 0 rg BT 522.11 122.60 Td (first ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 106.95 Td (SFR ) Tj ET Q q 0 0 0 rg BT 111.81 106.95 Td (securitization ) Tj ET Q q 0 0 0 rg BT 179.02 106.95 Td (since ) Tj ET Q q 0 0 0 rg BT 206.94 106.95 Td (the ) Tj ET Q q 0 0 0 rg BT 225.90 106.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 281.71 106.95 Td (of ) Tj ET Q q 0 0 0 rg BT 294.55 106.95 Td (CoreVest, ) Tj ET Q q 0 0 0 rg BT 345.07 106.95 Td (and ) Tj ET Q q 0 0 0 rg BT 366.68 106.95 Td (CoreVest's ) Tj ET Q q 0 0 0 rg BT 421.69 106.95 Td (10th ) Tj ET Q q 0 0 0 rg BT 446.76 106.95 Td (overall. ) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 85.09 cm /I28 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 81.80 87.35 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 87.35 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 140.19 87.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 192.01 87.35 Td (modestly ) Tj ET Q q 0 0 0 rg BT 242.00 87.35 Td (during ) Tj ET Q q 0 0 0 rg BT 278.92 87.35 Td (the ) Tj ET Q q 0 0 0 rg BT 299.78 87.35 Td (fourth ) Tj ET Q q 0 0 0 rg BT 334.06 87.35 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 376.69 87.35 Td (as ) Tj ET Q q 0 0 0 rg BT 392.04 87.35 Td (we ) Tj ET Q q 0 0 0 rg BT 411.06 87.35 Td (deployed ) Tj ET Q q 0 0 0 rg BT 462.88 87.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 500.22 87.35 Td (into ) Tj ET Q q 0 0 0 rg BT 524.11 87.35 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 71.75 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 137.47 71.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 193.28 71.75 Td (that ) Tj ET Q q 0 0 0 rg BT 215.48 71.75 Td (we ) Tj ET Q q 0 0 0 rg BT 232.60 71.75 Td (had ) Tj ET Q q 0 0 0 rg BT 254.20 71.75 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 320.01 71.75 Td (through ) Tj ET Q q 0 0 0 rg BT 361.78 71.75 Td (the ) Tj ET Q q 0 0 0 rg BT 380.73 71.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 406.98 71.75 Td (quarter-end.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 228.35 736.44 Td (Q U A R T E R L Y R E S U L T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 302.45 21.00 Td (8) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Ne) Tj ET Q q 0 0 0 rg BT 88.54 702.30 Td (w Se) Tj ET Q q 0 0 0 rg BT 116.36 702.30 Td (gment Ov) Tj ET Q q 0 0 0 rg BT 175.30 702.30 Td (er) Tj ET Q q 0 0 0 rg BT 186.99 702.30 Td (vie) Tj ET Q q 0 0 0 rg BT 203.53 702.30 Td (w) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 681.35 Td (In ) Tj ET Q q 0 0 0 rg BT 82.68 681.35 Td (advancing ) Tj ET Q q 0 0 0 rg BT 132.81 681.35 Td (our ) Tj ET Q q 0 0 0 rg BT 150.43 681.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 192.72 681.35 Td (priorities, ) Tj ET Q q 0 0 0 rg BT 238.69 681.35 Td (over ) Tj ET Q q 0 0 0 rg BT 261.38 681.35 Td (the ) Tj ET Q q 0 0 0 rg BT 278.62 681.35 Td (past ) Tj ET Q q 0 0 0 rg BT 300.52 681.35 Td (two ) Tj ET Q q 0 0 0 rg BT 319.89 681.35 Td (years ) Tj ET Q q 0 0 0 rg BT 346.27 681.35 Td (we ) Tj ET Q q 0 0 0 rg BT 361.76 681.35 Td (have ) Tj ET Q q 0 0 0 rg BT 386.02 681.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 432.83 681.35 Td (our ) Tj ET Q q 0 0 0 rg BT 450.45 681.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 483.43 681.35 Td (deployment ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 666.45 Td (across ) Tj ET Q q 0 0 0 rg BT 102.73 666.45 Td (the ) Tj ET Q q 0 0 0 rg BT 119.65 666.45 Td (broader ) Tj ET Q q 0 0 0 rg BT 158.52 666.45 Td (housing ) Tj ET Q q 0 0 0 rg BT 197.41 666.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 225.79 666.45 Td (market, ) Tj ET Q q 0 0 0 rg BT 262.72 666.45 Td (including ) Tj ET Q q 0 0 0 rg BT 307.44 666.45 Td (business ) Tj ET Q q 0 0 0 rg BT 349.06 666.45 Td (purpose ) Tj ET Q q 0 0 0 rg BT 389.49 666.45 Td (lending, ) Tj ET Q q 0 0 0 rg BT 429.55 666.45 Td (through ) Tj ET Q q 0 0 0 rg BT 468.25 666.45 Td (the ) Tj ET Q q 0 0 0 rg BT 485.17 666.45 Td (acquisitions ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 651.55 Td (of ) Tj ET Q q 0 0 0 rg BT 84.95 651.55 Td (5 ) Tj ET Q q 0 0 0 rg BT 94.41 651.55 Td (Arches ) Tj ET Q q 0 0 0 rg BT 129.74 651.55 Td (and ) Tj ET Q q 0 0 0 rg BT 151.06 651.55 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 197.07 651.55 Td (and ) Tj ET Q q 0 0 0 rg BT 218.39 651.55 Td (through ) Tj ET Q q 0 0 0 rg BT 258.96 651.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 307.31 651.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 362.25 651.55 Td (activity ) Tj ET Q q 0 0 0 rg BT 398.52 651.55 Td (in ) Tj ET Q q 0 0 0 rg BT 410.50 651.55 Td (the ) Tj ET Q q 0 0 0 rg BT 429.29 651.55 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 483.84 651.55 Td (sector. ) Tj ET Q q 0 0 0 rg BT 517.98 651.55 Td (With ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 636.65 Td (these ) Tj ET Q q 0 0 0 rg BT 100.05 636.65 Td (new ) Tj ET Q q 0 0 0 rg BT 121.87 636.65 Td (asset ) Tj ET Q q 0 0 0 rg BT 148.16 636.65 Td (classes ) Tj ET Q q 0 0 0 rg BT 183.02 636.65 Td (growing ) Tj ET Q q 0 0 0 rg BT 223.88 636.65 Td (to ) Tj ET Q q 0 0 0 rg BT 236.16 636.65 Td (comprise ) Tj ET Q q 0 0 0 rg BT 281.69 636.65 Td (more ) Tj ET Q q 0 0 0 rg BT 308.56 636.65 Td (significant ) Tj ET Q q 0 0 0 rg BT 358.36 636.65 Td (portions ) Tj ET Q q 0 0 0 rg BT 399.61 636.65 Td (of ) Tj ET Q q 0 0 0 rg BT 411.51 636.65 Td (our ) Tj ET Q q 0 0 0 rg BT 429.63 636.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 463.09 636.65 Td (allocation, ) Tj ET Q q 0 0 0 rg BT 513.90 636.65 Td (in ) Tj ET Q q 0 0 0 rg BT 524.82 636.65 Td (the ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 621.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 103.12 621.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 140.24 621.75 Td (of ) Tj ET Q q 0 0 0 rg BT 152.70 621.75 Td (2019 ) Tj ET Q q 0 0 0 rg BT 179.18 621.75 Td (we ) Tj ET Q q 0 0 0 rg BT 195.72 621.75 Td (reorganized ) Tj ET Q q 0 0 0 rg BT 254.46 621.75 Td (our ) Tj ET Q q 0 0 0 rg BT 273.13 621.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 326.23 621.75 Td (into ) Tj ET Q q 0 0 0 rg BT 347.42 621.75 Td (four ) Tj ET Q q 0 0 0 rg BT 369.21 621.75 Td (business ) Tj ET Q q 0 0 0 rg BT 412.20 621.75 Td (segments. ) Tj ET Q q 0 0 0 rg BT 463.55 621.75 Td (These ) Tj ET Q q 0 0 0 rg BT 494.69 621.75 Td (segments ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 606.80 Td (represent ) Tj ET Q q 0 0 0 rg BT 119.24 606.80 Td (areas ) Tj ET Q q 0 0 0 rg BT 146.67 606.80 Td (of ) Tj ET Q q 0 0 0 rg BT 158.92 606.80 Td (the ) Tj ET Q q 0 0 0 rg BT 177.01 606.80 Td (housing ) Tj ET Q q 0 0 0 rg BT 217.08 606.80 Td (market ) Tj ET Q q 0 0 0 rg BT 252.26 606.80 Td (we ) Tj ET Q q 0 0 0 rg BT 268.60 606.80 Td (operate ) Tj ET Q q 0 0 0 rg BT 308.26 606.80 Td (in ) Tj ET Q q 0 0 0 rg BT 319.54 606.80 Td (through ) Tj ET Q q 0 0 0 rg BT 359.40 606.80 Td (vertically ) Tj ET Q q 0 0 0 rg BT 403.35 606.80 Td (integrated ) Tj ET Q q 0 0 0 rg BT 455.04 606.80 Td (platforms.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 585.90 Td (Each ) Tj ET Q q 0 0 0 rg BT 96.68 585.90 Td (new ) Tj ET Q q 0 0 0 rg BT 118.04 585.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 160.98 585.90 Td (includes ) Tj ET Q q 0 0 0 rg BT 201.58 585.90 Td (all ) Tj ET Q q 0 0 0 rg BT 214.19 585.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 253.84 585.90 Td (and ) Tj ET Q q 0 0 0 rg BT 273.64 585.90 Td (direct ) Tj ET Q q 0 0 0 rg BT 302.38 585.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 343.78 585.90 Td (associated ) Tj ET Q q 0 0 0 rg BT 395.28 585.90 Td (with ) Tj ET Q q 0 0 0 rg BT 416.82 585.90 Td (the ) Tj ET Q q 0 0 0 rg BT 434.09 585.90 Td (origination, ) Tj ET Q q 0 0 0 rg BT 489.65 585.90 Td (acquisition ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 571.00 Td (and ) Tj ET Q q 0 0 0 rg BT 91.89 571.00 Td (management ) Tj ET Q q 0 0 0 rg BT 156.12 571.00 Td (of ) Tj ET Q q 0 0 0 rg BT 167.65 571.00 Td (its ) Tj ET Q q 0 0 0 rg BT 180.31 571.00 Td (associated ) Tj ET Q q 0 0 0 rg BT 231.89 571.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 272.39 571.00 Td (assets. ) Tj ET Q q 0 0 0 rg BT 305.69 571.00 Td (Additionally, ) Tj ET Q q 0 0 0 rg BT 367.00 571.00 Td (we ) Tj ET Q q 0 0 0 rg BT 382.61 571.00 Td (allocate ) Tj ET Q q 0 0 0 rg BT 421.35 571.00 Td (corporate ) Tj ET Q q 0 0 0 rg BT 469.22 571.00 Td (long-term ) Tj ET Q q 0 0 0 rg BT 517.85 571.00 Td (debt ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 556.10 Td (\(previously ) Tj ET Q q 0 0 0 rg BT 127.21 556.10 Td (included ) Tj ET Q q 0 0 0 rg BT 172.89 556.10 Td (in ) Tj ET Q q 0 0 0 rg BT 186.48 556.10 Td (our ) Tj ET Q q 0 0 0 rg BT 207.26 556.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 258.16 556.10 Td (segment\) ) Tj ET Q q 0 0 0 rg BT 306.96 556.10 Td (to ) Tj ET Q q 0 0 0 rg BT 321.90 556.10 Td (each ) Tj ET Q q 0 0 0 rg BT 349.32 556.10 Td (segment, ) Tj ET Q q 0 0 0 rg BT 398.30 556.10 Td (allowing ) Tj ET Q q 0 0 0 rg BT 442.62 556.10 Td (us ) Tj ET Q q 0 0 0 rg BT 458.16 556.10 Td (to ) Tj ET Q q 0 0 0 rg BT 473.10 556.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 517.81 556.10 Td (each ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 541.20 Td (segment's ) Tj ET Q q 0 0 0 rg BT 122.96 541.20 Td (contribution ) Tj ET Q q 0 0 0 rg BT 182.83 541.20 Td (to ) Tj ET Q q 0 0 0 rg BT 195.46 541.20 Td (our ) Tj ET Q q 0 0 0 rg BT 213.93 541.20 Td (overall ) Tj ET Q q 0 0 0 rg BT 247.96 541.20 Td (return ) Tj ET Q q 0 0 0 rg BT 278.85 541.20 Td (on ) Tj ET Q q 0 0 0 rg BT 293.83 541.20 Td (equity. ) Tj ET Q q 0 0 0 rg BT 328.83 541.20 Td (Our ) Tj ET Q q 0 0 0 rg BT 349.83 541.20 Td (four ) Tj ET Q q 0 0 0 rg BT 371.40 541.20 Td (new ) Tj ET Q q 0 0 0 rg BT 393.58 541.20 Td (segments ) Tj ET Q q 0 0 0 rg BT 441.81 541.20 Td (include:) Tj ET Q BT /F8 10.50 Tf ET q 0 0 0 rg BT 72.00 520.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 129.46 520.25 Td (Lending ) Tj ET Q BT /F9 10.50 Tf ET q 0 0 0 rg BT 172.53 520.25 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 181.13 520.25 Td (Comprised ) Tj ET Q q 0 0 0 rg BT 236.19 520.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.88 520.25 Td (our ) Tj ET Q q 0 0 0 rg BT 267.78 520.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 319.33 520.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 368.94 520.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 409.83 520.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 463.15 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 484.20 520.25 Td (investments ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 505.35 Td (created ) Tj ET Q q 0 0 0 rg BT 111.56 505.35 Td (from ) Tj ET Q q 0 0 0 rg BT 137.32 505.35 Td (these ) Tj ET Q q 0 0 0 rg BT 166.98 505.35 Td (activities, ) Tj ET Q q 0 0 0 rg BT 214.51 505.35 Td (including: ) Tj ET Q q 0 0 0 rg BT 264.58 505.35 Td (residential ) Tj ET Q q 0 0 0 rg BT 316.96 505.35 Td (loans ) Tj ET Q q 0 0 0 rg BT 345.65 505.35 Td (financed ) Tj ET Q q 0 0 0 rg BT 389.89 505.35 Td (with ) Tj ET Q q 0 0 0 rg BT 413.51 505.35 Td (the ) Tj ET Q q 0 0 0 rg BT 432.86 505.35 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 462.32 505.35 Td (and ) Tj ET Q q 0 0 0 rg BT 484.20 505.35 Td (investments ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 490.45 Td (retained ) Tj ET Q q 0 0 0 rg BT 113.60 490.45 Td (from ) Tj ET Q q 0 0 0 rg BT 138.10 490.45 Td (our ) Tj ET Q q 0 0 0 rg BT 156.57 490.45 Td (residential ) Tj ET Q q 0 0 0 rg BT 207.69 490.45 Td (loan ) Tj ET Q q 0 0 0 rg BT 230.64 490.45 Td (securitization ) Tj ET Q q 0 0 0 rg BT 294.80 490.45 Td (activities.) Tj ET Q BT /F8 10.50 Tf ET q 0 0 0 rg BT 72.00 469.55 Td (Business ) Tj ET Q q 0 0 0 rg BT 116.03 469.55 Td (Purpose ) Tj ET Q q 0 0 0 rg BT 158.69 469.55 Td (Lending ) Tj ET Q BT /F9 10.50 Tf ET q 0 0 0 rg BT 200.62 469.55 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 208.15 469.55 Td (Comprised ) Tj ET Q q 0 0 0 rg BT 262.14 469.55 Td (of ) Tj ET Q q 0 0 0 rg BT 273.75 469.55 Td (our ) Tj ET Q q 0 0 0 rg BT 291.58 469.55 Td (business ) Tj ET Q q 0 0 0 rg BT 333.73 469.55 Td (purpose ) Tj ET Q q 0 0 0 rg BT 374.70 469.55 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 423.24 469.55 Td (banking ) Tj ET Q q 0 0 0 rg BT 463.06 469.55 Td (operations ) Tj ET Q q 0 0 0 rg BT 515.31 469.55 Td (\(both ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 454.65 Td (5 ) Tj ET Q q 0 0 0 rg BT 79.33 454.65 Td (Arches ) Tj ET Q q 0 0 0 rg BT 112.53 454.65 Td (and ) Tj ET Q q 0 0 0 rg BT 131.73 454.65 Td (CoreVest\), ) Tj ET Q q 0 0 0 rg BT 181.26 454.65 Td (and ) Tj ET Q q 0 0 0 rg BT 200.45 454.65 Td (investments ) Tj ET Q q 0 0 0 rg BT 257.74 454.65 Td (created ) Tj ET Q q 0 0 0 rg BT 294.62 454.65 Td (from ) Tj ET Q q 0 0 0 rg BT 317.69 454.65 Td (these ) Tj ET Q q 0 0 0 rg BT 344.66 454.65 Td (activities, ) Tj ET Q q 0 0 0 rg BT 389.51 454.65 Td (including: ) Tj ET Q q 0 0 0 rg BT 436.90 454.65 Td (SFR ) Tj ET Q q 0 0 0 rg BT 456.29 454.65 Td (securities ) Tj ET Q q 0 0 0 rg BT 501.33 454.65 Td (retained ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 439.70 Td (from ) Tj ET Q q 0 0 0 rg BT 98.63 439.70 Td (CoreVest-sponsored ) Tj ET Q q 0 0 0 rg BT 198.77 439.70 Td (securitizations, ) Tj ET Q q 0 0 0 rg BT 272.45 439.70 Td (SFR ) Tj ET Q q 0 0 0 rg BT 295.40 439.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 324.96 439.70 Td (financed ) Tj ET Q q 0 0 0 rg BT 370.08 439.70 Td (with ) Tj ET Q q 0 0 0 rg BT 394.56 439.70 Td (the ) Tj ET Q q 0 0 0 rg BT 414.79 439.70 Td (FHLB, ) Tj ET Q q 0 0 0 rg BT 448.04 439.70 Td (and ) Tj ET Q q 0 0 0 rg BT 470.79 439.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 531.64 439.70 Td (in ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 424.80 Td (residential ) Tj ET Q q 0 0 0 rg BT 123.12 424.80 Td (and ) Tj ET Q q 0 0 0 rg BT 143.75 424.80 Td (small-balance ) Tj ET Q q 0 0 0 rg BT 210.65 424.80 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 264.51 424.80 Td (bridge ) Tj ET Q q 0 0 0 rg BT 298.52 424.80 Td (loans.) Tj ET Q BT /F8 10.50 Tf ET q 0 0 0 rg BT 72.00 403.90 Td (Multifamily ) Tj ET Q q 0 0 0 rg BT 130.22 403.90 Td (Investments ) Tj ET Q BT /F9 10.50 Tf ET q 0 0 0 rg BT 192.85 403.90 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 201.41 403.90 Td (Comprised ) Tj ET Q q 0 0 0 rg BT 256.43 403.90 Td (of ) Tj ET Q q 0 0 0 rg BT 269.08 403.90 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 323.33 403.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 370.18 403.90 Td (and ) Tj ET Q q 0 0 0 rg BT 391.19 403.90 Td (loans ) Tj ET Q q 0 0 0 rg BT 419.01 403.90 Td (we ) Tj ET Q q 0 0 0 rg BT 435.74 403.90 Td (have ) Tj ET Q q 0 0 0 rg BT 461.24 403.90 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 508.30 403.90 Td (as ) Tj ET Q q 0 0 0 rg BT 521.54 403.90 Td (well ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 389.00 Td (as ) Tj ET Q q 0 0 0 rg BT 84.84 389.00 Td (other ) Tj ET Q q 0 0 0 rg BT 112.65 389.00 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 166.50 389.00 Td (investments.) Tj ET Q BT /F8 10.50 Tf ET q 0 0 0 rg BT 72.00 368.10 Td (Third-Party ) Tj ET Q q 0 0 0 rg BT 131.79 368.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 191.21 368.10 Td (Investments ) Tj ET Q BT /F9 10.50 Tf ET q 0 0 0 rg BT 255.83 368.10 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 266.27 368.10 Td (Comprised ) Tj ET Q q 0 0 0 rg BT 323.16 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.68 368.10 Td (other ) Tj ET Q q 0 0 0 rg BT 367.75 368.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 421.14 368.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 482.12 368.10 Td (not ) Tj ET Q q 0 0 0 rg BT 502.85 368.10 Td (sourced ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 353.15 Td (through ) Tj ET Q q 0 0 0 rg BT 112.71 353.15 Td (our ) Tj ET Q q 0 0 0 rg BT 132.02 353.15 Td (residential ) Tj ET Q q 0 0 0 rg BT 183.98 353.15 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 234.00 353.15 Td (banking ) Tj ET Q q 0 0 0 rg BT 275.30 353.15 Td (activities, ) Tj ET Q q 0 0 0 rg BT 322.41 353.15 Td (including: ) Tj ET Q q 0 0 0 rg BT 372.06 353.15 Td (re-performing ) Tj ET Q q 0 0 0 rg BT 440.92 353.15 Td (loan ) Tj ET Q q 0 0 0 rg BT 464.71 353.15 Td (securities, ) Tj ET Q q 0 0 0 rg BT 514.93 353.15 Td (third-) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 338.25 Td (party ) Tj ET Q q 0 0 0 rg BT 98.82 338.25 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 129.76 338.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 178.39 338.25 Td (CRT ) Tj ET Q q 0 0 0 rg BT 201.01 338.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 247.48 338.25 Td (and ) Tj ET Q q 0 0 0 rg BT 268.10 338.25 Td (legacy ) Tj ET Q q 0 0 0 rg BT 301.36 338.25 Td (securities\), ) Tj ET Q q 0 0 0 rg BT 353.47 338.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.10 338.25 Td (other ) Tj ET Q q 0 0 0 rg BT 401.90 338.25 Td (investments.) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 321.75 234.00 -18.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 321.50 321.75 218.00 -18.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 321.75 m 71.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 321.75 m 305.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 321.75 m 305.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 321.75 m 321.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 321.75 m 539.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 321.75 m 539.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 303.75 m 71.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 303.75 m 305.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 303.75 m 321.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 303.75 m 539.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 295.75 m 71.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 295.75 m 305.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 295.75 m 321.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 295.75 m 539.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 278.75 m 71.5 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 278.75 m 305.5 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 278.75 m 321.5 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 278.75 m 539.5 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 261.75 m 71.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 261.75 m 305.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 261.75 m 321.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 261.75 m 539.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 244.75 m 71.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 244.75 m 305.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 244.75 m 321.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 244.75 m 539.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 227.75 m 71.5 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 227.75 m 305.5 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 227.75 m 321.5 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 227.75 m 539.5 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 210.75 m 71.5 193.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 210.75 m 305.5 193.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 210.75 m 321.5 193.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 210.75 m 539.5 193.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 193.75 m 71.5 176.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 193.75 m 305.5 176.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 193.75 m 321.5 176.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 193.75 m 539.5 176.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 176.75 m 71.5 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 176.75 m 305.5 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 176.75 m 321.5 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 176.75 m 539.5 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 159.75 m 71.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 159.75 m 305.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 159.75 m 321.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 159.75 m 539.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 142.75 m 71.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 142.75 m 305.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 142.75 m 321.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 142.75 m 539.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 129.75 m 71.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 129.75 m 305.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 129.75 m 321.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 129.75 m 539.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 112.75 m 71.5 107.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 112.75 m 305.5 107.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 107.75 m 305.5 107.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 112.75 m 321.5 107.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 112.75 m 539.5 107.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 107.75 m 539.5 107.75 l s BT /F4 13.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 147.05 309.50 Td (Prior Segmen) Tj ET Q q 1 1 1 rg BT 219.22 309.50 Td (ts) Tj ET Q BT /F4 13.00 Tf ET q 1 1 1 rg BT 389.90 309.50 Td (Ne) Tj ET Q q 1 1 1 rg BT 404.94 309.50 Td (w Segmen) Tj ET Q q 1 1 1 rg BT 460.40 309.50 Td (ts) Tj ET Q BT /F5 9.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 74.00 283.57 Td (Mortgage Banking) Tj ET Q BT /F5 9.50 Tf ET q 0 0 0 rg BT 324.00 283.57 Td (Residential Lending) Tj ET Q BT /F10 9.50 Tf ET q 0 0 0 rg BT 80.00 266.57 Td (Residential Mortgage Banking) Tj ET Q BT /F10 9.50 Tf ET q 0 0 0 rg BT 330.00 266.57 Td (Residential Mortgage Banking) Tj ET Q BT /F10 9.50 Tf ET q 0 0 0 rg BT 80.00 249.57 Td (Business Purpose Mortgage Banking) Tj ET Q BT /F10 9.50 Tf ET q 0 0 0 rg BT 330.00 249.57 Td (Residential Lending Investments) Tj ET Q BT /F5 9.50 Tf ET q 0 0 0 rg BT 74.00 215.57 Td (Investment Portfolio) Tj ET Q BT /F5 9.50 Tf ET q 0 0 0 rg BT 324.00 215.57 Td (Business Purpose Lending) Tj ET Q BT /F10 9.50 Tf ET q 0 0 0 rg BT 80.00 198.57 Td (Residential Lending Investments \(Redwood Created\)) Tj ET Q BT /F10 9.50 Tf ET q 0 0 0 rg BT 330.00 198.57 Td (Business Purpose Mortgage Banking) Tj ET Q BT /F10 9.50 Tf ET q 0 0 0 rg BT 80.00 181.57 Td (Business Purpose Lending Investments) Tj ET Q BT /F10 9.50 Tf ET q 0 0 0 rg BT 330.00 181.57 Td (Business Purpose Lending Investments) Tj ET Q BT /F10 9.50 Tf ET q 0 0 0 rg BT 80.00 164.57 Td (Multifamily Investments) Tj ET Q BT /F10 9.50 Tf ET q 0 0 0 rg BT 80.00 147.57 Td (Third-Party Residential Investments) Tj ET Q BT /F5 9.50 Tf ET q 0 0 0 rg BT 324.00 147.57 Td (Multifamily Investments) Tj ET Q BT /F5 9.50 Tf ET q 0 0 0 rg BT 324.00 117.57 Td (Third-Party Residential Investments) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 8.91 0 0 10.76 72.00 86.00 cm /I29 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.91 88.05 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 88.05 Td (Refer to the Capital Allocations section later in this document for additional details on the capital ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.00 73.85 Td (allocations and investments within each of our segments.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 228.35 736.44 Td (Q U A R T E R L Y R E S U L T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 302.45 21.00 Td (9) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 67.50 702.30 Td (Quar) Tj ET Q q 0 0 0 rg BT 97.63 702.30 Td (terly Ear) Tj ET Q q 0 0 0 rg BT 148.39 702.30 Td (nings and ) Tj ET Q q 0 0 0 rg BT 207.89 702.30 Td (Analysis) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 67.50 680.65 Td (Below ) Tj ET Q q 0 0 0 rg BT 100.29 680.65 Td (we ) Tj ET Q q 0 0 0 rg BT 117.00 680.65 Td (present ) Tj ET Q q 0 0 0 rg BT 156.50 680.65 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 189.11 680.65 Td (net ) Tj ET Q q 0 0 0 rg BT 207.63 680.65 Td (income ) Tj ET Q q 0 0 0 rg BT 246.35 680.65 Td (and ) Tj ET Q q 0 0 0 rg BT 267.54 680.65 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 322.56 680.65 Td (core ) Tj ET Q q 0 0 0 rg BT 346.60 680.65 Td (earnings ) Tj ET Q q 0 0 0 rg BT 391.20 680.65 Td (for ) Tj ET Q q 0 0 0 rg BT 407.27 680.65 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 425.81 680.65 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 455.14 680.65 Td ( ) Tj ET Q q 0 0 0 rg BT 457.78 680.65 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 478.97 680.65 Td (third) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 501.56 680.65 Td ( ) Tj ET Q q 0 0 0 rg BT 504.21 680.65 Td (quarters ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 67.50 665.05 Td (of ) Tj ET Q q 0 0 0 rg BT 80.34 665.05 Td (2019. ) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 68.00 652.55 349.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 417.00 652.55 58.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 475.00 652.55 6.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 481.00 652.55 58.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 539.00 652.55 6.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 68.00 648.55 477.00 -18.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 68.00 630.55 477.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 68.00 619.55 223.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 291.00 619.55 248.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 539.00 619.55 6.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 68.00 608.55 223.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 291.00 608.55 58.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 349.00 608.55 4.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 353.00 608.55 58.00 -11.00 re f /GS0 gs 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/GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 488.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 488.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 488.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 488.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 473.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 473.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 473.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 473.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 458.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 458.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 458.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 458.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 443.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 443.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 443.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 443.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 428.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 428.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 428.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 428.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 413.55 58.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 413.55 6.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 413.55 58.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 413.55 6.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 409.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 409.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 409.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 409.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 394.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 394.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 394.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 394.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 379.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 379.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 379.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 379.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 364.55 58.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 364.55 6.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 364.55 58.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 364.55 6.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 360.55 58.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 360.55 6.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 360.55 58.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 360.55 6.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 346.55 58.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 346.55 6.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 346.55 58.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 346.55 6.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 342.55 58.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 342.55 6.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 342.55 58.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 342.55 6.00 -14.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 68.00 308.55 349.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 417.00 308.55 58.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 475.00 308.55 6.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 481.00 308.55 58.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 539.00 308.55 6.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 68.00 304.55 477.00 -18.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 68.00 286.55 477.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 68.00 275.55 223.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 291.00 275.55 254.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 68.00 264.55 223.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 291.00 264.55 58.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 349.00 264.55 4.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 353.00 264.55 58.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 411.00 264.55 6.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 417.00 264.55 58.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 475.00 264.55 6.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 481.00 264.55 58.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 539.00 264.55 6.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 68.00 253.55 223.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 291.00 253.55 58.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 349.00 253.55 4.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 353.00 253.55 58.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 411.00 253.55 6.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 417.00 253.55 58.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 475.00 253.55 6.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 481.00 253.55 58.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 539.00 253.55 6.00 -11.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 242.55 58.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 242.55 6.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 242.55 58.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 242.55 6.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 238.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 238.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 238.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 238.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 223.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 223.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 223.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 223.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 208.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 208.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 208.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 208.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 193.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 193.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 193.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 193.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 178.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 178.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 178.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 178.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 417.00 163.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.00 163.55 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 481.00 163.55 58.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 539.00 163.55 6.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 652.55 m 68 648.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 652.55 m 291 652.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 652.55 m 349 652.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 652.55 m 353 652.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 652.55 m 411 652.55 l s 0 0 0 RG /GS0 gs 1.00 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608.55 m 411 608.55 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 608.55 m 417 608.55 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 608.55 m 475 608.55 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 608.55 m 481 608.55 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 608.55 m 539 608.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 619.55 m 545 608.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 608.55 m 68 597.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 608.55 m 545 597.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 597.55 m 68 586.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 597.55 m 545 586.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 586.55 m 68 582.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 586.55 m 545 582.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 582.55 m 68 567.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 582.55 m 545 567.55 l s 0 0 0 RG 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345.54999999999995 m 539 345.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 360.54999999999995 m 545 346.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 360.54999999999995 m 545 360.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 347.54999999999995 m 545 347.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 345.54999999999995 m 545 345.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 346.54999999999995 m 68 342.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 346.54999999999995 m 545 342.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 342.54999999999995 m 68 328.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 342.54999999999995 m 291 342.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 328.54999999999995 m 291 328.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 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308.54999999999995 m 411 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 308.54999999999995 m 417 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 308.54999999999995 m 475 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 308.54999999999995 m 481 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 308.54999999999995 m 539 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 308.54999999999995 m 545 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 308.54999999999995 m 68 304.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 308.54999999999995 m 291 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 308.54999999999995 m 349 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 308.54999999999995 m 353 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 308.54999999999995 m 411 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 308.54999999999995 m 417 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 308.54999999999995 m 475 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 308.54999999999995 m 481 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 308.54999999999995 m 539 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 308.54999999999995 m 545 304.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 308.54999999999995 m 545 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 304.54999999999995 m 68 286.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 304.54999999999995 m 545 286.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 286.54999999999995 m 68 275.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 286.54999999999995 m 545 275.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 275.54999999999995 m 68 264.54999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 264.54999999999995 m 349 264.54999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 264.54999999999995 m 353 264.54999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 264.54999999999995 m 411 264.54999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 264.54999999999995 m 417 264.54999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 264.54999999999995 m 475 264.54999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 264.54999999999995 m 481 264.54999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 264.54999999999995 m 539 264.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 275.54999999999995 m 545 264.54999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 264.54999999999995 m 545 264.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 264.54999999999995 m 68 253.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 264.54999999999995 m 545 253.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 253.54999999999995 m 68 242.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 253.54999999999995 m 545 242.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 242.54999999999995 m 68 238.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 242.54999999999995 m 545 238.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 238.54999999999995 m 68 223.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 238.54999999999995 m 545 223.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 223.54999999999995 m 68 208.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 223.54999999999995 m 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149.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 147.54999999999995 m 539 147.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 545 163.54999999999995 m 545 148.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 163.54999999999995 m 545 163.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 149.54999999999995 m 545 149.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 147.54999999999995 m 545 147.54999999999995 l s BT /F4 13.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 177.75 636.30 Td (GAAP Ne) Tj ET Q q 1 1 1 rg BT 226.71 636.30 Td (t Inc) Tj ET Q q 1 1 1 rg BT 249.96 636.30 Td (ome and Non-GAAP Cor) Tj ET Q q 1 1 1 rg BT 379.11 636.30 Td (e E) Tj ET Q q 1 1 1 rg BT 394.77 636.30 Td (arnings) Tj ET Q BT /F7 8.50 Tf ET q 1 1 1 rg BT 243.50 621.67 Td (\($ in millions, e) Tj ET Q q 1 1 1 rg BT 295.72 621.67 Td (x) Tj ET Q q 1 1 1 rg BT 299.24 621.67 Td (cep) Tj ET Q q 1 1 1 rg BT 311.42 621.67 Td (t per shar) Tj ET Q q 1 1 1 rg BT 344.52 621.67 Td (e da) Tj ET Q q 1 1 1 rg BT 359.11 621.67 Td (t) Tj ET Q q 1 1 1 rg BT 361.87 621.67 Td (a\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 375.50 610.30 Td (Thr) Tj ET Q q 1 1 1 rg BT 387.93 610.30 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 416.47 610.30 Td (ths Ended) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 297.35 599.30 Td (12/31/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 361.65 599.30 Td (9/30/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 423.35 599.30 Td (12/31/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 489.65 599.30 Td (9/30/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 308.75 588.30 Td (GAAP) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 370.75 588.30 Td (GAAP) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 436.85 588.30 Td (Cor) Tj ET Q q 1 1 1 rg BT 449.60 588.30 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 500.85 588.30 Td (Cor) Tj ET Q q 1 1 1 rg BT 513.60 588.30 Td (e) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 80.50 572.55 Td (Ne) Tj ET Q q 0 0 0 rg BT 91.90 572.55 Td (t in) Tj ET Q q 0 0 0 rg BT 104.99 572.55 Td (t) Tj ET Q q 0 0 0 rg BT 108.24 572.55 Td (er) Tj ET Q q 0 0 0 rg BT 116.58 572.55 Td (es) Tj ET Q q 0 0 0 rg BT 125.35 572.55 Td (t inc) Tj ET Q q 0 0 0 rg BT 142.64 572.55 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 92.50 557.55 Td (Fr) Tj ET Q q 0 0 0 rg BT 100.50 557.55 Td (om in) Tj ET Q q 0 0 0 rg BT 123.41 557.55 Td (v) Tj ET Q q 0 0 0 rg BT 127.79 557.55 Td (es) Tj ET Q q 0 0 0 rg BT 136.57 557.55 Td (tmen) Tj ET Q q 0 0 0 rg BT 158.04 557.55 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 293.50 557.55 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.20 557.55 Td (38) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 355.50 557.55 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.20 557.55 Td (28) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 419.50 557.55 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 461.20 557.55 Td (28) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 483.50 557.55 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 525.20 557.55 Td (25) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 92.50 542.55 Td (Fr) Tj ET Q q 0 0 0 rg BT 100.42 542.55 Td (om mortg) Tj ET Q q 0 0 0 rg BT 140.56 542.55 Td (ag) Tj ET Q q 0 0 0 rg BT 149.98 542.55 Td (e banking activities) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 340.25 542.55 Td (7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 402.25 542.55 Td (6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 466.25 542.55 Td (7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 530.25 542.55 Td (6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 80.50 527.55 Td (T) Tj ET Q q 0 0 0 rg BT 84.93 527.55 Td (ot) Tj ET Q q 0 0 0 rg BT 93.05 527.55 Td (al ne) Tj ET Q q 0 0 0 rg BT 112.53 527.55 Td (t in) Tj ET Q q 0 0 0 rg BT 125.62 527.55 Td (t) Tj ET Q q 0 0 0 rg BT 128.87 527.55 Td (er) Tj ET Q q 0 0 0 rg BT 137.21 527.55 Td (es) Tj ET Q q 0 0 0 rg BT 145.98 527.55 Td (t inc) Tj ET Q q 0 0 0 rg BT 163.27 527.55 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.20 527.55 Td (45) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.20 527.55 Td (34) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 461.20 527.55 Td (35) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 525.20 527.55 Td (31) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 80.50 508.55 Td (Non-in) Tj ET Q q 0 0 0 rg BT 108.05 508.55 Td (t) Tj ET Q q 0 0 0 rg BT 111.30 508.55 Td (er) Tj ET Q q 0 0 0 rg BT 119.64 508.55 Td (es) Tj ET Q q 0 0 0 rg BT 128.40 508.55 Td (t inc) Tj ET Q q 0 0 0 rg BT 145.69 508.55 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 95.50 493.55 Td (R) Tj ET Q q 0 0 0 rg BT 100.84 493.55 Td (esiden) Tj ET Q q 0 0 0 rg BT 127.37 493.55 Td (tial mortg) Tj ET Q q 0 0 0 rg BT 167.03 493.55 Td (ag) Tj ET Q q 0 0 0 rg BT 176.39 493.55 Td (e banking) Tj ET Q q 0 0 0 rg BT 215.74 493.55 Td (, ne) Tj ET Q q 0 0 0 rg BT 230.76 493.55 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.20 493.55 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 402.25 493.55 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 461.20 493.55 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 530.25 493.55 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 95.50 478.55 Td (Business purpose mortg) Tj ET Q q 0 0 0 rg BT 193.09 478.55 Td (ag) Tj ET Q q 0 0 0 rg BT 202.46 478.55 Td (e banking) Tj ET Q q 0 0 0 rg BT 241.81 478.55 Td (, ne) Tj ET Q q 0 0 0 rg BT 256.82 478.55 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.20 478.55 Td (30) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 402.25 478.55 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 461.20 478.55 Td (30) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 530.25 478.55 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 95.50 463.55 Td (In) Tj ET Q q 0 0 0 rg BT 103.19 463.55 Td (v) Tj ET Q q 0 0 0 rg BT 107.58 463.55 Td (es) Tj ET Q q 0 0 0 rg BT 116.36 463.55 Td (tmen) Tj ET Q q 0 0 0 rg BT 137.82 463.55 Td (t f) Tj ET Q q 0 0 0 rg BT 146.34 463.55 Td (air v) Tj ET Q q 0 0 0 rg BT 163.52 463.55 Td (alue chang) Tj ET Q q 0 0 0 rg BT 207.21 463.55 Td (es, ne) Tj ET Q q 0 0 0 rg BT 231.02 463.55 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 340.25 463.55 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.20 463.55 Td (11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 462.25 463.55 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.25 463.55 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 95.50 448.55 Td (Other inc) Tj ET Q q 0 0 0 rg BT 133.18 448.55 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 166.34 448.55 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 340.25 448.55 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 402.25 448.55 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 466.25 448.55 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 530.25 448.55 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 95.50 433.55 Td (R) Tj ET Q q 0 0 0 rg BT 100.75 433.55 Td (ealiz) Tj ET Q q 0 0 0 rg BT 118.83 433.55 Td (ed g) Tj ET Q q 0 0 0 rg BT 135.85 433.55 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 167.03 433.55 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 340.25 433.55 Td (6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 402.25 433.55 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 461.20 433.55 Td (23) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 525.20 433.55 Td (25) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 80.50 418.55 Td (T) Tj ET Q q 0 0 0 rg BT 84.93 418.55 Td (ot) Tj ET Q q 0 0 0 rg BT 93.05 418.55 Td (al non-in) Tj ET Q q 0 0 0 rg BT 128.68 418.55 Td (t) Tj ET Q q 0 0 0 rg BT 131.93 418.55 Td (er) Tj ET Q q 0 0 0 rg BT 140.27 418.55 Td (es) Tj ET Q q 0 0 0 rg BT 149.03 418.55 Td (t inc) Tj ET Q q 0 0 0 rg BT 166.32 418.55 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 199.48 418.55 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.20 418.55 Td (58) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.20 418.55 Td (30) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 461.20 418.55 Td (74) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 525.20 418.55 Td (38) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 80.50 399.55 Td (Gener) Tj ET Q q 0 0 0 rg BT 105.40 399.55 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 163.93 399.55 Td (tr) Tj ET Q q 0 0 0 rg BT 170.61 399.55 Td (a) Tj ET Q q 0 0 0 rg BT 175.25 399.55 Td (tiv) Tj ET Q q 0 0 0 rg BT 185.31 399.55 Td (e e) Tj ET Q q 0 0 0 rg BT 197.40 399.55 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 332.15 399.55 Td (\(42) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 345.35 399.55 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 394.15 399.55 Td (\(27) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 407.35 399.55 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.15 399.55 Td (\(41) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 471.35 399.55 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 522.15 399.55 Td (\(25) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 535.35 399.55 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 80.50 384.55 Td (Other e) Tj ET Q q 0 0 0 rg BT 111.35 384.55 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 337.20 384.55 Td (\(7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 345.35 384.55 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 399.20 384.55 Td (\(3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 407.35 384.55 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 462.25 384.55 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.25 384.55 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 80.50 369.55 Td (Pr) Tj ET Q q 0 0 0 rg BT 89.07 369.55 Td (o) Tj ET Q q 0 0 0 rg BT 94.24 369.55 Td (vision f) Tj ET Q q 0 0 0 rg BT 122.97 369.55 Td (or inc) Tj ET Q q 0 0 0 rg BT 145.62 369.55 Td (ome t) Tj ET Q q 0 0 0 rg BT 169.37 369.55 Td (a) Tj ET Q q 0 0 0 rg BT 174.05 369.55 Td (x) Tj ET Q q 0 0 0 rg BT 178.21 369.55 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 337.20 369.55 Td (\(4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 345.35 369.55 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 398.25 369.55 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 463.20 369.55 Td (\(7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 471.35 369.55 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.25 369.55 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 80.50 350.55 Td (E) Tj ET Q q 0 0 0 rg BT 85.31 350.55 Td (arnings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 293.50 350.55 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 335.20 350.55 Td (49) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 355.50 350.55 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.20 350.55 Td (34) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 419.50 350.55 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 461.20 350.55 Td (61) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 483.50 350.55 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 525.20 350.55 Td (43) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 80.50 332.55 Td (E) Tj ET Q q 0 0 0 rg BT 85.31 332.55 Td (arnings per dilut) Tj ET Q q 0 0 0 rg BT 153.18 332.55 Td (ed c) Tj ET Q q 0 0 0 rg BT 169.94 332.55 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 222.36 332.55 Td (e) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 293.50 332.55 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 327.45 332.55 Td (0.38) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 355.50 332.55 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 389.45 332.55 Td (0.31) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 419.50 332.55 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 453.45 332.55 Td (0.45) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 483.50 332.55 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 517.45 332.55 Td (0.37) Tj ET Q BT /F4 13.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 144.60 292.30 Td (GAAP Ne) Tj ET Q q 1 1 1 rg BT 193.52 292.30 Td (t Inc) Tj ET Q q 1 1 1 rg BT 216.78 292.30 Td (ome and Non-GAAP Cor) Tj ET Q q 1 1 1 rg BT 345.88 292.30 Td (e E) Tj ET Q q 1 1 1 rg BT 361.54 292.30 Td (arnings b) Tj ET Q q 1 1 1 rg BT 410.92 292.30 Td (y Segmen) Tj ET Q q 1 1 1 rg BT 462.84 292.30 Td (t) Tj ET Q BT /F7 8.50 Tf ET q 1 1 1 rg BT 282.70 277.67 Td (\($ in millions\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 378.50 266.30 Td (Thr) Tj ET Q q 1 1 1 rg BT 390.93 266.30 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 419.47 266.30 Td (ths Ended) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 297.35 255.30 Td (12/31/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 361.65 255.30 Td (9/30/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 423.35 255.30 Td (12/31/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 489.65 255.30 Td (9/30/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 308.75 244.30 Td (GAAP) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 370.75 244.30 Td (GAAP) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 436.85 244.30 Td (Cor) Tj ET Q q 1 1 1 rg BT 449.60 244.30 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 500.85 244.30 Td (Cor) Tj ET Q q 1 1 1 rg BT 513.55 244.30 Td (e) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 80.50 228.55 Td (R) Tj ET Q q 0 0 0 rg BT 85.84 228.55 Td (esiden) Tj ET Q q 0 0 0 rg BT 112.37 228.55 Td (tial Lending) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 293.50 228.55 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.20 228.55 Td (16) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 355.50 228.55 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 402.25 228.55 Td (9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 419.50 228.55 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 461.20 228.55 Td (20) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 483.50 228.55 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 525.20 228.55 Td (14) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 80.50 213.55 Td (Business Purpose Lending) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.20 213.55 Td (19) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 399.20 213.55 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 407.35 213.55 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 461.20 213.55 Td (24) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 530.25 213.55 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 80.50 198.55 Td (Multif) Tj ET Q q 0 0 0 rg BT 105.20 198.55 Td (amily In) Tj ET Q q 0 0 0 rg BT 136.95 198.55 Td (v) Tj ET Q q 0 0 0 rg BT 141.33 198.55 Td (es) Tj ET Q q 0 0 0 rg BT 150.11 198.55 Td (tmen) Tj ET Q q 0 0 0 rg BT 171.58 198.55 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.20 198.55 Td (11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.20 198.55 Td (10) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 466.25 198.55 Td (7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 525.20 198.55 Td (16) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 80.50 183.55 Td (Thir) Tj ET Q q 0 0 0 rg BT 96.27 183.55 Td (d-P) Tj ET Q q 0 0 0 rg BT 109.54 183.55 Td (arty R) Tj ET Q q 0 0 0 rg BT 133.21 183.55 Td (esiden) Tj ET Q q 0 0 0 rg BT 159.78 183.55 Td (tial In) Tj ET Q q 0 0 0 rg BT 182.38 183.55 Td (v) Tj ET Q q 0 0 0 rg BT 186.79 183.55 Td (es) Tj ET Q q 0 0 0 rg BT 195.57 183.55 Td (tmen) Tj ET Q q 0 0 0 rg BT 217.04 183.55 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.20 183.55 Td (21) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.20 183.55 Td (29) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 461.20 183.55 Td (24) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 525.20 183.55 Td (23) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 86.50 168.55 Td (Corpor) Tj ET Q q 0 0 0 rg BT 114.40 168.55 Td (a) Tj ET Q q 0 0 0 rg BT 119.10 168.55 Td (t) Tj ET Q q 0 0 0 rg BT 122.34 168.55 Td (e) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 332.15 168.55 Td (\(18) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 345.35 168.55 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 394.15 168.55 Td (\(13) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 407.35 168.55 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.15 168.55 Td (\(15) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 471.35 168.55 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 522.15 168.55 Td (\(11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 535.35 168.55 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 80.50 153.55 Td (E) Tj ET Q q 0 0 0 rg BT 85.25 153.55 Td (arnings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 293.50 153.55 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 335.20 153.55 Td (49) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 355.50 153.55 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.20 153.55 Td (34) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 419.50 153.55 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 461.20 153.55 Td (61) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 483.50 153.55 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 525.20 153.55 Td (43) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 23 0 obj <> endobj 24 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 228.35 736.44 Td (Q U A R T E R L Y R E S U L T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (10) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 67.50 702.30 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 118.97 702.30 Td (of ) Tj ET Q q 0 0 0 rg BT 134.96 702.30 Td (Ear) Tj ET Q q 0 0 0 rg BT 155.25 702.30 Td (nings) Tj ET Q /GS0 gs q 8.91 0 0 12.00 67.50 677.97 cm /I30 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 76.41 680.65 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 680.65 Td (Business ) Tj ET Q q 0 0 0 rg BT 129.12 680.65 Td (purpose ) Tj ET Q q 0 0 0 rg BT 171.29 680.65 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 221.39 680.65 Td (banking ) Tj ET Q q 0 0 0 rg BT 262.36 680.65 Td (activities ) Tj ET Q q 0 0 0 rg BT 306.36 680.65 Td (improved ) Tj ET Q q 0 0 0 rg BT 354.84 680.65 Td (in ) Tj ET Q q 0 0 0 rg BT 365.24 680.65 Td (the ) Tj ET Q q 0 0 0 rg BT 382.77 680.65 Td (fourth ) Tj ET Q q 0 0 0 rg BT 413.74 680.65 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 453.04 680.65 Td (as ) Tj ET Q q 0 0 0 rg BT 465.07 680.65 Td (new ) Tj ET Q q 0 0 0 rg BT 486.89 680.65 Td (originations ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 665.05 Td (from ) Tj ET Q q 0 0 0 rg BT 111.33 665.05 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 158.96 665.05 Td (increased ) Tj ET Q q 0 0 0 rg BT 209.05 665.05 Td (volume ) Tj ET Q q 0 0 0 rg BT 248.35 665.05 Td (meaningfully ) Tj ET Q q 0 0 0 rg BT 314.33 665.05 Td (in ) Tj ET Q q 0 0 0 rg BT 326.31 665.05 Td (addition ) Tj ET Q q 0 0 0 rg BT 370.28 665.05 Td (to ) Tj ET Q q 0 0 0 rg BT 383.68 665.05 Td (increased ) Tj ET Q q 0 0 0 rg BT 433.77 665.05 Td (volume ) Tj ET Q q 0 0 0 rg BT 473.06 665.05 Td (from ) Tj ET Q q 0 0 0 rg BT 498.89 665.05 Td (5 ) Tj ET Q q 0 0 0 rg BT 508.23 665.05 Td (Arches. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 649.40 Td (In ) Tj ET Q q 0 0 0 rg BT 99.41 649.40 Td (addition, ) Tj ET Q q 0 0 0 rg BT 148.11 649.40 Td (improvements ) Tj ET Q q 0 0 0 rg BT 223.07 649.40 Td (in ) Tj ET Q q 0 0 0 rg BT 236.72 649.40 Td (single-family ) Tj ET Q q 0 0 0 rg BT 303.11 649.40 Td (rental ) Tj ET Q q 0 0 0 rg BT 335.69 649.40 Td (securitization ) Tj ET Q q 0 0 0 rg BT 404.74 649.40 Td (execution ) Tj ET Q q 0 0 0 rg BT 457.53 649.40 Td (during ) Tj ET Q q 0 0 0 rg BT 494.39 649.40 Td (the ) Tj ET Q q 0 0 0 rg BT 515.17 649.40 Td (fourth ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 633.80 Td (quarter ) Tj ET Q q 0 0 0 rg BT 124.51 633.80 Td (helped ) Tj ET Q q 0 0 0 rg BT 162.34 633.80 Td (drive ) Tj ET Q q 0 0 0 rg BT 190.16 633.80 Td (incremental ) Tj ET Q q 0 0 0 rg BT 250.79 633.80 Td (profitability ) Tj ET Q q 0 0 0 rg BT 309.75 633.80 Td (on ) Tj ET Q q 0 0 0 rg BT 325.78 633.80 Td (the ) Tj ET Q q 0 0 0 rg BT 345.07 633.80 Td (inventory ) Tj ET Q q 0 0 0 rg BT 393.88 633.80 Td (of ) Tj ET Q q 0 0 0 rg BT 407.05 633.80 Td (SFR ) Tj ET Q q 0 0 0 rg BT 429.20 633.80 Td (loans ) Tj ET Q q 0 0 0 rg BT 458.27 633.80 Td (we ) Tj ET Q q 0 0 0 rg BT 475.72 633.80 Td (acquired ) Tj ET Q q 0 0 0 rg BT 521.90 633.80 Td (from ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 618.20 Td (CoreVest, ) Tj ET Q q 0 0 0 rg BT 136.02 618.20 Td (as ) Tj ET Q q 0 0 0 rg BT 149.48 618.20 Td (well ) Tj ET Q q 0 0 0 rg BT 171.88 618.20 Td (as ) Tj ET Q q 0 0 0 rg BT 185.34 618.20 Td (our ) Tj ET Q q 0 0 0 rg BT 204.69 618.20 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 264.79 618.20 Td (fourth ) Tj ET Q q 0 0 0 rg BT 297.18 618.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 335.85 618.20 Td (production.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 67.50 590.87 cm /I31 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 76.41 593.55 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 593.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 105.51 593.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 143.62 593.55 Td (income ) Tj ET Q q 0 0 0 rg BT 181.38 593.55 Td (improved ) Tj ET Q q 0 0 0 rg BT 229.91 593.55 Td (in ) Tj ET Q q 0 0 0 rg BT 240.35 593.55 Td (the ) Tj ET Q q 0 0 0 rg BT 257.93 593.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 288.93 593.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 326.23 593.55 Td (as ) Tj ET Q q 0 0 0 rg BT 338.31 593.55 Td (we ) Tj ET Q q 0 0 0 rg BT 354.05 593.55 Td (redeployed ) Tj ET Q q 0 0 0 rg BT 412.17 593.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 446.22 593.55 Td (out ) Tj ET Q q 0 0 0 rg BT 464.20 593.55 Td (of ) Tj ET Q q 0 0 0 rg BT 475.66 593.55 Td (lower-yielding ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 577.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 120.00 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 133.72 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 154.98 577.95 Td (residential ) Tj ET Q q 0 0 0 rg BT 210.45 577.95 Td (lending ) Tj ET Q q 0 0 0 rg BT 252.49 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 276.01 577.95 Td (other ) Tj ET Q q 0 0 0 rg BT 307.04 577.95 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 358.83 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 382.34 577.95 Td (deployed ) Tj ET Q q 0 0 0 rg BT 434.17 577.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 471.51 577.95 Td (into ) Tj ET Q q 0 0 0 rg BT 495.41 577.95 Td (additional ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 562.30 Td (business ) Tj ET Q q 0 0 0 rg BT 130.33 562.30 Td (purpose ) Tj ET Q q 0 0 0 rg BT 173.92 562.30 Td (lending ) Tj ET Q q 0 0 0 rg BT 214.06 562.30 Td (investments, ) Tj ET Q q 0 0 0 rg BT 278.63 562.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 324.02 562.30 Td (through ) Tj ET Q q 0 0 0 rg BT 365.79 562.30 Td (our ) Tj ET Q q 0 0 0 rg BT 385.13 562.30 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 432.60 562.30 Td (acquisition.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 67.50 535.02 cm /I32 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 76.41 537.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 537.70 Td (Residential ) Tj ET Q q 0 0 0 rg BT 140.73 537.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 190.85 537.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 231.83 537.70 Td (activities ) Tj ET Q q 0 0 0 rg BT 275.84 537.70 Td (also ) Tj ET Q q 0 0 0 rg BT 297.05 537.70 Td (improved, ) Tj ET Q q 0 0 0 rg BT 348.62 537.70 Td (as ) Tj ET Q q 0 0 0 rg BT 360.67 537.70 Td (loan ) Tj ET Q q 0 0 0 rg BT 383.31 537.70 Td (purchase ) Tj ET Q q 0 0 0 rg BT 429.18 537.70 Td (commitments ) Tj ET Q q 0 0 0 rg BT 497.64 537.70 Td (increased ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 522.10 Td (42% ) Tj ET Q q 0 0 0 rg BT 110.79 522.10 Td (from ) Tj ET Q q 0 0 0 rg BT 137.29 522.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.07 522.10 Td (third ) Tj ET Q q 0 0 0 rg BT 183.56 522.10 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 225.12 522.10 Td (partly ) Tj ET Q q 0 0 0 rg BT 256.70 522.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 291.14 522.10 Td (by ) Tj ET Q q 0 0 0 rg BT 307.05 522.10 Td (elevated ) Tj ET Q q 0 0 0 rg BT 353.32 522.10 Td (bulk ) Tj ET Q q 0 0 0 rg BT 378.00 522.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 403.08 522.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 441.18 522.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.83 522.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.62 522.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 506.84 522.10 Td (quarter. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 506.45 Td (Gross ) Tj ET Q q 0 0 0 rg BT 115.18 506.45 Td (margins ) Tj ET Q q 0 0 0 rg BT 155.64 506.45 Td (were ) Tj ET Q q 0 0 0 rg BT 181.04 506.45 Td (towards ) Tj ET Q q 0 0 0 rg BT 221.49 506.45 Td (the ) Tj ET Q q 0 0 0 rg BT 239.16 506.45 Td (higher ) Tj ET Q q 0 0 0 rg BT 272.29 506.45 Td (end ) Tj ET Q q 0 0 0 rg BT 293.01 506.45 Td (of ) Tj ET Q q 0 0 0 rg BT 304.56 506.45 Td (our ) Tj ET Q q 0 0 0 rg BT 322.61 506.45 Td (long-term ) Tj ET Q q 0 0 0 rg BT 373.04 506.45 Td (expectations ) Tj ET Q q 0 0 0 rg BT 437.35 506.45 Td (of ) Tj ET Q q 0 0 0 rg BT 448.90 506.45 Td (75-100 ) Tj ET Q q 0 0 0 rg BT 484.91 506.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 511.12 506.45 Td (points, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 490.85 Td (partly ) Tj ET Q q 0 0 0 rg BT 116.25 490.85 Td (driven ) Tj ET Q q 0 0 0 rg BT 149.85 490.85 Td (by ) Tj ET Q q 0 0 0 rg BT 164.93 490.85 Td (improved ) Tj ET Q q 0 0 0 rg BT 214.84 490.85 Td (securitization ) Tj ET Q q 0 0 0 rg BT 282.05 490.85 Td (execution ) Tj ET Q q 0 0 0 rg BT 333.00 490.85 Td (during ) Tj ET Q q 0 0 0 rg BT 368.03 490.85 Td (the ) Tj ET Q q 0 0 0 rg BT 386.98 490.85 Td (fourth ) Tj ET Q q 0 0 0 rg BT 419.37 490.85 Td (quarter.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 67.50 463.52 cm /I33 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 76.41 466.20 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 466.20 Td (Realized ) Tj ET Q q 0 0 0 rg BT 129.35 466.20 Td (gains ) Tj ET Q q 0 0 0 rg BT 157.92 466.20 Td (remained ) Tj ET Q q 0 0 0 rg BT 206.85 466.20 Td (elevated, ) Tj ET Q q 0 0 0 rg BT 254.97 466.20 Td (as ) Tj ET Q q 0 0 0 rg BT 268.06 466.20 Td (continued ) Tj ET Q q 0 0 0 rg BT 320.07 466.20 Td (spread ) Tj ET Q q 0 0 0 rg BT 356.16 466.20 Td (tightening ) Tj ET Q q 0 0 0 rg BT 409.36 466.20 Td (created ) Tj ET Q q 0 0 0 rg BT 449.12 466.20 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 517.58 466.20 Td (for ) Tj ET Q q 0 0 0 rg BT 533.70 466.20 Td (us ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 450.60 Td (to ) Tj ET Q q 0 0 0 rg BT 102.48 450.60 Td (sell ) Tj ET Q q 0 0 0 rg BT 125.38 450.60 Td ($225 ) Tj ET Q q 0 0 0 rg BT 156.65 450.60 Td (million ) Tj ET Q q 0 0 0 rg BT 196.05 450.60 Td (of ) Tj ET Q q 0 0 0 rg BT 212.64 450.60 Td (lower-yielding ) Tj ET Q q 0 0 0 rg BT 288.28 450.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 343.76 450.60 Td (freeing ) Tj ET Q q 0 0 0 rg BT 384.99 450.60 Td (up ) Tj ET Q q 0 0 0 rg BT 404.63 450.60 Td ($150 ) Tj ET Q q 0 0 0 rg BT 435.90 450.60 Td (million ) Tj ET Q q 0 0 0 rg BT 475.30 450.60 Td (of ) Tj ET Q q 0 0 0 rg BT 491.89 450.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 531.07 450.60 Td (for ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 435.00 Td (redeployment.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 67.50 407.67 cm /I34 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 76.41 410.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 410.35 Td (General ) Tj ET Q q 0 0 0 rg BT 127.47 410.35 Td (and ) Tj ET Q q 0 0 0 rg BT 149.07 410.35 Td (administrative ) Tj ET Q q 0 0 0 rg BT 220.75 410.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 269.67 410.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 319.59 410.35 Td (in ) Tj ET Q q 0 0 0 rg BT 331.41 410.35 Td (the ) Tj ET Q q 0 0 0 rg BT 350.36 410.35 Td (fourth ) Tj ET Q q 0 0 0 rg BT 382.75 410.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 421.43 410.35 Td (due ) Tj ET Q q 0 0 0 rg BT 443.44 410.35 Td (to ) Tj ET Q q 0 0 0 rg BT 456.67 410.35 Td (the ) Tj ET Q q 0 0 0 rg BT 475.63 410.35 Td (addition ) Tj ET Q q 0 0 0 rg BT 519.43 410.35 Td (of ) Tj ET Q q 0 0 0 rg BT 532.27 410.35 Td ($8 ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 394.75 Td (million ) Tj ET Q q 0 0 0 rg BT 122.98 394.75 Td (of ) Tj ET Q q 0 0 0 rg BT 137.65 394.75 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 172.50 394.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 223.25 394.75 Td (from ) Tj ET Q q 0 0 0 rg BT 250.74 394.75 Td (CoreVest, ) Tj ET Q q 0 0 0 rg BT 303.10 394.75 Td (as ) Tj ET Q q 0 0 0 rg BT 318.38 394.75 Td (well ) Tj ET Q q 0 0 0 rg BT 342.62 394.75 Td (as ) Tj ET Q q 0 0 0 rg BT 357.90 394.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 394.15 394.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 431.64 394.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 475.01 394.75 Td (compensation ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 379.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 132.79 379.10 Td (which ) Tj ET Q q 0 0 0 rg BT 163.96 379.10 Td (rose ) Tj ET Q q 0 0 0 rg BT 187.80 379.10 Td (due ) Tj ET Q q 0 0 0 rg BT 209.81 379.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.05 379.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 272.95 379.10 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 305.98 379.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 350.99 379.10 Td (in ) Tj ET Q q 0 0 0 rg BT 362.80 379.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.76 379.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 414.14 379.10 Td (quarter.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 67.50 351.82 cm /I35 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 76.41 354.50 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 354.50 Td (Other ) Tj ET Q q 0 0 0 rg BT 116.11 354.50 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 166.92 354.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 211.14 354.50 Td (comprised ) Tj ET Q q 0 0 0 rg BT 264.76 354.50 Td (of ) Tj ET Q q 0 0 0 rg BT 276.43 354.50 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 369.15 354.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 420.11 354.50 Td (amortization ) Tj ET Q q 0 0 0 rg BT 482.90 354.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 525.97 354.50 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 338.90 Td (contingent ) Tj ET Q q 0 0 0 rg BT 141.46 338.90 Td (consideration ) Tj ET Q q 0 0 0 rg BT 210.85 338.90 Td (expense, ) Tj ET Q q 0 0 0 rg BT 258.08 338.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 307.93 338.90 Td (due ) Tj ET Q q 0 0 0 rg BT 329.87 338.90 Td (to ) Tj ET Q q 0 0 0 rg BT 343.04 338.90 Td (the ) Tj ET Q q 0 0 0 rg BT 361.93 338.90 Td (addition ) Tj ET Q q 0 0 0 rg BT 405.66 338.90 Td (of ) Tj ET Q q 0 0 0 rg BT 418.43 338.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 470.49 338.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 503.02 338.90 Td (from ) Tj ET Q q 0 0 0 rg BT 528.61 338.90 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 323.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 141.31 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 154.15 323.25 Td (CoreVest.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 67.50 295.97 cm /I36 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 76.41 298.65 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 298.65 Td (Provision ) Tj ET Q q 0 0 0 rg BT 133.94 298.65 Td (for ) Tj ET Q q 0 0 0 rg BT 151.60 298.65 Td (income ) Tj ET Q q 0 0 0 rg BT 191.91 298.65 Td (taxes ) Tj ET Q q 0 0 0 rg BT 221.61 298.65 Td (increased ) Tj ET Q q 0 0 0 rg BT 272.71 298.65 Td (in ) Tj ET Q q 0 0 0 rg BT 285.71 298.65 Td (the ) Tj ET Q q 0 0 0 rg BT 305.84 298.65 Td (fourth ) Tj ET Q q 0 0 0 rg BT 339.40 298.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 379.26 298.65 Td (due ) Tj ET Q q 0 0 0 rg BT 402.45 298.65 Td (to ) Tj ET Q q 0 0 0 rg BT 416.86 298.65 Td (higher ) Tj ET Q q 0 0 0 rg BT 452.46 298.65 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 505.17 298.65 Td (banking ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.50 283.00 Td (income ) Tj ET Q q 0 0 0 rg BT 124.63 283.00 Td (at ) Tj ET Q q 0 0 0 rg BT 137.05 283.00 Td (our ) Tj ET Q q 0 0 0 rg BT 156.40 283.00 Td (taxable ) Tj ET Q q 0 0 0 rg BT 195.30 283.00 Td (subsidiary, ) Tj ET Q q 0 0 0 rg BT 250.30 283.00 Td (as ) Tj ET Q q 0 0 0 rg BT 263.76 283.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 316.73 283.00 Td (to ) Tj ET Q q 0 0 0 rg BT 329.97 283.00 Td (the ) Tj ET Q q 0 0 0 rg BT 348.92 283.00 Td (third ) Tj ET Q q 0 0 0 rg BT 374.57 283.00 Td (quarter.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 228.35 736.44 Td (Q U A R T E R L Y R E S U L T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (11) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Book ) Tj ET Q q 0 0 0 rg BT 105.08 702.30 Td (V) Tj ET Q q 0 0 0 rg BT 113.21 702.30 Td (alue and Economic Retur) Tj ET Q q 0 0 0 rg BT 263.95 702.30 Td (n) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 685.80 468.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 673.80 468.00 -20.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 653.80 468.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 641.80 344.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 416.50 641.80 118.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 534.50 641.80 6.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 629.80 344.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 416.50 629.80 57.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 473.50 629.80 4.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 477.50 629.80 57.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 534.50 629.80 6.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 72.50 444.80 344.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 416.50 444.80 57.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 473.50 444.80 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 477.50 444.80 57.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 534.50 444.80 6.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 685.8 m 72.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 685.8 m 416.5 685.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 685.8 m 473.5 685.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 685.8 m 477.5 685.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 685.8 m 534.5 685.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 685.8 m 540.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 685.8 m 540.5 685.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 673.8 m 72.5 653.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 673.8 m 540.5 653.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 653.8 m 72.5 641.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 653.8 m 540.5 641.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 641.8 m 72.5 629.8 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 629.8 m 473.5 629.8 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 629.8 m 477.5 629.8 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 629.8 m 534.5 629.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 641.8 m 540.5 629.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 629.8 m 72.5 617.8 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 629.8 m 473.5 629.8 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 629.8 m 534.5 629.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 629.8 m 540.5 617.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 617.8 m 72.5 613.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 617.8 m 540.5 613.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 613.8 m 72.5 598.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 613.8 m 540.5 598.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 598.8 m 72.5 583.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 598.8 m 540.5 583.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 583.8 m 72.5 568.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 583.8 m 540.5 568.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 568.8 m 72.5 553.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 568.8 m 540.5 553.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 553.8 m 72.5 538.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 553.8 m 540.5 538.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 538.8 m 72.5 523.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 538.8 m 540.5 523.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 523.8 m 72.5 508.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 523.8 m 540.5 508.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 508.8 m 72.5 493.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 493.8 m 416.5 493.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 493.8 m 473.5 493.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 493.8 m 477.5 493.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 493.8 m 534.5 493.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 508.8 m 540.5 493.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 493.8 m 540.5 493.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 493.8 m 72.5 478.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 493.8 m 473.5 493.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 493.8 m 534.5 493.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 493.8 m 540.5 478.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 478.8 m 72.5 463.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 478.8 m 540.5 463.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 463.8 m 72.5 448.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 463.8 m 540.5 448.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 448.8 m 72.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 444.8 m 416.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 444.8 m 473.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 444.8 m 477.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 444.8 m 534.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 448.8 m 540.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 444.8 m 540.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 444.8 m 72.5 429.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 430.8 m 416.5 430.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 428.8 m 416.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 430.8 m 473.5 430.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 428.8 m 473.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 430.8 m 477.5 430.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 428.8 m 477.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 430.8 m 534.5 430.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 428.8 m 534.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 444.8 m 540.5 429.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 430.8 m 540.5 430.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 428.8 m 540.5 428.8 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 211.10 659.80 Td (Chang) Tj ET Q q 1 1 1 rg BT 246.93 659.80 Td (es in Book V) Tj ET Q q 1 1 1 rg BT 317.14 659.80 Td (alue per Shar) Tj ET Q q 1 1 1 rg BT 393.78 659.80 Td (e) Tj ET Q BT /F7 9.00 Tf ET q 1 1 1 rg BT 278.30 644.55 Td (\($ in per shar) Tj ET Q q 1 1 1 rg BT 326.41 644.55 Td (e\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 436.00 632.55 Td (Thr) Tj ET Q q 1 1 1 rg BT 448.43 632.55 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 476.97 632.55 Td (ths Ended) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 426.90 620.55 Td (12/31/19) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 485.65 620.55 Td (9/30/2019) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 81.00 603.80 Td (Beginning GAAP book v) Tj ET Q q 0 0 0 rg BT 175.73 603.80 Td (alue per shar) Tj ET Q q 0 0 0 rg BT 228.59 603.80 Td (e) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 419.00 603.80 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 446.85 603.80 Td (15.92) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 480.00 603.80 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 507.85 603.80 Td (16.01) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 588.80 Td (GAAP earnings \(per basic shar) Tj ET Q q 0 0 0 rg BT 208.36 588.80 Td (e\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 451.90 588.80 Td (0.42) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 512.90 588.80 Td (0.33) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 99.00 573.80 Td (Add back in) Tj ET Q q 0 0 0 rg BT 146.09 573.80 Td (t) Tj ET Q q 0 0 0 rg BT 149.32 573.80 Td (angible amortiz) Tj ET Q q 0 0 0 rg BT 212.12 573.80 Td (a) Tj ET Q q 0 0 0 rg BT 216.81 573.80 Td (tion e) Tj ET Q q 0 0 0 rg BT 240.07 573.80 Td (xpense \(non-GAAP\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 451.90 573.80 Td (0.03) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 512.90 573.80 Td (0.01) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 558.80 Td (Dividends) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 448.85 558.80 Td (\(0.30) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.65 558.80 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 509.85 558.80 Td (\(0.30) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 530.65 558.80 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 543.80 Td (Non-c) Tj ET Q q 0 0 0 rg BT 111.23 543.80 Td (ash equity a) Tj ET Q q 0 0 0 rg BT 160.08 543.80 Td (w) Tj ET Q q 0 0 0 rg BT 167.13 543.80 Td (ar) Tj ET Q q 0 0 0 rg BT 175.29 543.80 Td (d c) Tj ET Q q 0 0 0 rg BT 186.92 543.80 Td (ompensa) Tj ET Q q 0 0 0 rg BT 224.28 543.80 Td (tion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 448.85 543.80 Td (\(0.04) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.65 543.80 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 512.90 543.80 Td (0.02) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 528.80 Td (Chang) Tj ET Q q 0 0 0 rg BT 112.30 528.80 Td (es in unr) Tj ET Q q 0 0 0 rg BT 147.14 528.80 Td (ealiz) Tj ET Q q 0 0 0 rg BT 165.27 528.80 Td (ed g) Tj ET Q q 0 0 0 rg BT 182.26 528.80 Td (ains on securities, ne) Tj ET Q q 0 0 0 rg BT 267.10 528.80 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 448.85 528.80 Td (\(0.05) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.65 528.80 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 512.90 528.80 Td (0.02) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 513.80 Td (Chang) Tj ET Q q 0 0 0 rg BT 112.30 513.80 Td (e in long-t) Tj ET Q q 0 0 0 rg BT 153.19 513.80 Td (erm deb) Tj ET Q q 0 0 0 rg BT 187.31 513.80 Td (t hedg) Tj ET Q q 0 0 0 rg BT 213.04 513.80 Td (e) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 451.90 513.80 Td (0.09) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 509.85 513.80 Td (\(0.11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 530.65 513.80 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 498.80 Td (Other) Tj ET Q q 0 0 0 rg BT 110.26 498.80 Td (, ne) Tj ET Q q 0 0 0 rg BT 124.79 498.80 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 451.90 498.80 Td (0.02) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 509.85 498.80 Td (\(0.05) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 530.65 498.80 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 483.80 Td (Ending book v) Tj ET Q q 0 0 0 rg BT 143.96 483.80 Td (alue be) Tj ET Q q 0 0 0 rg BT 173.65 483.80 Td (f) Tj ET Q q 0 0 0 rg BT 176.55 483.80 Td (or) Tj ET Q q 0 0 0 rg BT 185.14 483.80 Td (e acquisition-r) Tj ET Q q 0 0 0 rg BT 242.99 483.80 Td (ela) Tj ET Q q 0 0 0 rg BT 254.94 483.80 Td (t) Tj ET Q q 0 0 0 rg BT 258.19 483.80 Td (ed it) Tj ET Q q 0 0 0 rg BT 276.21 483.80 Td (ems \(non-GAAP\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 446.85 483.80 Td (16.09) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 507.85 483.80 Td (15.93) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 468.80 Td (In) Tj ET Q q 0 0 0 rg BT 94.73 468.80 Td (t) Tj ET Q q 0 0 0 rg BT 97.97 468.80 Td (angible amortiz) Tj ET Q q 0 0 0 rg BT 160.79 468.80 Td (a) Tj ET Q q 0 0 0 rg BT 165.45 468.80 Td (tion e) Tj ET Q q 0 0 0 rg BT 188.74 468.80 Td (xpense) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 448.85 468.80 Td (\(0.03) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.65 468.80 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 509.85 468.80 Td (\(0.01) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 530.65 468.80 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 453.80 Td (Cor) Tj ET Q q 0 0 0 rg BT 100.96 453.80 Td (eV) Tj ET Q q 0 0 0 rg BT 111.11 453.80 Td (es) Tj ET Q q 0 0 0 rg BT 119.89 453.80 Td (t acquisition equity c) Tj ET Q q 0 0 0 rg BT 204.02 453.80 Td (onsider) Tj ET Q q 0 0 0 rg BT 234.26 453.80 Td (a) Tj ET Q q 0 0 0 rg BT 238.96 453.80 Td (tion) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 448.85 453.80 Td (\(0.08) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.65 453.80 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.55 453.80 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 81.00 434.80 Td (Ending GAAP book v) Tj ET Q q 0 0 0 rg BT 165.27 434.80 Td (alue per shar) Tj ET Q q 0 0 0 rg BT 219.28 434.80 Td (e) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 419.00 434.80 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 446.70 434.80 Td (15.98) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 480.00 434.80 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 507.70 434.80 Td (15.92) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 8.91 0 0 12.00 72.00 399.97 cm /I37 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 399.97 cm /I38 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 402.65 Td (Our ) Tj ET Q q 0 0 0 rg BT 112.55 402.65 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 146.12 402.65 Td (book ) Tj ET Q q 0 0 0 rg BT 174.80 402.65 Td (value ) Tj ET Q q 0 0 0 rg BT 204.29 402.65 Td (increased ) Tj ET Q q 0 0 0 rg BT 254.76 402.65 Td ($0.06 ) Tj ET Q q 0 0 0 rg BT 285.89 402.65 Td (per ) Tj ET Q q 0 0 0 rg BT 305.98 402.65 Td (share ) Tj ET Q q 0 0 0 rg BT 335.67 402.65 Td (during ) Tj ET Q q 0 0 0 rg BT 371.25 402.65 Td (the ) Tj ET Q q 0 0 0 rg BT 390.75 402.65 Td (fourth ) Tj ET Q q 0 0 0 rg BT 423.68 402.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 462.91 402.65 Td (of ) Tj ET Q q 0 0 0 rg BT 476.29 402.65 Td (2019, ) Tj ET Q q 0 0 0 rg BT 507.42 402.65 Td (largely ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 387.05 Td (due ) Tj ET Q q 0 0 0 rg BT 112.01 387.05 Td (to ) Tj ET Q q 0 0 0 rg BT 125.24 387.05 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 158.27 387.05 Td (earnings ) Tj ET Q q 0 0 0 rg BT 203.28 387.05 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 257.50 387.05 Td (our ) Tj ET Q q 0 0 0 rg BT 276.85 387.05 Td (dividend.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 359.72 cm /I39 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 359.72 cm /I40 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 362.40 Td (Included ) Tj ET Q q 0 0 0 rg BT 135.32 362.40 Td (in ) Tj ET Q q 0 0 0 rg BT 146.76 362.40 Td (our ) Tj ET Q q 0 0 0 rg BT 165.73 362.40 Td (change ) Tj ET Q q 0 0 0 rg BT 204.50 362.40 Td (in ) Tj ET Q q 0 0 0 rg BT 215.94 362.40 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 248.58 362.40 Td (book ) Tj ET Q q 0 0 0 rg BT 276.34 362.40 Td (value ) Tj ET Q q 0 0 0 rg BT 304.90 362.40 Td (was ) Tj ET Q q 0 0 0 rg BT 325.92 362.40 Td ($\(0.11\) ) Tj ET Q q 0 0 0 rg BT 361.85 362.40 Td (per ) Tj ET Q q 0 0 0 rg BT 381.02 362.40 Td (share ) Tj ET Q q 0 0 0 rg BT 409.78 362.40 Td (associated ) Tj ET Q q 0 0 0 rg BT 464.21 362.40 Td (with ) Tj ET Q q 0 0 0 rg BT 487.26 362.40 Td (acquisition ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 346.80 Td (related ) Tj ET Q q 0 0 0 rg BT 128.45 346.80 Td (items. ) Tj ET Q q 0 0 0 rg BT 162.01 346.80 Td (These ) Tj ET Q q 0 0 0 rg BT 195.40 346.80 Td (included ) Tj ET Q q 0 0 0 rg BT 241.82 346.80 Td ($\(0.08\) ) Tj ET Q q 0 0 0 rg BT 279.10 346.80 Td (per ) Tj ET Q q 0 0 0 rg BT 299.63 346.80 Td (share ) Tj ET Q q 0 0 0 rg BT 329.75 346.80 Td (from ) Tj ET Q q 0 0 0 rg BT 356.40 346.80 Td (the ) Tj ET Q q 0 0 0 rg BT 376.33 346.80 Td (one-time ) Tj ET Q q 0 0 0 rg BT 424.58 346.80 Td (impact ) Tj ET Q q 0 0 0 rg BT 462.02 346.80 Td (of ) Tj ET Q q 0 0 0 rg BT 475.84 346.80 Td (equity-based ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 331.20 Td (purchase ) Tj ET Q q 0 0 0 rg BT 138.38 331.20 Td (consideration ) Tj ET Q q 0 0 0 rg BT 208.95 331.20 Td (for ) Tj ET Q q 0 0 0 rg BT 226.54 331.20 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 275.11 331.20 Td (\(treated ) Tj ET Q q 0 0 0 rg BT 317.56 331.20 Td (as ) Tj ET Q q 0 0 0 rg BT 332.11 331.20 Td (compensation ) Tj ET Q q 0 0 0 rg BT 405.76 331.20 Td (for ) Tj ET Q q 0 0 0 rg BT 423.35 331.20 Td (GAAP\), ) Tj ET Q q 0 0 0 rg BT 463.40 331.20 Td (and ) Tj ET Q q 0 0 0 rg BT 486.10 331.20 Td ($\(0.03\) ) Tj ET Q q 0 0 0 rg BT 523.51 331.20 Td (per ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 315.55 Td (share ) Tj ET Q q 0 0 0 rg BT 119.03 315.55 Td (of ) Tj ET Q q 0 0 0 rg BT 131.76 315.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 175.88 315.55 Td (related ) Tj ET Q q 0 0 0 rg BT 213.23 315.55 Td (to ) Tj ET Q q 0 0 0 rg BT 226.36 315.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 278.38 315.55 Td (amortization ) Tj ET Q q 0 0 0 rg BT 342.22 315.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 396.91 315.55 Td (with ) Tj ET Q q 0 0 0 rg BT 420.22 315.55 Td (both ) Tj ET Q q 0 0 0 rg BT 446.19 315.55 Td (the ) Tj ET Q q 0 0 0 rg BT 465.04 315.55 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 512.39 315.55 Td (and ) Tj ET Q q 0 0 0 rg BT 533.89 315.55 Td (5 ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 299.95 Td (Arches ) Tj ET Q q 0 0 0 rg BT 126.28 299.95 Td (acquisitions.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 272.62 cm /I41 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 272.62 cm /I42 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 275.30 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 141.82 275.30 Td (these ) Tj ET Q q 0 0 0 rg BT 172.24 275.30 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 266.80 275.30 Td (items) Tj ET Q BT /F3 11.00 Tf ET BT /F3 6.60 Tf ET q 0 0 0 rg BT 293.26 279.15 Td (\(1\)) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 300.36 275.30 Td (, ) Tj ET Q q 0 0 0 rg BT 307.15 275.30 Td (our ) Tj ET Q q 0 0 0 rg BT 327.16 275.30 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 383.27 275.30 Td (book ) Tj ET Q q 0 0 0 rg BT 412.07 275.30 Td (value ) Tj ET Q q 0 0 0 rg BT 441.67 275.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 492.26 275.30 Td ($0.17 ) Tj ET Q q 0 0 0 rg BT 523.51 275.30 Td (per ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 259.70 Td (share, ) Tj ET Q q 0 0 0 rg BT 122.20 259.70 Td (and ) Tj ET Q q 0 0 0 rg BT 143.80 259.70 Td (our ) Tj ET Q q 0 0 0 rg BT 163.15 259.70 Td (economic ) Tj ET Q q 0 0 0 rg BT 214.10 259.70 Td (return ) Tj ET Q q 0 0 0 rg BT 246.47 259.70 Td (on ) Tj ET Q q 0 0 0 rg BT 262.16 259.70 Td (book ) Tj ET Q q 0 0 0 rg BT 290.29 259.70 Td (value ) Tj ET Q q 0 0 0 rg BT 319.23 259.70 Td (was ) Tj ET Q q 0 0 0 rg BT 340.63 259.70 Td (3.0% ) Tj ET Q q 0 0 0 rg BT 368.14 259.70 Td (during ) Tj ET Q q 0 0 0 rg BT 403.16 259.70 Td (the ) Tj ET Q q 0 0 0 rg BT 422.12 259.70 Td (fourth ) Tj ET Q q 0 0 0 rg BT 454.50 259.70 Td (quarter.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 232.42 cm /I43 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 232.42 cm /I44 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 235.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 112.85 235.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 165.83 235.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 199.27 235.10 Td (related ) Tj ET Q q 0 0 0 rg BT 237.58 235.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.66 235.10 Td (both ) Tj ET Q q 0 0 0 rg BT 278.59 235.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 339.94 235.10 Td (will ) Tj ET Q q 0 0 0 rg BT 359.72 235.10 Td (be ) Tj ET Q q 0 0 0 rg BT 376.47 235.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 429.45 235.10 Td (through ) Tj ET Q q 0 0 0 rg BT 472.07 235.10 Td (2026, ) Tj ET Q q 0 0 0 rg BT 503.50 235.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.95 235.10 Td (we ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 219.45 Td (expect ) Tj ET Q q 0 0 0 rg BT 126.31 219.45 Td (to ) Tj ET Q q 0 0 0 rg BT 139.59 219.45 Td (incur ) Tj ET Q q 0 0 0 rg BT 166.52 219.45 Td ($\(0.03\) ) Tj ET Q q 0 0 0 rg BT 202.86 219.45 Td (per ) Tj ET Q q 0 0 0 rg BT 222.46 219.45 Td (share ) Tj ET Q q 0 0 0 rg BT 251.64 219.45 Td (of ) Tj ET Q q 0 0 0 rg BT 264.52 219.45 Td (intangible ) Tj ET Q q 0 0 0 rg BT 316.70 219.45 Td (amortization ) Tj ET Q q 0 0 0 rg BT 380.70 219.45 Td (expense ) Tj ET Q q 0 0 0 rg BT 424.98 219.45 Td (per ) Tj ET Q q 0 0 0 rg BT 444.57 219.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 483.29 219.45 Td (for ) Tj ET Q q 0 0 0 rg BT 499.82 219.45 Td (the ) Tj ET Q q 0 0 0 rg BT 518.82 219.45 Td (next ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 203.85 Td (several ) Tj ET Q q 0 0 0 rg BT 127.28 203.85 Td (quarters.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 228.35 736.44 Td (Q U A R T E R L Y R E S U L T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (12) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Retur) Tj ET Q q 0 0 0 rg BT 105.85 702.30 Td (n Contr) Tj ET Q q 0 0 0 rg BT 152.36 702.30 Td (ib) Tj ET Q q 0 0 0 rg BT 163.41 702.30 Td (ution ) Tj ET Q q 0 0 0 rg BT 197.33 702.30 Td (Analysis) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 677.65 Td (Below ) Tj ET Q q 0 0 0 rg BT 105.08 677.65 Td (we ) Tj ET Q q 0 0 0 rg BT 122.06 677.65 Td (present ) Tj ET Q q 0 0 0 rg BT 161.85 677.65 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 217.16 677.65 Td (core ) Tj ET Q q 0 0 0 rg BT 241.48 677.65 Td (returns ) Tj ET Q q 0 0 0 rg BT 278.40 677.65 Td (for ) Tj ET Q q 0 0 0 rg BT 294.76 677.65 Td (the ) Tj ET Q q 0 0 0 rg BT 313.58 677.65 Td (fourth ) Tj ET Q q 0 0 0 rg BT 345.83 677.65 Td (and ) Tj ET Q q 0 0 0 rg BT 367.31 677.65 Td (third ) Tj ET Q q 0 0 0 rg BT 392.83 677.65 Td (quarters ) Tj ET Q q 0 0 0 rg BT 436.06 677.65 Td (of ) Tj ET Q q 0 0 0 rg BT 448.76 677.65 Td (2019, ) Tj ET Q q 0 0 0 rg BT 479.21 677.65 Td (by ) Tj ET Q q 0 0 0 rg BT 494.16 677.65 Td (segment.) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 664.15 468.00 -8.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 656.15 468.00 -20.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 636.15 468.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 624.15 150.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 222.50 624.15 312.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 534.50 624.15 6.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 612.15 150.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 222.50 612.15 152.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 374.50 612.15 4.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 378.50 612.15 4.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 382.50 612.15 152.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 534.50 612.15 6.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 600.15 150.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 222.50 600.15 48.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 270.50 600.15 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 274.50 600.15 48.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 322.50 600.15 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 326.50 600.15 48.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 374.50 600.15 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 378.50 600.15 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 382.50 600.15 48.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 430.50 600.15 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 434.50 600.15 48.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 482.50 600.15 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 486.50 600.15 48.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 534.50 600.15 6.00 -38.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 72.50 373.15 150.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 222.50 373.15 48.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 270.50 373.15 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 274.50 373.15 48.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 322.50 373.15 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 326.50 373.15 48.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 374.50 373.15 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 378.50 373.15 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 382.50 373.15 48.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 430.50 373.15 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 434.50 373.15 48.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 482.50 373.15 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 486.50 373.15 48.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 534.50 373.15 6.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 664.15 m 72.5 656.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 664.15 m 222.5 664.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 664.15 m 270.5 664.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 664.15 m 274.5 664.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 664.15 m 322.5 664.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 664.15 m 326.5 664.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 664.15 m 374.5 664.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 664.15 m 378.5 664.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 664.15 m 382.5 664.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 664.15 m 430.5 664.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 664.15 m 434.5 664.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 664.15 m 482.5 664.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 664.15 m 486.5 664.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 664.15 m 534.5 664.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 664.15 m 540.5 656.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 664.15 m 540.5 664.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 656.15 m 72.5 636.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 656.15 m 540.5 636.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 636.15 m 72.5 624.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 636.15 m 540.5 624.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 624.15 m 72.5 612.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 612.15 m 270.5 612.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 612.15 m 274.5 612.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 612.15 m 322.5 612.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 612.15 m 326.5 612.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 612.15 m 374.5 612.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 612.15 m 378.5 612.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 612.15 m 382.5 612.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 612.15 m 430.5 612.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 612.15 m 434.5 612.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 612.15 m 482.5 612.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 612.15 m 486.5 612.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 612.15 m 534.5 612.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 624.15 m 540.5 612.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 612.15 m 72.5 600.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 600.15 m 270.5 600.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 600.15 m 274.5 600.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 600.15 m 322.5 600.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 600.15 m 326.5 600.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 600.15 m 374.5 600.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 600.15 m 430.5 600.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 600.15 m 434.5 600.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 600.15 m 482.5 600.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 600.15 m 486.5 600.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 600.15 m 534.5 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 612.15 m 540.5 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 600.15 m 72.5 562.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 600.15 m 378.5 562.15 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 600.15 m 430.5 600.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 600.15 m 540.5 562.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 562.15 m 72.5 558.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 562.15 m 378.5 558.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 562.15 m 540.5 558.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 558.15 m 72.5 543.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 558.15 m 378.5 543.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 558.15 m 540.5 543.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 543.15 m 72.5 528.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 543.15 m 378.5 528.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 543.15 m 540.5 528.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 528.15 m 72.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 513.15 m 222.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 513.15 m 270.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 513.15 m 274.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 513.15 m 322.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 513.15 m 326.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 513.15 m 374.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 528.15 m 378.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 513.15 m 378.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 513.15 m 382.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 513.15 m 430.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 513.15 m 434.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 513.15 m 482.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 513.15 m 486.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 513.15 m 534.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 528.15 m 540.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 513.15 m 540.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 513.15 m 72.5 498.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 513.15 m 378.5 498.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 513.15 m 540.5 498.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 498.15 m 72.5 494.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 498.15 m 378.5 494.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 498.15 m 540.5 494.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 494.15 m 72.5 479.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 494.15 m 378.5 479.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 494.15 m 540.5 479.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 479.15 m 72.5 464.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 479.15 m 378.5 464.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 479.15 m 540.5 464.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 464.15 m 72.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 449.15 m 222.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 449.15 m 270.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 449.15 m 274.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 449.15 m 322.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 449.15 m 326.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 449.15 m 374.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 464.15 m 378.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 449.15 m 378.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 449.15 m 382.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 449.15 m 430.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 449.15 m 434.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 449.15 m 482.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 449.15 m 486.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 449.15 m 534.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 464.15 m 540.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 449.15 m 540.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 449.15 m 72.5 434.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 449.15 m 222.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 449.15 m 270.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 449.15 m 274.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 449.15 m 322.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 449.15 m 326.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 449.15 m 374.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 449.15 m 378.5 434.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 449.15 m 378.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 449.15 m 382.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 449.15 m 430.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 449.15 m 434.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 449.15 m 482.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 449.15 m 486.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 449.15 m 534.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 449.15 m 540.5 434.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 449.15 m 540.5 449.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 434.15 m 72.5 430.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 434.15 m 378.5 430.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 434.15 m 540.5 430.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 430.15 m 72.5 415.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 430.15 m 378.5 415.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 430.15 m 540.5 415.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 415.15 m 72.5 411.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 415.15 m 378.5 411.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 415.15 m 540.5 411.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 411.15 m 72.5 396.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 411.15 m 378.5 396.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 411.15 m 540.5 396.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 396.15 m 72.5 392.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 396.15 m 378.5 392.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 396.15 m 540.5 392.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 392.15 m 72.5 377.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 392.15 m 378.5 377.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 392.15 m 540.5 377.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 377.15 m 72.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 373.15 m 222.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 373.15 m 374.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 377.15 m 378.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 373.15 m 534.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 377.15 m 540.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 373.15 m 72.5 358.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 373.15 m 222.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 359.15 m 222.5 359.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 357.15 m 222.5 357.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 373.15 m 270.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 359.15 m 270.5 359.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 357.15 m 270.5 357.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 373.15 m 274.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 359.15 m 274.5 359.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 357.15 m 274.5 357.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 373.15 m 322.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 359.15 m 322.5 359.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 357.15 m 322.5 357.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 373.15 m 326.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 359.15 m 326.5 359.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 357.15 m 326.5 357.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 373.15 m 374.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 359.15 m 374.5 359.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 357.15 m 374.5 357.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 373.15 m 378.5 358.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 373.15 m 378.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 359.15 m 378.5 359.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 357.15 m 378.5 357.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 373.15 m 382.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 359.15 m 382.5 359.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 357.15 m 382.5 357.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 373.15 m 430.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 359.15 m 430.5 359.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 357.15 m 430.5 357.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 373.15 m 434.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 359.15 m 434.5 359.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 357.15 m 434.5 357.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 373.15 m 482.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 359.15 m 482.5 359.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 357.15 m 482.5 357.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 373.15 m 486.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 359.15 m 486.5 359.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 357.15 m 486.5 357.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 373.15 m 534.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 359.15 m 534.5 359.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 357.15 m 534.5 357.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 373.15 m 540.5 358.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 373.15 m 540.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 359.15 m 540.5 359.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 357.15 m 540.5 357.15 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 170.85 652.65 270.27 -14.00 re f /GS0 gs q 1 1 1 rg BT 170.85 642.15 Td (Non-GAAP Cor) Tj ET Q q 1 1 1 rg BT 255.66 642.15 Td (e R) Tj ET Q q 1 1 1 rg BT 273.55 642.15 Td (e) Tj ET Q q 1 1 1 rg BT 280.50 642.15 Td (turn Con) Tj ET Q q 1 1 1 rg BT 330.84 642.15 Td (tribution Summar) Tj ET Q q 1 1 1 rg BT 434.48 642.15 Td (y) Tj ET Q BT /F7 9.00 Tf ET q 1 1 1 rg BT 281.30 626.90 Td (\($ in millions\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 339.00 614.90 Td (Thr) Tj ET Q q 1 1 1 rg BT 351.43 614.90 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 379.97 614.90 Td (ths Ended) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 275.85 602.90 Td (12/31/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 438.15 602.90 Td (9/30/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 230.95 584.90 Td (A) Tj ET Q q 1 1 1 rg BT 236.29 584.90 Td (v) Tj ET Q q 1 1 1 rg BT 240.40 584.90 Td (er) Tj ET Q q 1 1 1 rg BT 247.99 584.90 Td (ag) Tj ET Q q 1 1 1 rg BT 256.55 584.90 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 228.40 575.90 Td (Alloc) Tj ET Q q 1 1 1 rg BT 246.85 575.90 Td (a) Tj ET Q q 1 1 1 rg BT 251.23 575.90 Td (t) Tj ET Q q 1 1 1 rg BT 254.25 575.90 Td (ed) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 234.20 566.90 Td (E) Tj ET Q q 1 1 1 rg BT 238.52 566.90 Td (quity) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 289.35 575.90 Td (Cor) Tj ET Q q 1 1 1 rg BT 302.10 575.90 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 282.15 566.90 Td (E) Tj ET Q q 1 1 1 rg BT 286.48 566.90 Td (arnings) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 332.60 566.90 Td (Cor) Tj ET Q q 1 1 1 rg BT 345.35 566.90 Td (e R) Tj ET Q q 1 1 1 rg BT 356.89 566.90 Td (OE) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 390.95 584.90 Td (A) Tj ET Q q 1 1 1 rg BT 396.29 584.90 Td (v) Tj ET Q q 1 1 1 rg BT 400.40 584.90 Td (er) Tj ET Q q 1 1 1 rg BT 407.99 584.90 Td (ag) Tj ET Q q 1 1 1 rg BT 416.55 584.90 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 388.40 575.90 Td (Alloc) Tj ET Q q 1 1 1 rg BT 406.85 575.90 Td (a) Tj ET Q q 1 1 1 rg BT 411.23 575.90 Td (t) Tj ET Q q 1 1 1 rg BT 414.25 575.90 Td (ed) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 394.20 566.90 Td (E) Tj ET Q q 1 1 1 rg BT 398.52 566.90 Td (quity) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 449.35 575.90 Td (Cor) Tj ET Q q 1 1 1 rg BT 462.10 575.90 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 442.15 566.90 Td (E) Tj ET Q q 1 1 1 rg BT 446.48 566.90 Td (arnings) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 492.60 566.90 Td (Cor) Tj ET Q q 1 1 1 rg BT 505.30 566.90 Td (e R) Tj ET Q q 1 1 1 rg BT 516.84 566.90 Td (OE) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 81.00 548.15 Td (R) Tj ET Q q 0 0 0 rg BT 86.34 548.15 Td (esiden) Tj ET Q q 0 0 0 rg BT 112.87 548.15 Td (tial Lending) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 533.15 Td (Mortg) Tj ET Q q 0 0 0 rg BT 112.27 533.15 Td (ag) Tj ET Q q 0 0 0 rg BT 121.64 533.15 Td (e Banking) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 225.00 533.15 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 251.40 533.15 Td (130) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 277.00 533.15 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 308.70 533.15 Td (11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 348.95 533.15 Td (33.5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.80 533.15 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 385.00 533.15 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 411.60 533.15 Td (130) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.00 533.15 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 473.75 533.15 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 506.05 533.15 Td (15.5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 533.15 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 518.15 Td (In) Tj ET Q q 0 0 0 rg BT 94.69 518.15 Td (v) Tj ET Q q 0 0 0 rg BT 99.08 518.15 Td (es) Tj ET Q q 0 0 0 rg BT 107.86 518.15 Td (tmen) Tj ET Q q 0 0 0 rg BT 129.32 518.15 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 251.40 518.15 Td (336) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 313.75 518.15 Td (9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 348.95 518.15 Td (11.0) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.80 518.15 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 411.60 518.15 Td (426) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 473.75 518.15 Td (9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 511.10 518.15 Td (8.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 518.15 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 503.15 Td (T) Tj ET Q q 0 0 0 rg BT 85.43 503.15 Td (ot) Tj ET Q q 0 0 0 rg BT 93.55 503.15 Td (al) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 251.40 503.15 Td (466) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 308.70 503.15 Td (20) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 348.95 503.15 Td (17.3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.80 503.15 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 411.60 503.15 Td (556) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.70 503.15 Td (14) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 511.10 503.15 Td (9.9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 503.15 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 484.15 Td (Business Purpose Lending) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 469.15 Td (Mortg) Tj ET Q q 0 0 0 rg BT 112.27 469.15 Td (ag) Tj ET Q q 0 0 0 rg BT 121.64 469.15 Td (e Banking) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 251.40 469.15 Td (255) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 308.70 469.15 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 348.95 469.15 Td (27.4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.80 469.15 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 416.70 469.15 Td (55) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.75 469.15 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 508.10 469.15 Td (\(1.0) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.80 469.15 Td (\)%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 454.15 Td (In) Tj ET Q q 0 0 0 rg BT 94.61 454.15 Td (v) Tj ET Q q 0 0 0 rg BT 99.03 454.15 Td (es) Tj ET Q q 0 0 0 rg BT 107.80 454.15 Td (tmen) Tj ET Q q 0 0 0 rg BT 129.28 454.15 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 251.40 454.15 Td (172) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 313.75 454.15 Td (7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 348.95 454.15 Td (16.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.80 454.15 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 416.70 454.15 Td (32) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 473.75 454.15 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 506.05 454.15 Td (23.6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 454.15 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 439.15 Td (T) Tj ET Q q 0 0 0 rg BT 85.43 439.15 Td (ot) Tj ET Q q 0 0 0 rg BT 93.55 439.15 Td (al) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 251.40 439.15 Td (427) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 308.70 439.15 Td (24) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 348.95 439.15 Td (22.9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.80 439.15 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 416.70 439.15 Td (87) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 473.75 439.15 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 511.10 439.15 Td (8.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 439.15 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 420.15 Td (Multif) Tj ET Q q 0 0 0 rg BT 105.70 420.15 Td (amily In) Tj ET Q q 0 0 0 rg BT 137.45 420.15 Td (v) Tj ET Q q 0 0 0 rg BT 141.83 420.15 Td (es) Tj ET Q q 0 0 0 rg BT 150.61 420.15 Td (tmen) Tj ET Q q 0 0 0 rg BT 172.08 420.15 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 251.40 420.15 Td (146) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 313.75 420.15 Td (7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 348.95 420.15 Td (20.4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.80 420.15 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 411.60 420.15 Td (159) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.70 420.15 Td (16) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 506.05 420.15 Td (39.4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 420.15 Td (%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 401.02 Td (Thir) Tj ET Q q 0 0 0 rg BT 95.98 401.02 Td (d-P) Tj ET Q q 0 0 0 rg BT 108.59 401.02 Td (arty R) Tj ET Q q 0 0 0 rg BT 131.07 401.02 Td (esiden) Tj ET Q q 0 0 0 rg BT 156.32 401.02 Td (tial In) Tj ET Q q 0 0 0 rg BT 177.78 401.02 Td (v) Tj ET Q q 0 0 0 rg BT 181.98 401.02 Td (es) Tj ET Q q 0 0 0 rg BT 190.32 401.02 Td (tmen) Tj ET Q q 0 0 0 rg BT 210.72 401.02 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 251.40 401.15 Td (294) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 308.70 401.15 Td (24) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 348.95 401.15 Td (32.8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.80 401.15 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 411.60 401.15 Td (308) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.70 401.15 Td (23) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 506.05 401.15 Td (29.7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 401.15 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 382.15 Td (Corpor) Tj ET Q q 0 0 0 rg BT 108.90 382.15 Td (a) Tj ET Q q 0 0 0 rg BT 113.60 382.15 Td (t) Tj ET Q q 0 0 0 rg BT 116.84 382.15 Td (e) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 251.40 382.15 Td (468) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 305.65 382.15 Td (\(15) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 318.85 382.15 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 355.20 382.15 Td (N/) Tj ET Q q 0 0 0 rg BT 365.34 382.15 Td (A) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 411.60 382.15 Td (482) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 465.65 382.15 Td (\(11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 478.85 382.15 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 515.20 382.15 Td (N/) Tj ET Q q 0 0 0 rg BT 525.17 382.15 Td (A) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.00 363.15 Td (T) Tj ET Q q 0 0 0 rg BT 89.09 363.15 Td (ot) Tj ET Q q 0 0 0 rg BT 97.83 363.15 Td (al) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 225.00 363.15 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 243.75 363.15 Td (1,800) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 277.00 363.15 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 308.70 363.15 Td (61) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 348.80 363.15 Td (13.6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 366.70 363.15 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 385.00 363.15 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 403.95 363.15 Td (1,592) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 437.00 363.15 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 468.70 363.15 Td (43) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 505.90 363.15 Td (10.9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 526.70 363.15 Td (%) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 9.80 0 0 11.74 72.00 335.89 cm /I45 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 338.15 Td ( ) Tj ET Q BT /F11 11.00 Tf ET q 0 0 0 rg BT 90.00 338.15 Td (Residential ) Tj ET Q q 0 0 0 rg BT 147.24 338.15 Td (Lending) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 187.18 338.15 Td ( ) Tj ET Q q 0 0 0 rg BT 190.44 338.15 Td ( ) Tj ET Q q 0 0 0 rg BT 204.71 338.15 Td (Returns ) Tj ET Q q 0 0 0 rg BT 245.03 338.15 Td (from ) Tj ET Q q 0 0 0 rg BT 270.90 338.15 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 322.63 338.15 Td (banking ) Tj ET Q q 0 0 0 rg BT 365.23 338.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 415.35 338.15 Td (during ) Tj ET Q q 0 0 0 rg BT 450.58 338.15 Td (the ) Tj ET Q q 0 0 0 rg BT 469.75 338.15 Td (fourth ) Tj ET Q q 0 0 0 rg BT 502.34 338.15 Td (quarter, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 323.60 Td (as ) Tj ET Q q 0 0 0 rg BT 105.36 323.60 Td (both ) Tj ET Q q 0 0 0 rg BT 133.34 323.60 Td (volume ) Tj ET Q q 0 0 0 rg BT 174.37 323.60 Td (and ) Tj ET Q q 0 0 0 rg BT 197.88 323.60 Td (margins ) Tj ET Q q 0 0 0 rg BT 241.54 323.60 Td (improved ) Tj ET Q q 0 0 0 rg BT 293.35 323.60 Td (from ) Tj ET Q q 0 0 0 rg BT 320.92 323.60 Td (the ) Tj ET Q q 0 0 0 rg BT 341.77 323.60 Td (third ) Tj ET Q q 0 0 0 rg BT 369.33 323.60 Td (quarter. ) Tj ET Q q 0 0 0 rg BT 411.96 323.60 Td (Returns ) Tj ET Q q 0 0 0 rg BT 453.98 323.60 Td (from ) Tj ET Q q 0 0 0 rg BT 481.54 323.60 Td (investments ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 309.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 139.89 309.10 Td (during ) Tj ET Q q 0 0 0 rg BT 174.91 309.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.85 309.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 226.22 309.10 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 266.92 309.10 Td (as ) Tj ET Q q 0 0 0 rg BT 280.36 309.10 Td (we ) Tj ET Q q 0 0 0 rg BT 297.47 309.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 321.08 309.10 Td (lower-yielding ) Tj ET Q q 0 0 0 rg BT 392.96 309.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 428.60 309.10 Td (which ) Tj ET Q q 0 0 0 rg BT 459.76 309.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 502.32 309.10 Td (in ) Tj ET Q q 0 0 0 rg BT 514.12 309.10 Td (gains ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 294.60 Td (and ) Tj ET Q q 0 0 0 rg BT 111.60 294.60 Td (positioned ) Tj ET Q q 0 0 0 rg BT 167.01 294.60 Td (the ) Tj ET Q q 0 0 0 rg BT 185.97 294.60 Td (remaining ) Tj ET Q q 0 0 0 rg BT 237.91 294.60 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 283.11 294.60 Td (with ) Tj ET Q q 0 0 0 rg BT 306.53 294.60 Td (a ) Tj ET Q q 0 0 0 rg BT 315.29 294.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 349.71 294.60 Td (average ) Tj ET Q q 0 0 0 rg BT 392.10 294.60 Td (yield.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 271.79 cm /I46 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 274.05 Td ( ) Tj ET Q BT /F11 11.00 Tf ET q 0 0 0 rg BT 90.00 274.05 Td (Business ) Tj ET Q q 0 0 0 rg BT 134.82 274.05 Td (Purpose ) Tj ET Q q 0 0 0 rg BT 178.22 274.05 Td (Lending) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 218.15 274.05 Td ( ) Tj ET Q q 0 0 0 rg BT 220.99 274.05 Td ( ) Tj ET Q q 0 0 0 rg BT 234.83 274.05 Td (Overall ) Tj ET Q q 0 0 0 rg BT 272.91 274.05 Td (returns ) Tj ET Q q 0 0 0 rg BT 309.74 274.05 Td (improved ) Tj ET Q q 0 0 0 rg BT 359.43 274.05 Td (in ) Tj ET Q q 0 0 0 rg BT 371.02 274.05 Td (the ) Tj ET Q q 0 0 0 rg BT 389.76 274.05 Td (fourth ) Tj ET Q q 0 0 0 rg BT 421.92 274.05 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 462.43 274.05 Td (as ) Tj ET Q q 0 0 0 rg BT 475.66 274.05 Td (we ) Tj ET Q q 0 0 0 rg BT 492.56 274.05 Td (benefited ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 259.55 Td (from ) Tj ET Q q 0 0 0 rg BT 114.68 259.55 Td (higher ) Tj ET Q q 0 0 0 rg BT 148.12 259.55 Td (loan ) Tj ET Q q 0 0 0 rg BT 171.19 259.55 Td (originations ) Tj ET Q q 0 0 0 rg BT 230.89 259.55 Td (and ) Tj ET Q q 0 0 0 rg BT 251.52 259.55 Td (higher ) Tj ET Q q 0 0 0 rg BT 284.96 259.55 Td (income ) Tj ET Q q 0 0 0 rg BT 323.10 259.55 Td (from ) Tj ET Q q 0 0 0 rg BT 347.78 259.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 408.32 259.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 452.56 259.55 Td (from ) Tj ET Q q 0 0 0 rg BT 477.24 259.55 Td (our ) Tj ET Q q 0 0 0 rg BT 495.61 259.55 Td (CoreVest ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 245.00 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 148.87 245.00 Td (as ) Tj ET Q q 0 0 0 rg BT 162.33 245.00 Td (well ) Tj ET Q q 0 0 0 rg BT 184.73 245.00 Td (as ) Tj ET Q q 0 0 0 rg BT 198.19 245.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 248.11 245.00 Td (originations ) Tj ET Q q 0 0 0 rg BT 308.79 245.00 Td (from ) Tj ET Q q 0 0 0 rg BT 334.46 245.00 Td (5 ) Tj ET Q q 0 0 0 rg BT 343.63 245.00 Td (Arches. ) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 222.24 cm /I47 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 224.50 Td ( ) Tj ET Q BT /F11 11.00 Tf ET q 0 0 0 rg BT 90.00 224.50 Td (Multifamily ) Tj ET Q q 0 0 0 rg BT 146.62 224.50 Td (Investments) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 205.73 224.50 Td ( ) Tj ET Q q 0 0 0 rg BT 207.97 224.50 Td ( ) Tj ET Q q 0 0 0 rg BT 221.22 224.50 Td (Returns ) Tj ET Q q 0 0 0 rg BT 260.52 224.50 Td (declined ) Tj ET Q q 0 0 0 rg BT 305.15 224.50 Td (during ) Tj ET Q q 0 0 0 rg BT 339.35 224.50 Td (the ) Tj ET Q q 0 0 0 rg BT 357.49 224.50 Td (fourth ) Tj ET Q q 0 0 0 rg BT 389.06 224.50 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 428.97 224.50 Td (as ) Tj ET Q q 0 0 0 rg BT 441.61 224.50 Td (the ) Tj ET Q q 0 0 0 rg BT 459.74 224.50 Td (pace ) Tj ET Q q 0 0 0 rg BT 485.84 224.50 Td (of ) Tj ET Q q 0 0 0 rg BT 497.86 224.50 Td (portfolio ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 210.00 Td (optimization ) Tj ET Q q 0 0 0 rg BT 154.71 210.00 Td (in ) Tj ET Q q 0 0 0 rg BT 167.29 210.00 Td (the ) Tj ET Q q 0 0 0 rg BT 187.00 210.00 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 232.96 210.00 Td (slowed ) Tj ET Q q 0 0 0 rg BT 271.40 210.00 Td (relative ) Tj ET Q q 0 0 0 rg BT 310.86 210.00 Td (to ) Tj ET Q q 0 0 0 rg BT 324.85 210.00 Td (the ) Tj ET Q q 0 0 0 rg BT 344.56 210.00 Td (third ) Tj ET Q q 0 0 0 rg BT 370.98 210.00 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 412.46 210.00 Td (resulting ) Tj ET Q q 0 0 0 rg BT 458.44 210.00 Td (in ) Tj ET Q q 0 0 0 rg BT 471.01 210.00 Td (fewer ) Tj ET Q q 0 0 0 rg BT 501.91 210.00 Td (realized ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 195.45 Td (gains.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 172.69 cm /I48 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 174.95 Td ( ) Tj ET Q BT /F11 11.00 Tf ET q 0 0 0 rg BT 90.00 174.95 Td (Third-Party ) Tj ET Q q 0 0 0 rg BT 146.67 174.95 Td (Residential ) Tj ET Q q 0 0 0 rg BT 202.92 174.95 Td (Investments) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 262.03 174.95 Td ( ) Tj ET Q q 0 0 0 rg BT 264.29 174.95 Td ( ) Tj ET Q q 0 0 0 rg BT 277.56 174.95 Td (Returns ) Tj ET Q q 0 0 0 rg BT 316.88 174.95 Td (on ) Tj ET Q q 0 0 0 rg BT 331.79 174.95 Td (third-party ) Tj ET Q q 0 0 0 rg BT 385.35 174.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 446.07 174.95 Td (remained ) Tj ET Q q 0 0 0 rg BT 494.58 174.95 Td (elevated, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 160.40 Td (as ) Tj ET Q q 0 0 0 rg BT 103.25 160.40 Td (we ) Tj ET Q q 0 0 0 rg BT 120.15 160.40 Td (recognized ) Tj ET Q q 0 0 0 rg BT 177.40 160.40 Td (gains ) Tj ET Q q 0 0 0 rg BT 206.12 160.40 Td (from ) Tj ET Q q 0 0 0 rg BT 231.58 160.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 258.27 160.40 Td (of ) Tj ET Q q 0 0 0 rg BT 270.90 160.40 Td (primarily ) Tj ET Q q 0 0 0 rg BT 316.08 160.40 Td (CRT ) Tj ET Q q 0 0 0 rg BT 339.57 160.40 Td (and ) Tj ET Q q 0 0 0 rg BT 360.97 160.40 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 415.38 160.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 463.85 160.40 Td (during ) Tj ET Q q 0 0 0 rg BT 498.66 160.40 Td (the ) Tj ET Q q 0 0 0 rg BT 517.41 160.40 Td (third ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 145.90 Td (and ) Tj ET Q q 0 0 0 rg BT 111.60 145.90 Td (fourth ) Tj ET Q q 0 0 0 rg BT 143.99 145.90 Td (quarters ) Tj ET Q q 0 0 0 rg BT 187.35 145.90 Td (of ) Tj ET Q q 0 0 0 rg BT 200.19 145.90 Td (2019. ) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 123.14 cm /I49 Do Q /GS0 gs q 8.20 0 0 11.74 81.80 123.14 cm /I50 Do Q BT /F11 11.00 Tf ET q 0 0 0 rg BT 90.00 125.40 Td (Corporate ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 143.42 125.40 Td ( ) Tj ET Q q 0 0 0 rg BT 156.86 125.40 Td (Average ) Tj ET Q q 0 0 0 rg BT 200.27 125.40 Td (allocated ) Tj ET Q q 0 0 0 rg BT 247.73 125.40 Td (equity ) Tj ET Q q 0 0 0 rg BT 280.72 125.40 Td (for ) Tj ET Q q 0 0 0 rg BT 296.60 125.40 Td (corporate ) Tj ET Q q 0 0 0 rg BT 346.89 125.40 Td (included ) Tj ET Q q 0 0 0 rg BT 391.71 125.40 Td ($350 ) Tj ET Q q 0 0 0 rg BT 418.61 125.40 Td (million ) Tj ET Q q 0 0 0 rg BT 453.65 125.40 Td (of ) Tj ET Q q 0 0 0 rg BT 465.87 125.40 Td (average ) Tj ET Q q 0 0 0 rg BT 507.64 125.40 Td (capital ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 110.85 Td (available ) Tj ET Q q 0 0 0 rg BT 135.55 110.85 Td (for ) Tj ET Q q 0 0 0 rg BT 151.34 110.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 207.48 110.85 Td (during ) Tj ET Q q 0 0 0 rg BT 241.81 110.85 Td (the ) Tj ET Q q 0 0 0 rg BT 260.07 110.85 Td (fourth ) Tj ET Q q 0 0 0 rg BT 291.76 110.85 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 331.79 110.85 Td (driven ) Tj ET Q q 0 0 0 rg BT 364.70 110.85 Td (in ) Tj ET Q q 0 0 0 rg BT 375.82 110.85 Td (part ) Tj ET Q q 0 0 0 rg BT 397.91 110.85 Td (by ) Tj ET Q q 0 0 0 rg BT 412.30 110.85 Td (the ) Tj ET Q q 0 0 0 rg BT 430.56 110.85 Td (issuance ) Tj ET Q q 0 0 0 rg BT 474.30 110.85 Td (in ) Tj ET Q q 0 0 0 rg BT 485.42 110.85 Td (September ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 96.35 Td (2019 ) Tj ET Q q 0 0 0 rg BT 118.74 96.35 Td (of ) Tj ET Q q 0 0 0 rg BT 132.79 96.35 Td ($201 ) Tj ET Q q 0 0 0 rg BT 161.52 96.35 Td (million ) Tj ET Q q 0 0 0 rg BT 198.39 96.35 Td (of ) Tj ET Q q 0 0 0 rg BT 212.44 96.35 Td (convertible ) Tj ET Q q 0 0 0 rg BT 271.50 96.35 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 309.60 96.35 Td (and ) Tj ET Q q 0 0 0 rg BT 332.42 96.35 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 393.74 96.35 Td (repayment ) Tj ET Q q 0 0 0 rg BT 450.57 96.35 Td (of ) Tj ET Q q 0 0 0 rg BT 464.62 96.35 Td ($201 ) Tj ET Q q 0 0 0 rg BT 493.36 96.35 Td (million ) Tj ET Q q 0 0 0 rg BT 530.22 96.35 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 81.80 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 160.86 81.80 Td (bonds ) Tj ET Q q 0 0 0 rg BT 193.80 81.80 Td (in ) Tj ET Q q 0 0 0 rg BT 204.73 81.80 Td (mid-November. ) Tj ET Q q 0 0 0 rg BT 283.71 81.80 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 336.18 81.80 Td (overhead ) Tj ET Q q 0 0 0 rg BT 384.61 81.80 Td (expenses ) Tj ET Q q 0 0 0 rg BT 432.64 81.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 481.67 81.80 Td (in ) Tj ET Q q 0 0 0 rg BT 492.61 81.80 Td (the ) Tj ET Q q 0 0 0 rg BT 510.68 81.80 Td (fourth ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 67.30 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 130.58 67.30 Td (as ) Tj ET Q q 0 0 0 rg BT 143.89 67.30 Td (variable ) Tj ET Q q 0 0 0 rg BT 185.29 67.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 257.69 67.30 Td (was ) Tj ET Q q 0 0 0 rg BT 278.94 67.30 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 324.22 67.30 Td (to ) Tj ET Q q 0 0 0 rg BT 337.31 67.30 Td (reflect ) Tj ET Q q 0 0 0 rg BT 370.76 67.30 Td (improved ) Tj ET Q q 0 0 0 rg BT 420.52 67.30 Td (full-year ) Tj ET Q q 0 0 0 rg BT 462.54 67.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 505.58 67.30 Td (results.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 228.35 736.44 Td (Q U A R T E R L Y R E S U L T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (13) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (Below ) Tj ET Q q 0 0 0 rg BT 104.21 702.70 Td (we ) Tj ET Q q 0 0 0 rg BT 120.33 702.70 Td (present ) Tj ET Q q 0 0 0 rg BT 159.25 702.70 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 213.70 702.70 Td (core ) Tj ET Q q 0 0 0 rg BT 237.15 702.70 Td (returns ) Tj ET Q q 0 0 0 rg BT 273.20 702.70 Td (for ) Tj ET Q q 0 0 0 rg BT 288.69 702.70 Td (our ) Tj ET Q q 0 0 0 rg BT 307.05 702.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 367.56 702.70 Td (organized ) Tj ET Q q 0 0 0 rg BT 418.31 702.70 Td (by ) Tj ET Q q 0 0 0 rg BT 432.39 702.70 Td (segment ) Tj ET Q q 0 0 0 rg BT 477.23 702.70 Td (for ) Tj ET Q q 0 0 0 rg BT 492.72 702.70 Td (the ) Tj ET Q q 0 0 0 rg BT 510.68 702.70 Td (fourth ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 110.68 687.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.51 687.10 Td (2019.) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 673.60 408.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 480.50 673.60 50.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 530.50 673.60 4.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 669.60 462.00 -18.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 651.60 462.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 640.60 192.00 -14.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 264.50 640.60 266.00 -14.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 530.50 640.60 4.00 -14.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 626.60 192.00 -39.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 264.50 626.60 50.00 -39.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 314.50 626.60 4.00 -39.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 318.50 626.60 50.00 -39.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 368.50 626.60 4.00 -39.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 372.50 626.60 50.00 -39.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 422.50 626.60 4.00 -39.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 426.50 626.60 50.00 -39.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 476.50 626.60 4.00 -39.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 480.50 626.60 50.00 -39.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 530.50 626.60 4.00 -39.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 587.60 50.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 587.60 50.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 583.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 583.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 568.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 568.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 553.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 553.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 538.60 50.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 538.60 50.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 532.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 532.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 517.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 517.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 502.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 502.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 72.50 487.60 192.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 264.50 487.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 314.50 487.60 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 487.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 368.50 487.60 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 487.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 422.50 487.60 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 487.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 476.50 487.60 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 480.50 487.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 530.50 487.60 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 472.60 50.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 472.60 50.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 468.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 468.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 453.60 50.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 453.60 50.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 449.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 449.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 434.60 50.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 434.60 50.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 430.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 430.60 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 318.50 415.60 50.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 426.50 415.60 50.00 -4.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 673.6 m 72.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 673.6 m 264.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 673.6 m 314.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 673.6 m 318.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 673.6 m 368.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 673.6 m 372.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 673.6 m 422.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 673.6 m 426.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 673.6 m 476.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 673.6 m 480.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 673.6 m 530.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 673.6 m 534.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 673.6 m 534.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 669.6 m 72.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 669.6 m 534.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 651.6 m 72.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 651.6 m 534.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 640.6 m 72.5 626.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 626.6 m 314.5 626.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 626.6 m 318.5 626.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 626.6 m 368.5 626.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 626.6 m 372.5 626.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 626.6 m 422.5 626.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 626.6 m 426.5 626.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 626.6 m 476.5 626.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 626.6 m 480.5 626.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 626.6 m 530.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 640.6 m 534.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 626.6 m 72.5 587.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 626.6 m 476.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 626.6 m 534.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 587.6 m 72.5 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 587.6 m 534.5 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 583.6 m 72.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 583.6 m 534.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 568.6 m 72.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 553.6 m 264.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 553.6 m 314.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 553.6 m 318.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 553.6 m 368.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 553.6 m 372.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 553.6 m 422.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 553.6 m 426.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 553.6 m 476.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 553.6 m 480.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 553.6 m 530.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 568.6 m 534.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 553.6 m 534.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 553.6 m 72.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 553.6 m 534.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 538.6 m 72.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 538.6 m 534.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 532.6 m 72.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 532.6 m 534.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 517.6 m 72.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 517.6 m 534.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 502.6 m 72.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 502.6 m 534.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 487.6 m 72.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 487.6 m 264.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 473.6 m 264.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 471.6 m 264.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 487.6 m 314.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 473.6 m 314.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 471.6 m 314.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 487.6 m 318.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 473.6 m 318.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 471.6 m 318.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 487.6 m 368.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 473.6 m 368.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 471.6 m 368.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 487.6 m 372.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 473.6 m 372.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 471.6 m 372.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 487.6 m 422.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 473.6 m 422.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 471.6 m 422.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 487.6 m 426.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 473.6 m 426.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 471.6 m 426.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 487.6 m 476.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 473.6 m 476.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 471.6 m 476.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 487.6 m 480.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 473.6 m 480.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 471.6 m 480.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 487.6 m 530.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 473.6 m 530.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 471.6 m 530.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 487.6 m 534.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 487.6 m 534.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 473.6 m 534.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 471.6 m 534.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 472.6 m 72.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 472.6 m 534.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 468.6 m 72.5 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 468.6 m 534.5 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 453.6 m 72.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 453.6 m 534.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 449.6 m 72.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 449.6 m 534.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 434.6 m 72.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 434.6 m 534.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 430.6 m 72.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 430.6 m 534.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 415.6 m 72.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 411.6 m 264.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 411.6 m 314.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 411.6 m 318.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 411.6 m 368.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 411.6 m 372.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 411.6 m 422.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 411.6 m 426.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 411.6 m 476.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 411.6 m 480.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 411.6 m 530.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 415.6 m 534.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 411.6 m 534.5 411.6 l s BT /F4 13.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 137.10 657.35 Td (Non-GAAP Cor) Tj ET Q q 1 1 1 rg BT 215.85 657.35 Td (e R) Tj ET Q q 1 1 1 rg BT 232.46 657.35 Td (e) Tj ET Q q 1 1 1 rg BT 238.92 657.35 Td (turns on In) Tj ET Q q 1 1 1 rg BT 297.28 657.35 Td (v) Tj ET Q q 1 1 1 rg BT 303.31 657.35 Td (es) Tj ET Q q 1 1 1 rg BT 314.90 657.35 Td (tmen) Tj ET Q q 1 1 1 rg BT 343.38 657.35 Td (ts b) Tj ET Q q 1 1 1 rg BT 362.92 657.35 Td (y Business Segmen) Tj ET Q q 1 1 1 rg BT 464.32 657.35 Td (t) Tj ET Q BT /F7 8.50 Tf ET q 1 1 1 rg BT 279.70 642.73 Td (\($ in millions\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 320.95 631.35 Td (Thr) Tj ET Q q 1 1 1 rg BT 333.33 631.35 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 361.88 631.35 Td (ths Ended December 31, 2019) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 269.45 600.73 Td (R) Tj ET Q q 1 1 1 rg BT 274.17 600.73 Td (esiden) Tj ET Q q 1 1 1 rg BT 297.23 600.73 Td (tial) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 275.15 592.23 Td (Lending) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 327.75 609.23 Td (Business) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 328.50 600.73 Td (Purpose) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 329.15 592.23 Td (Lending) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 376.50 600.73 Td (Multif) Tj ET Q q 1 1 1 rg BT 398.23 600.73 Td (amily) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 375.40 592.23 Td (In) Tj ET Q q 1 1 1 rg BT 382.17 592.23 Td (v) Tj ET Q q 1 1 1 rg BT 386.09 592.23 Td (es) Tj ET Q q 1 1 1 rg BT 393.67 592.23 Td (tmen) Tj ET Q q 1 1 1 rg BT 412.29 592.23 Td (ts) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 431.25 609.23 Td (Thir) Tj ET Q q 1 1 1 rg BT 445.08 609.23 Td (d-P) Tj ET Q q 1 1 1 rg BT 456.63 609.23 Td (arty) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 431.45 600.73 Td (R) Tj ET Q q 1 1 1 rg BT 436.17 600.73 Td (esiden) Tj ET Q q 1 1 1 rg BT 459.23 600.73 Td (tial) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 429.40 592.23 Td (In) Tj ET Q q 1 1 1 rg BT 436.17 592.23 Td (v) Tj ET Q q 1 1 1 rg BT 440.09 592.23 Td (es) Tj ET Q q 1 1 1 rg BT 447.67 592.23 Td (tmen) Tj ET Q q 1 1 1 rg BT 466.29 592.23 Td (ts) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 496.40 592.23 Td (T) Tj ET Q q 1 1 1 rg BT 499.87 592.23 Td (ot) Tj ET Q q 1 1 1 rg BT 507.31 592.23 Td (al) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 81.00 573.60 Td (Ne) Tj ET Q q 0 0 0 rg BT 92.40 573.60 Td (t in) Tj ET Q q 0 0 0 rg BT 105.49 573.60 Td (t) Tj ET Q q 0 0 0 rg BT 108.74 573.60 Td (er) Tj ET Q q 0 0 0 rg BT 117.08 573.60 Td (es) Tj ET Q q 0 0 0 rg BT 125.85 573.60 Td (t inc) Tj ET Q q 0 0 0 rg BT 143.14 573.60 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 267.00 573.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 301.75 573.60 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 321.00 573.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 355.75 573.60 Td (7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 375.00 573.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 409.75 573.60 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 429.00 573.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.70 573.60 Td (10) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 483.00 573.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 512.70 573.60 Td (27) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 558.60 Td (Other inc) Tj ET Q q 0 0 0 rg BT 118.68 558.60 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 301.75 558.60 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 351.75 558.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 409.75 558.60 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 459.75 558.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 517.75 558.60 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 543.60 Td (In) Tj ET Q q 0 0 0 rg BT 88.69 543.60 Td (v) Tj ET Q q 0 0 0 rg BT 93.08 543.60 Td (es) Tj ET Q q 0 0 0 rg BT 101.86 543.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 123.32 543.60 Td (t inc) Tj ET Q q 0 0 0 rg BT 140.62 543.60 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 301.75 543.60 Td (8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 355.75 543.60 Td (8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 409.75 543.60 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.70 543.60 Td (10) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 512.70 543.60 Td (31) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 522.60 Td (R) Tj ET Q q 0 0 0 rg BT 86.34 522.60 Td (ealiz) Tj ET Q q 0 0 0 rg BT 104.45 522.60 Td (ed g) Tj ET Q q 0 0 0 rg BT 121.44 522.60 Td (ains) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 301.75 522.60 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 351.75 522.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 409.75 522.60 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.70 522.60 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 512.70 522.60 Td (23) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 507.60 Td (Gener) Tj ET Q q 0 0 0 rg BT 105.90 507.60 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 164.43 507.60 Td (tr) Tj ET Q q 0 0 0 rg BT 171.11 507.60 Td (a) Tj ET Q q 0 0 0 rg BT 175.75 507.60 Td (tiv) Tj ET Q q 0 0 0 rg BT 185.81 507.60 Td (e e) Tj ET Q q 0 0 0 rg BT 197.90 507.60 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 298.70 507.60 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 306.85 507.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 352.70 507.60 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 360.85 507.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 406.70 507.60 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 414.85 507.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 460.70 507.60 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.85 507.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 514.70 507.60 Td (\(4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 522.85 507.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 492.60 Td (Pr) Tj ET Q q 0 0 0 rg BT 89.57 492.60 Td (o) Tj ET Q q 0 0 0 rg BT 94.74 492.60 Td (vision f) Tj ET Q q 0 0 0 rg BT 123.47 492.60 Td (or inc) Tj ET Q q 0 0 0 rg BT 146.12 492.60 Td (ome t) Tj ET Q q 0 0 0 rg BT 169.87 492.60 Td (a) Tj ET Q q 0 0 0 rg BT 174.55 492.60 Td (x) Tj ET Q q 0 0 0 rg BT 178.71 492.60 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 297.75 492.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 351.75 492.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 405.75 492.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 460.70 492.60 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.85 492.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 514.70 492.60 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 522.85 492.60 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 81.00 477.60 Td (Cor) Tj ET Q q 0 0 0 rg BT 95.11 477.60 Td (e earnings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 267.00 477.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 301.75 477.60 Td (9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 321.00 477.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 355.75 477.60 Td (7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 375.00 477.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 409.75 477.60 Td (7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 429.00 477.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 458.70 477.60 Td (24) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 483.00 477.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 512.70 477.60 Td (48) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 458.60 Td (A) Tj ET Q q 0 0 0 rg BT 86.69 458.60 Td (v) Tj ET Q q 0 0 0 rg BT 91.07 458.60 Td (er) Tj ET Q q 0 0 0 rg BT 99.38 458.60 Td (ag) Tj ET Q q 0 0 0 rg BT 108.73 458.60 Td (e equity) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 291.60 458.60 Td (336) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 345.60 458.60 Td (172) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 399.60 458.60 Td (146) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 453.60 458.60 Td (294) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 507.60 458.60 Td (948) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 439.48 Td (Cor) Tj ET Q q 0 0 0 rg BT 94.26 439.48 Td (e in) Tj ET Q q 0 0 0 rg BT 108.15 439.48 Td (v) Tj ET Q q 0 0 0 rg BT 112.35 439.48 Td (es) Tj ET Q q 0 0 0 rg BT 120.69 439.48 Td (tmen) Tj ET Q q 0 0 0 rg BT 141.09 439.48 Td (t inc) Tj ET Q q 0 0 0 rg BT 157.53 439.48 Td (ome yield) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 294.15 439.60 Td (9.5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 306.85 439.60 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 343.10 439.60 Td (18.6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 360.85 439.60 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.10 439.60 Td (13.7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 414.85 439.60 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 451.10 439.60 Td (13.6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.85 439.60 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 505.10 439.60 Td (13.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 522.85 439.60 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 420.60 Td (Cor) Tj ET Q q 0 0 0 rg BT 94.96 420.60 Td (e r) Tj ET Q q 0 0 0 rg BT 105.55 420.60 Td (e) Tj ET Q q 0 0 0 rg BT 110.47 420.60 Td (turn on equity) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 289.10 420.60 Td (11.0) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 306.85 420.60 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 343.10 420.60 Td (16.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 360.85 420.60 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.10 420.60 Td (20.4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 414.85 420.60 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 451.10 420.60 Td (32.8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.85 420.60 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 505.10 420.60 Td (20.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 522.85 420.60 Td (%) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 9.80 0 0 11.74 72.00 388.19 cm /I51 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 390.45 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 390.45 Td (As ) Tj ET Q q 0 0 0 rg BT 104.35 390.45 Td (we ) Tj ET Q q 0 0 0 rg BT 120.52 390.45 Td (deploy ) Tj ET Q q 0 0 0 rg BT 156.66 390.45 Td (our ) Tj ET Q q 0 0 0 rg BT 175.06 390.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 209.55 390.45 Td (available ) Tj ET Q q 0 0 0 rg BT 254.85 390.45 Td (for ) Tj ET Q q 0 0 0 rg BT 270.39 390.45 Td (investment ) Tj ET Q q 0 0 0 rg BT 326.28 390.45 Td (and ) Tj ET Q q 0 0 0 rg BT 346.94 390.45 Td (our ) Tj ET Q q 0 0 0 rg BT 365.34 390.45 Td (pace ) Tj ET Q q 0 0 0 rg BT 391.31 390.45 Td (of ) Tj ET Q q 0 0 0 rg BT 403.20 390.45 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 447.45 390.45 Td (optimization ) Tj ET Q q 0 0 0 rg BT 510.46 390.45 Td (slows, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 374.85 Td (we ) Tj ET Q q 0 0 0 rg BT 106.26 374.85 Td (expect ) Tj ET Q q 0 0 0 rg BT 141.66 374.85 Td (an ) Tj ET Q q 0 0 0 rg BT 155.69 374.85 Td (increasing ) Tj ET Q q 0 0 0 rg BT 207.39 374.85 Td (portion ) Tj ET Q q 0 0 0 rg BT 245.42 374.85 Td (of ) Tj ET Q q 0 0 0 rg BT 257.40 374.85 Td (future ) Tj ET Q q 0 0 0 rg BT 288.31 374.85 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 334.07 374.85 Td (earnings ) Tj ET Q q 0 0 0 rg BT 378.22 374.85 Td (to ) Tj ET Q q 0 0 0 rg BT 390.59 374.85 Td (come ) Tj ET Q q 0 0 0 rg BT 420.10 374.85 Td (from ) Tj ET Q q 0 0 0 rg BT 444.91 374.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 500.87 374.85 Td (income, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 111.60 359.25 Td (less ) Tj ET Q q 0 0 0 rg BT 132.79 359.25 Td (from ) Tj ET Q q 0 0 0 rg BT 158.45 359.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 199.61 359.25 Td (gains.) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 228.35 736.44 Td (Q U A R T E R L Y R E S U L T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (14) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Se) Tj ET Q q 0 0 0 rg BT 85.35 702.30 Td (gment Results) Tj ET Q BT /F8 11.00 Tf ET q 0 0 0 rg BT 72.00 677.65 Td (Residential ) Tj ET Q q 0 0 0 rg BT 131.72 677.65 Td (Lending) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 659.05 Td (The ) Tj ET Q q 0 0 0 rg BT 93.19 659.05 Td (following ) Tj ET Q q 0 0 0 rg BT 140.84 659.05 Td (table ) Tj ET Q q 0 0 0 rg BT 168.32 659.05 Td (presents ) Tj ET Q q 0 0 0 rg BT 212.51 659.05 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 267.54 659.05 Td (core ) Tj ET Q q 0 0 0 rg BT 291.57 659.05 Td (results ) Tj ET Q q 0 0 0 rg BT 325.57 659.05 Td (from ) Tj ET Q q 0 0 0 rg BT 350.82 659.05 Td (our ) Tj ET Q q 0 0 0 rg BT 369.75 659.05 Td (residential ) Tj ET Q q 0 0 0 rg BT 422.90 659.05 Td (lending ) Tj ET Q q 0 0 0 rg BT 462.62 659.05 Td (segment ) Tj ET Q q 0 0 0 rg BT 508.04 659.05 Td (for ) Tj ET Q q 0 0 0 rg BT 524.12 659.05 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 643.40 Td (fourth ) Tj ET Q q 0 0 0 rg BT 104.38 643.40 Td (and ) Tj ET Q q 0 0 0 rg BT 125.99 643.40 Td (third ) Tj ET Q q 0 0 0 rg BT 151.64 643.40 Td (quarters ) Tj ET Q q 0 0 0 rg BT 195.00 643.40 Td (of ) Tj ET Q q 0 0 0 rg BT 207.84 643.40 Td (2019.) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 630.90 468.00 -8.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 622.90 468.00 -20.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 602.90 468.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 590.90 144.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 216.50 590.90 320.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 536.50 590.90 4.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 578.90 144.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 216.50 578.90 156.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 372.50 578.90 4.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 376.50 578.90 4.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 380.50 578.90 156.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 536.50 578.90 4.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 566.90 144.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 216.50 566.90 50.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 266.50 566.90 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 270.50 566.90 49.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 319.50 566.90 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 323.50 566.90 49.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 372.50 566.90 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 376.50 566.90 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 380.50 566.90 50.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 430.50 566.90 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 434.50 566.90 49.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 483.50 566.90 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 487.50 566.90 49.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 536.50 566.90 4.00 -38.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 528.90 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 528.90 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 528.90 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 528.90 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 524.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 524.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 524.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 524.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 509.90 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 509.90 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 509.90 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 509.90 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 505.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 505.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 505.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 505.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 490.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 490.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 490.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 490.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 475.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 475.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 475.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 475.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 460.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 460.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 460.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 460.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 445.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 445.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 445.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 445.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 430.90 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 430.90 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 430.90 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 430.90 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 426.90 49.00 -24.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 426.90 4.00 -24.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 426.90 49.00 -24.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 426.90 4.00 -24.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 402.90 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 402.90 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 402.90 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 402.90 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 398.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 398.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 398.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 398.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 383.90 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 383.90 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 383.90 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 383.90 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 72.50 379.90 144.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 216.50 379.90 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 266.50 379.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 270.50 379.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 319.50 379.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 379.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 379.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 376.50 379.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 380.50 379.90 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 430.50 379.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 434.50 379.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 483.50 379.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 379.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 379.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 364.90 49.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 364.90 4.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 364.90 49.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 364.90 4.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 358.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 358.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 358.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 358.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 343.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 343.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 343.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 343.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 329.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 329.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 329.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 329.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 315.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 315.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 315.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 315.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 301.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 301.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 301.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 301.90 4.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 630.9 m 72.5 622.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 630.9 m 216.5 630.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 630.9 m 266.5 630.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 630.9 m 270.5 630.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 630.9 m 319.5 630.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 630.9 m 323.5 630.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 630.9 m 372.5 630.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 630.9 m 376.5 630.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 630.9 m 380.5 630.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 630.9 m 430.5 630.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 630.9 m 434.5 630.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 630.9 m 483.5 630.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 630.9 m 487.5 630.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 630.9 m 536.5 630.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 630.9 m 540.5 622.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 630.9 m 540.5 630.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 622.9 m 72.5 602.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 622.9 m 540.5 602.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 602.9 m 72.5 590.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 602.9 m 540.5 590.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 590.9 m 72.5 578.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 578.9 m 266.5 578.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 578.9 m 270.5 578.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 578.9 m 319.5 578.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 578.9 m 323.5 578.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 578.9 m 372.5 578.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 578.9 m 376.5 578.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 578.9 m 380.5 578.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 578.9 m 430.5 578.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 578.9 m 434.5 578.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 578.9 m 483.5 578.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 578.9 m 487.5 578.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 578.9 m 536.5 578.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 590.9 m 540.5 578.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 578.9 m 72.5 566.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 566.9 m 266.5 566.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 566.9 m 270.5 566.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 566.9 m 319.5 566.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 566.9 m 323.5 566.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 566.9 m 372.5 566.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 566.9 m 430.5 566.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 566.9 m 434.5 566.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 566.9 m 483.5 566.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 566.9 m 487.5 566.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 566.9 m 536.5 566.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 578.9 m 540.5 566.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 566.9 m 72.5 528.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 566.9 m 372.5 566.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 566.9 m 430.5 566.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 566.9 m 540.5 528.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 528.9 m 72.5 524.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 528.9 m 540.5 524.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 524.9 m 72.5 509.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 524.9 m 540.5 509.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 509.9 m 72.5 505.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 509.9 m 540.5 505.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 505.9 m 72.5 490.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 505.9 m 540.5 490.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 490.9 m 72.5 475.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 490.9 m 540.5 475.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 475.9 m 72.5 460.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 475.9 m 540.5 460.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 460.9 m 72.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 445.9 m 216.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 445.9 m 266.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 445.9 m 270.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 445.9 m 319.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 445.9 m 323.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 445.9 m 372.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 445.9 m 376.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 445.9 m 380.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 445.9 m 430.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 445.9 m 434.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 445.9 m 483.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 445.9 m 487.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 445.9 m 536.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 460.9 m 540.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 445.9 m 540.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 445.9 m 72.5 430.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 445.9 m 540.5 430.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 430.9 m 72.5 426.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 430.9 m 540.5 426.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 426.9 m 72.5 402.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 426.9 m 540.5 402.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 402.9 m 72.5 398.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 402.9 m 540.5 398.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 398.9 m 72.5 383.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 398.9 m 540.5 383.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 383.9 m 72.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 379.9 m 216.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 379.9 m 266.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 379.9 m 270.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 379.9 m 319.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 379.9 m 323.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 379.9 m 372.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 379.9 m 376.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 379.9 m 380.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 379.9 m 430.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 379.9 m 434.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 379.9 m 483.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 379.9 m 487.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 379.9 m 536.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 383.9 m 540.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 379.9 m 540.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 379.9 m 72.5 364.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 379.9 m 216.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 365.9 m 216.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 363.9 m 216.5 363.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 379.9 m 266.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 365.9 m 266.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 363.9 m 266.5 363.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 379.9 m 270.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 365.9 m 270.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 363.9 m 270.5 363.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 379.9 m 319.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 365.9 m 319.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 363.9 m 319.5 363.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 379.9 m 323.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 365.9 m 323.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 363.9 m 323.5 363.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 379.9 m 372.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 365.9 m 372.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 363.9 m 372.5 363.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 379.9 m 376.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 365.9 m 376.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 363.9 m 376.5 363.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 379.9 m 380.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 365.9 m 380.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 363.9 m 380.5 363.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 379.9 m 430.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 365.9 m 430.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 363.9 m 430.5 363.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 379.9 m 434.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 365.9 m 434.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 363.9 m 434.5 363.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 379.9 m 483.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 365.9 m 483.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 363.9 m 483.5 363.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 379.9 m 487.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 365.9 m 487.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 363.9 m 487.5 363.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 379.9 m 536.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 365.9 m 536.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 363.9 m 536.5 363.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 379.9 m 540.5 364.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 379.9 m 540.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 365.9 m 540.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 363.9 m 540.5 363.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 364.9 m 72.5 358.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 364.9 m 540.5 358.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 358.9 m 72.5 343.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 358.9 m 540.5 343.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 343.9 m 72.5 329.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 343.9 m 540.5 329.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 329.9 m 72.5 315.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 329.9 m 540.5 315.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 315.9 m 72.5 301.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 315.9 m 540.5 301.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 301.9 m 72.5 287.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 287.9 m 216.5 287.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 287.9 m 266.5 287.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 287.9 m 270.5 287.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 287.9 m 319.5 287.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 287.9 m 323.5 287.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 287.9 m 372.5 287.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 287.9 m 376.5 287.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 287.9 m 380.5 287.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 287.9 m 430.5 287.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 287.9 m 434.5 287.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 287.9 m 483.5 287.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 287.9 m 487.5 287.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 287.9 m 536.5 287.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 301.9 m 540.5 287.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 287.9 m 540.5 287.9 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 173.80 619.40 264.35 -14.00 re f /GS0 gs q 1 1 1 rg BT 173.80 608.90 Td (R) Tj ET Q q 1 1 1 rg BT 181.48 608.90 Td (esiden) Tj ET Q q 1 1 1 rg BT 219.49 608.90 Td (tial Lending: Non-GAAP Cor) Tj ET Q q 1 1 1 rg BT 378.71 608.90 Td (e E) Tj ET Q q 1 1 1 rg BT 395.57 608.90 Td (arnings) Tj ET Q BT /F7 9.00 Tf ET q 1 1 1 rg BT 281.30 593.65 Td (\($ in millions\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 337.00 581.65 Td (Thr) Tj ET Q q 1 1 1 rg BT 349.43 581.65 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 377.97 581.65 Td (ths Ended) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 271.85 569.65 Td (12/31/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 438.15 569.65 Td (9/30/2019) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 219.40 533.52 Td (In) Tj ET Q q 1 1 1 rg BT 226.17 533.52 Td (v) Tj ET Q q 1 1 1 rg BT 230.09 533.52 Td (es) Tj ET Q q 1 1 1 rg BT 237.67 533.52 Td (tmen) Tj ET Q q 1 1 1 rg BT 256.29 533.52 Td (ts) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 277.35 542.02 Td (Mortg) Tj ET Q q 1 1 1 rg BT 299.27 542.02 Td (ag) Tj ET Q q 1 1 1 rg BT 307.38 542.02 Td (e) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 280.35 533.52 Td (Banking) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 338.90 550.52 Td (T) Tj ET Q q 1 1 1 rg BT 342.74 550.52 Td (ot) Tj ET Q q 1 1 1 rg BT 349.85 550.52 Td (al) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 327.95 542.02 Td (R) Tj ET Q q 1 1 1 rg BT 332.67 542.02 Td (esiden) Tj ET Q q 1 1 1 rg BT 355.73 542.02 Td (tial) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 333.65 533.52 Td (Lending) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 383.40 533.52 Td (In) Tj ET Q q 1 1 1 rg BT 390.17 533.52 Td (v) Tj ET Q q 1 1 1 rg BT 394.09 533.52 Td (es) Tj ET Q q 1 1 1 rg BT 401.67 533.52 Td (tmen) Tj ET Q q 1 1 1 rg BT 420.29 533.52 Td (ts) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 441.35 542.02 Td (Mortg) Tj ET Q q 1 1 1 rg BT 463.27 542.02 Td (ag) Tj ET Q q 1 1 1 rg BT 471.38 542.02 Td (e) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 444.35 533.52 Td (Banking) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 502.90 550.52 Td (T) Tj ET Q q 1 1 1 rg BT 506.37 550.52 Td (ot) Tj ET Q q 1 1 1 rg BT 513.81 550.52 Td (al) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 491.95 542.02 Td (R) Tj ET Q q 1 1 1 rg BT 496.61 542.02 Td (esiden) Tj ET Q q 1 1 1 rg BT 519.69 542.02 Td (tial) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 497.65 533.52 Td (Lending) Tj ET Q BT /F7 9.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 81.00 514.77 Td (Ne) Tj ET Q q 0 0 0 rg BT 91.83 514.77 Td (t in) Tj ET Q q 0 0 0 rg BT 104.27 514.77 Td (t) Tj ET Q q 0 0 0 rg BT 107.35 514.77 Td (er) Tj ET Q q 0 0 0 rg BT 115.28 514.77 Td (es) Tj ET Q q 0 0 0 rg BT 123.60 514.77 Td (t inc) Tj ET Q q 0 0 0 rg BT 140.03 514.77 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 219.00 514.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 253.75 514.90 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.00 514.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 306.75 514.90 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 326.00 514.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 354.70 514.90 Td (10) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 383.00 514.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 514.90 Td (7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.00 514.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 470.75 514.90 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 490.00 514.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 518.70 514.90 Td (12) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 495.77 Td (Non-in) Tj ET Q q 0 0 0 rg BT 107.17 495.77 Td (t) Tj ET Q q 0 0 0 rg BT 110.26 495.77 Td (er) Tj ET Q q 0 0 0 rg BT 118.18 495.77 Td (es) Tj ET Q q 0 0 0 rg BT 126.51 495.77 Td (t inc) Tj ET Q q 0 0 0 rg BT 142.93 495.77 Td (ome) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 480.77 Td (Mortg) Tj ET Q q 0 0 0 rg BT 111.01 480.77 Td (ag) Tj ET Q q 0 0 0 rg BT 119.90 480.77 Td (e banking activities, ne) Tj ET Q q 0 0 0 rg BT 207.80 480.77 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 249.75 480.90 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 301.70 480.90 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 354.70 480.90 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 413.75 480.90 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 470.75 480.90 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 480.90 Td (5) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 465.77 Td (Other inc) Tj ET Q q 0 0 0 rg BT 122.80 465.77 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 154.30 465.77 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 253.75 465.90 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 302.75 465.90 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 359.75 465.90 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 465.90 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 466.75 465.90 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 465.90 Td (2) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 450.77 Td (R) Tj ET Q q 0 0 0 rg BT 91.99 450.77 Td (ealiz) Tj ET Q q 0 0 0 rg BT 109.17 450.77 Td (ed g) Tj ET Q q 0 0 0 rg BT 125.33 450.77 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 154.95 450.77 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 253.75 450.90 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 302.75 450.90 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 359.75 450.90 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 450.90 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 466.75 450.90 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 450.90 Td (1) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 435.77 Td (T) Tj ET Q q 0 0 0 rg BT 85.21 435.77 Td (ot) Tj ET Q q 0 0 0 rg BT 92.92 435.77 Td (al non-in) Tj ET Q q 0 0 0 rg BT 126.77 435.77 Td (t) Tj ET Q q 0 0 0 rg BT 129.86 435.77 Td (er) Tj ET Q q 0 0 0 rg BT 137.78 435.77 Td (es) Tj ET Q q 0 0 0 rg BT 146.11 435.77 Td (t inc) Tj ET Q q 0 0 0 rg BT 162.53 435.77 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 194.03 435.77 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 253.75 435.90 Td (6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 301.70 435.90 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 354.70 435.90 Td (23) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 435.90 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 470.75 435.90 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 435.90 Td (8) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 417.27 Td (Gener) Tj ET Q q 0 0 0 rg BT 104.65 417.27 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 160.26 417.27 Td (tr) Tj ET Q q 0 0 0 rg BT 166.60 417.27 Td (a) Tj ET Q q 0 0 0 rg BT 171.01 417.27 Td (tiv) Tj ET Q q 0 0 0 rg BT 180.58 417.27 Td (e) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 407.77 Td (e) Tj ET Q q 0 0 0 rg BT 85.65 407.77 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 250.70 407.90 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 258.85 407.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 303.70 407.90 Td (\(9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 311.85 407.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 351.65 407.90 Td (\(10) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 364.85 407.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 414.70 407.90 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 422.85 407.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 467.70 407.90 Td (\(5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 475.85 407.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 520.70 407.90 Td (\(6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 528.85 407.90 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 388.77 Td (Pr) Tj ET Q q 0 0 0 rg BT 89.14 388.77 Td (o) Tj ET Q q 0 0 0 rg BT 94.06 388.77 Td (vision f) Tj ET Q q 0 0 0 rg BT 121.35 388.77 Td (or inc) Tj ET Q q 0 0 0 rg BT 142.87 388.77 Td (ome t) Tj ET Q q 0 0 0 rg BT 165.43 388.77 Td (a) Tj ET Q q 0 0 0 rg BT 169.88 388.77 Td (x) Tj ET Q q 0 0 0 rg BT 173.82 388.77 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 249.75 388.90 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 303.70 388.90 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 311.85 388.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 356.70 388.90 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 364.85 388.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 413.75 388.90 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 466.75 388.90 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 519.75 388.90 Td () Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 85.00 369.77 Td (Cor) Tj ET Q q 0 0 0 rg BT 98.41 369.77 Td (e earnings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 219.00 369.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 253.75 369.90 Td (9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 273.00 369.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 301.70 369.90 Td (11) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 326.00 369.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 354.70 369.90 Td (20) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 383.00 369.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 417.75 369.90 Td (9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 437.00 369.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 470.75 369.90 Td (5) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 490.00 369.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 518.70 369.90 Td (14) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 81.00 348.77 Td (K) Tj ET Q q 0 0 0 rg BT 86.02 348.77 Td (e) Tj ET Q q 0 0 0 rg BT 90.72 348.77 Td (y perf) Tj ET Q q 0 0 0 rg BT 113.49 348.77 Td (ormance indic) Tj ET Q q 0 0 0 rg BT 169.18 348.77 Td (a) Tj ET Q q 0 0 0 rg BT 173.78 348.77 Td (t) Tj ET Q q 0 0 0 rg BT 176.98 348.77 Td (or) Tj ET Q q 0 0 0 rg BT 185.35 348.77 Td (s) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 334.27 Td (A) Tj ET Q q 0 0 0 rg BT 86.41 334.27 Td (v) Tj ET Q q 0 0 0 rg BT 90.57 334.27 Td (er) Tj ET Q q 0 0 0 rg BT 98.46 334.27 Td (ag) Tj ET Q q 0 0 0 rg BT 107.35 334.27 Td (e equity) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 219.00 333.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 243.60 333.90 Td (336) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.00 333.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 296.60 333.90 Td (130) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 326.00 333.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 349.60 333.90 Td (466) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 383.00 333.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 407.60 333.90 Td (426) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.00 333.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 460.60 333.90 Td (130) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 490.00 333.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 513.60 333.90 Td (556) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 320.27 Td (Cor) Tj ET Q q 0 0 0 rg BT 94.32 320.27 Td (e r) Tj ET Q q 0 0 0 rg BT 104.39 320.27 Td (e) Tj ET Q q 0 0 0 rg BT 109.03 320.27 Td (turn on equity) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 241.10 319.90 Td (11.0) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 258.85 319.90 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 294.10 319.90 Td (33.5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 311.85 319.90 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 347.10 319.90 Td (17.3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 364.85 319.90 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 410.15 319.90 Td (8.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 422.85 319.90 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.10 319.90 Td (15.5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 475.85 319.90 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 516.15 319.90 Td (9.9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 528.85 319.90 Td (%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 306.27 Td (Cor) Tj ET Q q 0 0 0 rg BT 94.26 306.27 Td (e pr) Tj ET Q q 0 0 0 rg BT 109.32 306.27 Td (e-t) Tj ET Q q 0 0 0 rg BT 120.02 306.27 Td (a) Tj ET Q q 0 0 0 rg BT 124.48 306.27 Td (x mar) Tj ET Q q 0 0 0 rg BT 146.06 306.27 Td (gin) Tj ET Q BT /F7 9.50 Tf ET BT /F7 6.17 Tf ET q 0 0 0 rg BT 157.71 310.80 Td ( \(1\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 301.70 305.90 Td (60) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 311.85 305.90 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 465.70 305.90 Td (48) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 475.85 305.90 Td (%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 292.27 Td (Loan pur) Tj ET Q q 0 0 0 rg BT 114.85 292.27 Td (chase c) Tj ET Q q 0 0 0 rg BT 142.94 292.27 Td (ommitmen) Tj ET Q q 0 0 0 rg BT 185.71 292.27 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.00 291.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 289.05 291.90 Td (2,419) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.00 291.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 453.05 291.90 Td (1,700) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 9.80 0 0 11.74 72.00 264.54 cm /I52 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 266.80 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 266.80 Td (Core ) Tj ET Q q 0 0 0 rg BT 116.44 266.80 Td (net ) Tj ET Q q 0 0 0 rg BT 134.93 266.80 Td (interest ) Tj ET Q q 0 0 0 rg BT 173.97 266.80 Td (income ) Tj ET Q q 0 0 0 rg BT 212.65 266.80 Td (from ) Tj ET Q q 0 0 0 rg BT 237.86 266.80 Td (investments ) Tj ET Q q 0 0 0 rg BT 298.92 266.80 Td (decreased ) Tj ET Q q 0 0 0 rg BT 352.46 266.80 Td (in ) Tj ET Q q 0 0 0 rg BT 363.83 266.80 Td (the ) Tj ET Q q 0 0 0 rg BT 382.33 266.80 Td (fourth ) Tj ET Q q 0 0 0 rg BT 414.26 266.80 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 454.53 266.80 Td (as ) Tj ET Q q 0 0 0 rg BT 467.53 266.80 Td (average ) Tj ET Q q 0 0 0 rg BT 509.46 266.80 Td (equity ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 251.20 Td (invested ) Tj ET Q q 0 0 0 rg BT 133.56 251.20 Td (in ) Tj ET Q q 0 0 0 rg BT 144.53 251.20 Td (this ) Tj ET Q q 0 0 0 rg BT 163.85 251.20 Td (segment ) Tj ET Q q 0 0 0 rg BT 208.84 251.20 Td (declined ) Tj ET Q q 0 0 0 rg BT 253.43 251.20 Td (due ) Tj ET Q q 0 0 0 rg BT 274.60 251.20 Td (to ) Tj ET Q q 0 0 0 rg BT 286.98 251.20 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 334.83 251.20 Td (from ) Tj ET Q q 0 0 0 rg BT 359.65 251.20 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 404.00 251.20 Td (optimization ) Tj ET Q q 0 0 0 rg BT 467.11 251.20 Td (activities ) Tj ET Q q 0 0 0 rg BT 511.68 251.20 Td (being ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 235.55 Td (redeployed ) Tj ET Q q 0 0 0 rg BT 149.49 235.55 Td (into ) Tj ET Q q 0 0 0 rg BT 171.48 235.55 Td (other ) Tj ET Q q 0 0 0 rg BT 200.61 235.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 228.51 235.55 Td (classes.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 211.69 cm /I53 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 213.95 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 213.95 Td (Core ) Tj ET Q q 0 0 0 rg BT 117.68 213.95 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 169.99 213.95 Td (banking ) Tj ET Q q 0 0 0 rg BT 213.16 213.95 Td (results ) Tj ET Q q 0 0 0 rg BT 248.36 213.95 Td (for ) Tj ET Q q 0 0 0 rg BT 265.63 213.95 Td (our ) Tj ET Q q 0 0 0 rg BT 285.77 213.95 Td (residential ) Tj ET Q q 0 0 0 rg BT 340.11 213.95 Td (lending ) Tj ET Q q 0 0 0 rg BT 381.04 213.95 Td (segment ) Tj ET Q q 0 0 0 rg BT 427.66 213.95 Td (improved ) Tj ET Q q 0 0 0 rg BT 478.35 213.95 Td (in ) Tj ET Q q 0 0 0 rg BT 490.95 213.95 Td (the ) Tj ET Q q 0 0 0 rg BT 510.69 213.95 Td (fourth ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 198.30 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 130.55 198.30 Td (as ) Tj ET Q q 0 0 0 rg BT 143.82 198.30 Td (loan ) Tj ET Q q 0 0 0 rg BT 167.69 198.30 Td (purchase ) Tj ET Q q 0 0 0 rg BT 214.80 198.30 Td (commitments ) Tj ET Q q 0 0 0 rg BT 284.48 198.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 334.22 198.30 Td (to ) Tj ET Q q 0 0 0 rg BT 347.28 198.30 Td ($2.4 ) Tj ET Q q 0 0 0 rg BT 371.57 198.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 404.39 198.30 Td (from ) Tj ET Q q 0 0 0 rg BT 429.88 198.30 Td ($1.7 ) Tj ET Q q 0 0 0 rg BT 454.17 198.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 486.99 198.30 Td (in ) Tj ET Q q 0 0 0 rg BT 498.63 198.30 Td (the ) Tj ET Q q 0 0 0 rg BT 517.41 198.30 Td (third ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 182.70 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 131.63 182.70 Td (and ) Tj ET Q q 0 0 0 rg BT 154.15 182.70 Td (gross ) Tj ET Q q 0 0 0 rg BT 184.18 182.70 Td (margins ) Tj ET Q q 0 0 0 rg BT 226.85 182.70 Td (on ) Tj ET Q q 0 0 0 rg BT 243.46 182.70 Td (securitization ) Tj ET Q q 0 0 0 rg BT 311.58 182.70 Td (and ) Tj ET Q q 0 0 0 rg BT 334.09 182.70 Td (whole ) Tj ET Q q 0 0 0 rg BT 367.39 182.70 Td (loan ) Tj ET Q q 0 0 0 rg BT 392.35 182.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 420.15 182.70 Td (improved ) Tj ET Q q 0 0 0 rg BT 470.97 182.70 Td (from ) Tj ET Q q 0 0 0 rg BT 497.54 182.70 Td (the ) Tj ET Q q 0 0 0 rg BT 517.41 182.70 Td (third ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 167.10 Td (quarter. ) Tj ET Q q 0 0 0 rg BT 129.71 167.10 Td (We ) Tj ET Q q 0 0 0 rg BT 148.05 167.10 Td (define ) Tj ET Q q 0 0 0 rg BT 181.06 167.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 209.17 167.10 Td (margins ) Tj ET Q q 0 0 0 rg BT 249.91 167.10 Td (for ) Tj ET Q q 0 0 0 rg BT 265.39 167.10 Td (this ) Tj ET Q q 0 0 0 rg BT 284.54 167.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 329.36 167.10 Td (as ) Tj ET Q q 0 0 0 rg BT 341.79 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.73 167.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 381.95 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.77 167.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 444.28 167.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 485.65 167.10 Td (net ) Tj ET Q q 0 0 0 rg BT 503.57 167.10 Td (interest ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 151.45 Td (income ) Tj ET Q q 0 0 0 rg BT 129.13 151.45 Td (and ) Tj ET Q q 0 0 0 rg BT 150.73 151.45 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 202.26 151.45 Td (banking ) Tj ET Q q 0 0 0 rg BT 244.64 151.45 Td (activities ) Tj ET Q q 0 0 0 rg BT 290.06 151.45 Td (divided ) Tj ET Q q 0 0 0 rg BT 329.99 151.45 Td (by ) Tj ET Q q 0 0 0 rg BT 345.07 151.45 Td (loan ) Tj ET Q q 0 0 0 rg BT 369.12 151.45 Td (purchase ) Tj ET Q q 0 0 0 rg BT 416.40 151.45 Td (commitments. ) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 127.59 cm /I54 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 129.85 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 129.85 Td (Core ) Tj ET Q q 0 0 0 rg BT 120.08 129.85 Td (general ) Tj ET Q q 0 0 0 rg BT 163.40 129.85 Td (and ) Tj ET Q q 0 0 0 rg BT 188.19 129.85 Td (administrative ) Tj ET Q q 0 0 0 rg BT 263.05 129.85 Td (expenses ) Tj ET Q q 0 0 0 rg BT 315.15 129.85 Td (increased ) Tj ET Q q 0 0 0 rg BT 368.26 129.85 Td (in ) Tj ET Q q 0 0 0 rg BT 383.26 129.85 Td (the ) Tj ET Q q 0 0 0 rg BT 405.40 129.85 Td (fourth ) Tj ET Q q 0 0 0 rg BT 440.96 129.85 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 484.87 129.85 Td (as ) Tj ET Q q 0 0 0 rg BT 501.51 129.85 Td (variable ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 114.20 Td (compensation ) Tj ET Q q 0 0 0 rg BT 161.08 114.20 Td (was ) Tj ET Q q 0 0 0 rg BT 181.02 114.20 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 224.99 114.20 Td (to ) Tj ET Q q 0 0 0 rg BT 236.76 114.20 Td (reflect ) Tj ET Q q 0 0 0 rg BT 268.89 114.20 Td (improved ) Tj ET Q q 0 0 0 rg BT 317.33 114.20 Td (full-year ) Tj ET Q q 0 0 0 rg BT 358.04 114.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 399.76 114.20 Td (performance ) Tj ET Q q 0 0 0 rg BT 464.09 114.20 Td (of ) Tj ET Q q 0 0 0 rg BT 475.47 114.20 Td (this ) Tj ET Q q 0 0 0 rg BT 494.17 114.20 Td (segment.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 90.34 cm /I55 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 92.60 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 92.60 Td (Core ) Tj ET Q q 0 0 0 rg BT 117.29 92.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 155.36 92.60 Td (margin ) Tj ET Q q 0 0 0 rg BT 192.82 92.60 Td (improved ) Tj ET Q q 0 0 0 rg BT 243.12 92.60 Td (in ) Tj ET Q q 0 0 0 rg BT 255.33 92.60 Td (the ) Tj ET Q q 0 0 0 rg BT 274.67 92.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 307.45 92.60 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 348.56 92.60 Td (as ) Tj ET Q q 0 0 0 rg BT 362.41 92.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 405.20 92.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 443.07 92.60 Td (from ) Tj ET Q q 0 0 0 rg BT 469.12 92.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 503.94 92.60 Td (volume ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 77.00 Td (and ) Tj ET Q q 0 0 0 rg BT 110.67 77.00 Td (margins ) Tj ET Q q 0 0 0 rg BT 151.49 77.00 Td (outpaced ) Tj ET Q q 0 0 0 rg BT 200.48 77.00 Td (the ) Tj ET Q q 0 0 0 rg BT 218.50 77.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 260.76 77.00 Td (in ) Tj ET Q q 0 0 0 rg BT 271.64 77.00 Td (general ) Tj ET Q q 0 0 0 rg BT 310.83 77.00 Td (and ) Tj ET Q q 0 0 0 rg BT 331.50 77.00 Td (administrative ) Tj ET Q q 0 0 0 rg BT 402.24 77.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 450.23 77.00 Td (during ) Tj ET Q q 0 0 0 rg BT 484.32 77.00 Td (the ) Tj ET Q q 0 0 0 rg BT 502.34 77.00 Td (quarter.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 228.35 736.44 Td (Q U A R T E R L Y R E S U L T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (15) Tj ET Q BT /F1 10.00 Tf ET BT /F10 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (Residential Investments) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 679.39 cm /I56 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 681.65 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 681.65 Td (We ) Tj ET Q q 0 0 0 rg BT 108.51 681.65 Td (deployed ) Tj ET Q q 0 0 0 rg BT 157.58 681.65 Td ($6 ) Tj ET Q q 0 0 0 rg BT 172.02 681.65 Td (million ) Tj ET Q q 0 0 0 rg BT 206.82 681.65 Td (of ) Tj ET Q q 0 0 0 rg BT 218.81 681.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 253.39 681.65 Td (into ) Tj ET Q q 0 0 0 rg BT 274.53 681.65 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 316.68 681.65 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 348.25 681.65 Td (retained ) Tj ET Q q 0 0 0 rg BT 390.98 681.65 Td (from ) Tj ET Q q 0 0 0 rg BT 415.80 681.65 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 486.84 681.65 Td (completed ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 666.55 Td (in ) Tj ET Q q 0 0 0 rg BT 101.81 666.55 Td (the ) Tj ET Q q 0 0 0 rg BT 120.77 666.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 153.15 666.55 Td (quarter. ) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 640.24 cm /I57 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 642.50 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 642.50 Td (During ) Tj ET Q q 0 0 0 rg BT 127.41 642.50 Td (the ) Tj ET Q q 0 0 0 rg BT 147.33 642.50 Td (fourth ) Tj ET Q q 0 0 0 rg BT 180.67 642.50 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 222.35 642.50 Td (we ) Tj ET Q q 0 0 0 rg BT 240.42 642.50 Td (sold ) Tj ET Q q 0 0 0 rg BT 265.01 642.50 Td ($26 ) Tj ET Q q 0 0 0 rg BT 287.38 642.50 Td (million ) Tj ET Q q 0 0 0 rg BT 323.99 642.50 Td (of ) Tj ET Q q 0 0 0 rg BT 337.78 642.50 Td (lower-yielding ) Tj ET Q q 0 0 0 rg BT 410.64 642.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 460.27 642.50 Td (in ) Tj ET Q q 0 0 0 rg BT 473.04 642.50 Td (this ) Tj ET Q q 0 0 0 rg BT 494.17 642.50 Td (segment, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 627.45 Td (which ) Tj ET Q q 0 0 0 rg BT 121.17 627.45 Td (freed ) Tj ET Q q 0 0 0 rg BT 149.90 627.45 Td (up ) Tj ET Q q 0 0 0 rg BT 165.79 627.45 Td (approximately ) Tj ET Q q 0 0 0 rg BT 238.71 627.45 Td ($5 ) Tj ET Q q 0 0 0 rg BT 254.00 627.45 Td (million ) Tj ET Q q 0 0 0 rg BT 289.65 627.45 Td (of ) Tj ET Q q 0 0 0 rg BT 302.49 627.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 337.92 627.45 Td (for ) Tj ET Q q 0 0 0 rg BT 354.41 627.45 Td (redeployment.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 601.09 cm /I58 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 603.35 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 603.35 Td (The ) Tj ET Q q 0 0 0 rg BT 114.18 603.35 Td (decline ) Tj ET Q q 0 0 0 rg BT 155.47 603.35 Td (in ) Tj ET Q q 0 0 0 rg BT 169.86 603.35 Td (average ) Tj ET Q q 0 0 0 rg BT 214.82 603.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 252.83 603.35 Td (in ) Tj ET Q q 0 0 0 rg BT 267.21 603.35 Td (this ) Tj ET Q q 0 0 0 rg BT 289.95 603.35 Td (segment ) Tj ET Q q 0 0 0 rg BT 338.36 603.35 Td (during ) Tj ET Q q 0 0 0 rg BT 375.96 603.35 Td (the ) Tj ET Q q 0 0 0 rg BT 397.49 603.35 Td (fourth ) Tj ET Q q 0 0 0 rg BT 432.45 603.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 473.70 603.35 Td (was ) Tj ET Q q 0 0 0 rg BT 497.67 603.35 Td (primarily ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 588.30 Td (attributable ) Tj ET Q q 0 0 0 rg BT 150.20 588.30 Td (to ) Tj ET Q q 0 0 0 rg BT 163.60 588.30 Td (a ) Tj ET Q q 0 0 0 rg BT 172.54 588.30 Td (reduction ) Tj ET Q q 0 0 0 rg BT 222.41 588.30 Td (in ) Tj ET Q q 0 0 0 rg BT 234.39 588.30 Td (the ) Tj ET Q q 0 0 0 rg BT 253.51 588.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 289.11 588.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 344.07 588.30 Td (with ) Tj ET Q q 0 0 0 rg BT 367.66 588.30 Td (our ) Tj ET Q q 0 0 0 rg BT 387.17 588.30 Td (residential ) Tj ET Q q 0 0 0 rg BT 440.90 588.30 Td (whole ) Tj ET Q q 0 0 0 rg BT 473.46 588.30 Td (loans ) Tj ET Q q 0 0 0 rg BT 502.36 588.30 Td (that ) Tj ET Q q 0 0 0 rg BT 524.72 588.30 Td (are ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 573.20 Td (held ) Tj ET Q q 0 0 0 rg BT 114.15 573.20 Td (for ) Tj ET Q q 0 0 0 rg BT 130.15 573.20 Td (investment ) Tj ET Q q 0 0 0 rg BT 186.48 573.20 Td (and ) Tj ET Q q 0 0 0 rg BT 207.58 573.20 Td (financed ) Tj ET Q q 0 0 0 rg BT 252.12 573.20 Td (with ) Tj ET Q q 0 0 0 rg BT 275.04 573.20 Td (the ) Tj ET Q q 0 0 0 rg BT 293.50 573.20 Td (FHLB, ) Tj ET Q q 0 0 0 rg BT 325.61 573.20 Td (as ) Tj ET Q q 0 0 0 rg BT 338.56 573.20 Td (paydowns ) Tj ET Q q 0 0 0 rg BT 390.84 573.20 Td (of ) Tj ET Q q 0 0 0 rg BT 403.18 573.20 Td (residential ) Tj ET Q q 0 0 0 rg BT 456.25 573.20 Td (whole ) Tj ET Q q 0 0 0 rg BT 488.15 573.20 Td (loans ) Tj ET Q q 0 0 0 rg BT 516.38 573.20 Td (were ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 558.15 Td (replaced ) Tj ET Q q 0 0 0 rg BT 135.62 558.15 Td (with ) Tj ET Q q 0 0 0 rg BT 158.82 558.15 Td (single-family ) Tj ET Q q 0 0 0 rg BT 223.16 558.15 Td (rental ) Tj ET Q q 0 0 0 rg BT 253.69 558.15 Td (loans ) Tj ET Q q 0 0 0 rg BT 282.21 558.15 Td (originated ) Tj ET Q q 0 0 0 rg BT 335.54 558.15 Td (in ) Tj ET Q q 0 0 0 rg BT 347.13 558.15 Td (our ) Tj ET Q q 0 0 0 rg BT 366.27 558.15 Td (business ) Tj ET Q q 0 0 0 rg BT 410.87 558.15 Td (purpose ) Tj ET Q q 0 0 0 rg BT 454.25 558.15 Td (lending ) Tj ET Q q 0 0 0 rg BT 494.17 558.15 Td (segment.) Tj ET Q BT /F10 11.00 Tf ET q 0 0 0 rg BT 72.00 525.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 128.63 525.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 180.57 525.10 Td (Banking) Tj ET Q BT /F4 13.00 Tf ET q 0 0 0 rg BT 198.20 475.45 Td (Quart) Tj ET Q q 0 0 0 rg BT 229.48 475.45 Td (erly Jumbo Loan Pur) Tj ET Q q 0 0 0 rg BT 338.85 475.45 Td (chase V) Tj ET Q q 0 0 0 rg BT 379.43 475.45 Td (olume) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 276.50 461.45 Td (\($ in billions\)) Tj ET Q /GS0 gs q 357.00 0 0 185.00 127.50 268.45 cm /I59 Do Q BT /F1 10.00 Tf ET /GS0 gs q 9.80 0 0 11.74 72.00 250.59 cm /I60 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 252.85 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 252.85 Td (The ) Tj ET Q q 0 0 0 rg BT 110.73 252.85 Td (continued ) Tj ET Q q 0 0 0 rg BT 162.23 252.85 Td (lower ) Tj ET Q q 0 0 0 rg BT 191.28 252.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 229.90 252.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 251.21 252.85 Td (environment, ) Tj ET Q q 0 0 0 rg BT 317.98 252.85 Td (as ) Tj ET Q q 0 0 0 rg BT 330.55 252.85 Td (well ) Tj ET Q q 0 0 0 rg BT 352.09 252.85 Td (as ) Tj ET Q q 0 0 0 rg BT 364.66 252.85 Td (an ) Tj ET Q q 0 0 0 rg BT 378.67 252.85 Td (increase ) Tj ET Q q 0 0 0 rg BT 421.00 252.85 Td (in ) Tj ET Q q 0 0 0 rg BT 431.93 252.85 Td (bulk ) Tj ET Q q 0 0 0 rg BT 454.91 252.85 Td (pool ) Tj ET Q q 0 0 0 rg BT 479.50 252.85 Td (acquisitions, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 237.20 Td (helped ) Tj ET Q q 0 0 0 rg BT 127.49 237.20 Td (elevate ) Tj ET Q q 0 0 0 rg BT 166.20 237.20 Td (loan ) Tj ET Q q 0 0 0 rg BT 190.25 237.20 Td (purchase ) Tj ET Q q 0 0 0 rg BT 237.52 237.20 Td (commitments ) Tj ET Q q 0 0 0 rg BT 307.39 237.20 Td (and ) Tj ET Q q 0 0 0 rg BT 328.99 237.20 Td (purchase ) Tj ET Q q 0 0 0 rg BT 376.27 237.20 Td (volumes ) Tj ET Q q 0 0 0 rg BT 420.08 237.20 Td (in ) Tj ET Q q 0 0 0 rg BT 431.90 237.20 Td (the ) Tj ET Q q 0 0 0 rg BT 450.85 237.20 Td (fourth ) Tj ET Q q 0 0 0 rg BT 483.23 237.20 Td (quarter.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 210.34 cm /I61 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 212.60 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 212.60 Td (At ) Tj ET Q q 0 0 0 rg BT 104.93 212.60 Td (December ) Tj ET Q q 0 0 0 rg BT 160.20 212.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 179.22 212.60 Td (2019, ) Tj ET Q q 0 0 0 rg BT 210.48 212.60 Td (our ) Tj ET Q q 0 0 0 rg BT 230.50 212.60 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 273.95 212.60 Td (of ) Tj ET Q q 0 0 0 rg BT 287.46 212.60 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 322.56 212.60 Td (residential ) Tj ET Q q 0 0 0 rg BT 376.79 212.60 Td (loans ) Tj ET Q q 0 0 0 rg BT 406.20 212.60 Td (identified ) Tj ET Q q 0 0 0 rg BT 456.56 212.60 Td (for ) Tj ET Q q 0 0 0 rg BT 473.72 212.60 Td (purchase ) Tj ET Q q 0 0 0 rg BT 521.67 212.60 Td (was ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 197.00 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 114.46 197.00 Td (billion) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 144.41 197.00 Td (. ) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 170.09 cm /I62 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 172.35 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 172.35 Td (During ) Tj ET Q q 0 0 0 rg BT 125.07 172.35 Td (the ) Tj ET Q q 0 0 0 rg BT 142.64 172.35 Td (fourth ) Tj ET Q q 0 0 0 rg BT 173.64 172.35 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 212.98 172.35 Td (we ) Tj ET Q q 0 0 0 rg BT 228.72 172.35 Td (sold ) Tj ET Q q 0 0 0 rg BT 250.96 172.35 Td ($843 ) Tj ET Q q 0 0 0 rg BT 277.10 172.35 Td (million ) Tj ET Q q 0 0 0 rg BT 311.37 172.35 Td (of ) Tj ET Q q 0 0 0 rg BT 322.83 172.35 Td (Select ) Tj ET Q q 0 0 0 rg BT 354.44 172.35 Td (whole ) Tj ET Q q 0 0 0 rg BT 385.46 172.35 Td (loans ) Tj ET Q q 0 0 0 rg BT 412.81 172.35 Td (to ) Tj ET Q q 0 0 0 rg BT 424.66 172.35 Td (third ) Tj ET Q q 0 0 0 rg BT 448.93 172.35 Td (parties, ) Tj ET Q q 0 0 0 rg BT 486.85 172.35 Td (completed ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 156.75 Td (two ) Tj ET Q q 0 0 0 rg BT 111.19 156.75 Td (Select ) Tj ET Q q 0 0 0 rg BT 144.20 156.75 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 216.11 156.75 Td (totaling ) Tj ET Q q 0 0 0 rg BT 256.84 156.75 Td ($776 ) Tj ET Q q 0 0 0 rg BT 284.38 156.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 323.10 156.75 Td (and ) Tj ET Q q 0 0 0 rg BT 344.71 156.75 Td (sold ) Tj ET Q q 0 0 0 rg BT 368.35 156.75 Td ($581 ) Tj ET Q q 0 0 0 rg BT 395.89 156.75 Td (million ) Tj ET Q q 0 0 0 rg BT 431.55 156.75 Td (of ) Tj ET Q q 0 0 0 rg BT 444.40 156.75 Td (Choice ) Tj ET Q q 0 0 0 rg BT 481.91 156.75 Td (whole ) Tj ET Q q 0 0 0 rg BT 514.32 156.75 Td (loans ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 141.10 Td (to ) Tj ET Q q 0 0 0 rg BT 103.23 141.10 Td (third ) Tj ET Q q 0 0 0 rg BT 128.89 141.10 Td (parties.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 306.00 117.20 Td ( ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 228.35 736.44 Td (Q U A R T E R L Y R E S U L T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (16) Tj ET Q BT /F1 10.00 Tf ET BT /F8 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (Business ) Tj ET Q q 0 0 0 rg BT 118.84 702.70 Td (Purpose ) Tj ET Q q 0 0 0 rg BT 164.24 702.70 Td (Lending) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 684.10 Td (The ) Tj ET Q q 0 0 0 rg BT 93.20 684.10 Td (following ) Tj ET Q q 0 0 0 rg BT 140.87 684.10 Td (table ) Tj ET Q q 0 0 0 rg BT 168.36 684.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 212.56 684.10 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 267.60 684.10 Td (core ) Tj ET Q q 0 0 0 rg BT 291.65 684.10 Td (results ) Tj ET Q q 0 0 0 rg BT 325.67 684.10 Td (from ) Tj ET Q q 0 0 0 rg BT 350.93 684.10 Td (our ) Tj ET Q q 0 0 0 rg BT 369.87 684.10 Td (business ) Tj ET Q q 0 0 0 rg BT 414.30 684.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 457.49 684.10 Td (lending ) Tj ET Q q 0 0 0 rg BT 497.22 684.10 Td (segment ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (for ) Tj ET Q q 0 0 0 rg BT 88.49 668.45 Td (the ) Tj ET Q q 0 0 0 rg BT 107.44 668.45 Td (fourth ) Tj ET Q q 0 0 0 rg BT 139.83 668.45 Td (and ) Tj ET Q q 0 0 0 rg BT 161.43 668.45 Td (third ) Tj ET Q q 0 0 0 rg BT 187.08 668.45 Td (quarters ) Tj ET Q q 0 0 0 rg BT 230.45 668.45 Td (of ) Tj ET Q q 0 0 0 rg BT 243.28 668.45 Td (2019.) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 655.95 468.00 -8.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 647.95 468.00 -20.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 627.95 468.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 615.95 144.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 216.50 615.95 320.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 536.50 615.95 4.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 603.95 144.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 216.50 603.95 156.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 372.50 603.95 4.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 376.50 603.95 4.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 380.50 603.95 156.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 536.50 603.95 4.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 591.95 144.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 216.50 591.95 50.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 266.50 591.95 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 270.50 591.95 49.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 319.50 591.95 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 323.50 591.95 49.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 372.50 591.95 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 376.50 591.95 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 380.50 591.95 50.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 430.50 591.95 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 434.50 591.95 49.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 483.50 591.95 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 487.50 591.95 49.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 536.50 591.95 4.00 -38.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 553.95 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 553.95 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 553.95 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 553.95 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 549.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 549.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 549.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 549.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 534.95 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 534.95 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 534.95 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 534.95 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 530.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 530.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 530.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 530.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 515.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 515.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 515.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 515.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 500.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 500.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 500.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 500.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 485.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 485.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 485.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 485.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 470.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 470.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 470.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 470.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 455.95 49.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 455.95 4.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 455.95 49.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 455.95 4.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 449.95 49.00 -24.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 449.95 4.00 -24.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 449.95 49.00 -24.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 449.95 4.00 -24.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 425.95 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 425.95 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 425.95 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 425.95 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 421.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 421.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 421.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 421.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 406.95 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 406.95 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 406.95 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 406.95 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 72.50 402.95 144.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 216.50 402.95 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 266.50 402.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 270.50 402.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 319.50 402.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 402.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 402.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 376.50 402.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 380.50 402.95 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 430.50 402.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 434.50 402.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 483.50 402.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 402.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 402.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 387.95 49.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 387.95 4.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 387.95 49.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 387.95 4.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 381.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 381.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 381.95 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 381.95 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 366.95 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 366.95 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 366.95 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 366.95 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 352.95 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 352.95 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 352.95 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 352.95 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 338.95 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 338.95 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 338.95 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 338.95 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 324.95 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 324.95 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 324.95 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 324.95 4.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 655.95 m 72.5 647.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 655.95 m 216.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 655.95 m 266.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 655.95 m 270.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 655.95 m 319.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 655.95 m 323.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 655.95 m 372.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 655.95 m 376.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 655.95 m 380.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 655.95 m 430.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 655.95 m 434.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 655.95 m 483.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 655.95 m 487.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 655.95 m 536.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 655.95 m 540.5 647.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 655.95 m 540.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 647.95 m 72.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 647.95 m 540.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 627.95 m 72.5 615.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 627.95 m 540.5 615.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 615.95 m 72.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 603.95 m 266.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 603.95 m 270.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 603.95 m 319.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 603.95 m 323.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 603.95 m 372.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 603.95 m 376.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 603.95 m 380.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 603.95 m 430.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 603.95 m 434.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 603.95 m 483.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 603.95 m 487.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 603.95 m 536.5 603.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 615.95 m 540.5 603.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 603.95 m 72.5 591.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 591.95 m 266.5 591.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 591.95 m 270.5 591.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 591.95 m 319.5 591.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 591.95 m 323.5 591.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 591.95 m 372.5 591.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 591.95 m 430.5 591.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 591.95 m 434.5 591.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 591.95 m 483.5 591.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 591.95 m 487.5 591.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 591.95 m 536.5 591.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 603.95 m 540.5 591.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 591.95 m 72.5 553.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 591.95 m 430.5 591.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 591.95 m 540.5 553.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 553.95 m 72.5 549.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 553.95 m 540.5 549.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 549.95 m 72.5 534.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 549.95 m 540.5 534.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 534.95 m 72.5 530.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 534.95 m 540.5 530.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 530.95 m 72.5 515.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 530.95 m 540.5 515.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 515.95 m 72.5 500.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 515.95 m 540.5 500.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 500.95 m 72.5 485.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 500.95 m 540.5 485.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 485.95 m 72.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 470.95 m 216.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 470.95 m 266.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 470.95 m 270.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 470.95 m 319.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 470.95 m 323.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 470.95 m 372.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 470.95 m 376.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 470.95 m 380.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 470.95 m 430.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 470.95 m 434.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 470.95 m 483.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 470.95 m 487.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 470.95 m 536.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 485.95 m 540.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 470.95 m 540.5 470.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 470.95 m 72.5 455.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 470.95 m 540.5 455.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 455.95 m 72.5 449.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 455.95 m 540.5 449.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 449.95 m 72.5 425.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 449.95 m 540.5 425.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 425.95 m 72.5 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 425.95 m 540.5 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 421.95 m 72.5 406.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 421.95 m 540.5 406.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 406.95 m 72.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 402.95 m 216.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 402.95 m 266.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 402.95 m 270.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 402.95 m 319.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 402.95 m 323.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 402.95 m 372.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 402.95 m 376.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 402.95 m 380.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 402.95 m 430.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 402.95 m 434.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 402.95 m 483.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 402.95 m 487.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 402.95 m 536.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 406.95 m 540.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 402.95 m 540.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 402.95 m 72.5 387.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 402.95 m 216.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 388.95 m 216.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 386.95 m 216.5 386.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 402.95 m 266.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 388.95 m 266.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 386.95 m 266.5 386.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 402.95 m 270.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 388.95 m 270.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 386.95 m 270.5 386.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 402.95 m 319.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 388.95 m 319.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 386.95 m 319.5 386.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 402.95 m 323.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 388.95 m 323.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 386.95 m 323.5 386.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 402.95 m 372.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 388.95 m 372.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 386.95 m 372.5 386.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 402.95 m 376.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 388.95 m 376.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 386.95 m 376.5 386.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 402.95 m 380.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 388.95 m 380.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 386.95 m 380.5 386.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 402.95 m 430.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 388.95 m 430.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 386.95 m 430.5 386.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 402.95 m 434.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 388.95 m 434.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 386.95 m 434.5 386.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 402.95 m 483.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 388.95 m 483.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 386.95 m 483.5 386.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 402.95 m 487.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 388.95 m 487.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 386.95 m 487.5 386.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 402.95 m 536.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 388.95 m 536.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 386.95 m 536.5 386.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 402.95 m 540.5 387.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 402.95 m 540.5 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 388.95 m 540.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 386.95 m 540.5 386.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 387.95 m 72.5 381.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 387.95 m 540.5 381.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 381.95 m 72.5 366.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 381.95 m 540.5 366.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 366.95 m 72.5 352.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 366.95 m 540.5 352.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 352.95 m 72.5 338.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 352.95 m 540.5 338.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 338.95 m 72.5 324.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 338.95 m 540.5 324.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 324.95 m 72.5 310.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 310.95 m 216.5 310.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 310.95 m 266.5 310.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 310.95 m 270.5 310.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 310.95 m 319.5 310.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 310.95 m 323.5 310.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 310.95 m 372.5 310.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 310.95 m 376.5 310.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 310.95 m 380.5 310.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 310.95 m 430.5 310.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 310.95 m 434.5 310.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 310.95 m 483.5 310.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 310.95 m 487.5 310.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 310.95 m 536.5 310.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 324.95 m 540.5 310.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 310.95 m 540.5 310.95 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 155.50 644.45 300.90 -14.00 re f /GS0 gs q 1 1 1 rg BT 155.50 633.95 Td (Business Purpose Lending: Non-GAAP Cor) Tj ET Q q 1 1 1 rg BT 396.97 633.95 Td (e E) Tj ET Q q 1 1 1 rg BT 413.83 633.95 Td (arnings) Tj ET Q BT /F7 9.00 Tf ET q 1 1 1 rg BT 281.30 618.70 Td (\($ in millions\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 337.00 606.70 Td (Thr) Tj ET Q q 1 1 1 rg BT 349.43 606.70 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 377.97 606.70 Td (ths Ended) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 271.85 594.70 Td (12/31/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 438.15 594.70 Td (9/30/2019) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 219.40 558.58 Td (In) Tj ET Q q 1 1 1 rg BT 226.17 558.58 Td (v) Tj ET Q q 1 1 1 rg BT 230.09 558.58 Td (es) Tj ET Q q 1 1 1 rg BT 237.67 558.58 Td (tmen) Tj ET Q q 1 1 1 rg BT 256.29 558.58 Td (ts) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 277.35 567.08 Td (Mortg) Tj ET Q q 1 1 1 rg BT 299.27 567.08 Td (ag) Tj ET Q q 1 1 1 rg BT 307.38 567.08 Td (e) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 280.35 558.58 Td (Banking) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 338.90 583.08 Td (T) Tj ET Q q 1 1 1 rg BT 342.74 583.08 Td (ot) Tj ET Q q 1 1 1 rg BT 349.85 583.08 Td (al) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 332.25 574.58 Td (Business) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 333.00 566.08 Td (Purpose) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 333.65 557.58 Td (Lending) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 383.40 558.58 Td (In) Tj ET Q q 1 1 1 rg BT 390.17 558.58 Td (v) Tj ET Q q 1 1 1 rg BT 394.09 558.58 Td (es) Tj ET Q q 1 1 1 rg BT 401.67 558.58 Td (tmen) Tj ET Q q 1 1 1 rg BT 420.29 558.58 Td (ts) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 441.35 567.08 Td (Mortg) Tj ET Q q 1 1 1 rg BT 463.27 567.08 Td (ag) Tj ET Q q 1 1 1 rg BT 471.38 567.08 Td (e) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 444.35 558.58 Td (Banking) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 502.90 583.08 Td (T) Tj ET Q q 1 1 1 rg BT 506.37 583.08 Td (ot) Tj ET Q q 1 1 1 rg BT 513.81 583.08 Td (al) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 496.25 574.58 Td (Business) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 497.00 566.08 Td (Purpose) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 497.65 557.58 Td (Lending) Tj ET Q BT /F7 9.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 81.00 539.83 Td (Ne) Tj ET Q q 0 0 0 rg BT 91.83 539.83 Td (t in) Tj ET Q q 0 0 0 rg BT 104.27 539.83 Td (t) Tj ET Q q 0 0 0 rg BT 107.35 539.83 Td (er) Tj ET Q q 0 0 0 rg BT 115.28 539.83 Td (es) Tj ET Q q 0 0 0 rg BT 123.60 539.83 Td (t inc) Tj ET Q q 0 0 0 rg BT 140.03 539.83 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 219.00 539.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 253.75 539.95 Td (7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.00 539.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 306.75 539.95 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 326.00 539.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 359.75 539.95 Td (9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 383.00 539.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 539.95 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.00 539.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 467.70 539.95 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 490.00 539.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 539.95 Td (3) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 520.83 Td (Non-in) Tj ET Q q 0 0 0 rg BT 107.17 520.83 Td (t) Tj ET Q q 0 0 0 rg BT 110.26 520.83 Td (er) Tj ET Q q 0 0 0 rg BT 118.18 520.83 Td (es) Tj ET Q q 0 0 0 rg BT 126.51 520.83 Td (t inc) Tj ET Q q 0 0 0 rg BT 142.93 520.83 Td (ome) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 505.82 Td (Mortg) Tj ET Q q 0 0 0 rg BT 111.01 505.82 Td (ag) Tj ET Q q 0 0 0 rg BT 119.90 505.82 Td (e banking activities, ne) Tj ET Q q 0 0 0 rg BT 207.80 505.82 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 249.75 505.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 301.70 505.95 Td (30) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 354.70 505.95 Td (30) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 413.75 505.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 467.70 505.95 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 505.95 Td (4) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 490.82 Td (Other inc) Tj ET Q q 0 0 0 rg BT 122.80 490.82 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 154.30 490.82 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 249.75 490.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 306.75 490.95 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 359.75 490.95 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 413.75 490.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 467.70 490.95 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 490.95 Td (2) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 475.82 Td (R) Tj ET Q q 0 0 0 rg BT 91.99 475.82 Td (ealiz) Tj ET Q q 0 0 0 rg BT 109.17 475.82 Td (ed g) Tj ET Q q 0 0 0 rg BT 125.33 475.82 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 154.95 475.82 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 249.75 475.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 302.75 475.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 355.75 475.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 413.75 475.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 463.70 475.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 519.75 475.95 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 460.82 Td (T) Tj ET Q q 0 0 0 rg BT 85.21 460.82 Td (ot) Tj ET Q q 0 0 0 rg BT 92.92 460.82 Td (al non-in) Tj ET Q q 0 0 0 rg BT 126.77 460.82 Td (t) Tj ET Q q 0 0 0 rg BT 129.86 460.82 Td (er) Tj ET Q q 0 0 0 rg BT 137.78 460.82 Td (es) Tj ET Q q 0 0 0 rg BT 146.11 460.82 Td (t inc) Tj ET Q q 0 0 0 rg BT 162.53 460.82 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 194.03 460.82 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 249.75 460.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 301.70 460.95 Td (31) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 354.70 460.95 Td (31) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 413.75 460.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 467.70 460.95 Td (6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 460.95 Td (6) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 440.32 Td (Gener) Tj ET Q q 0 0 0 rg BT 104.65 440.32 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 160.26 440.32 Td (tr) Tj ET Q q 0 0 0 rg BT 166.60 440.32 Td (a) Tj ET Q q 0 0 0 rg BT 171.01 440.32 Td (tiv) Tj ET Q q 0 0 0 rg BT 180.58 440.32 Td (e) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 430.82 Td (e) Tj ET Q q 0 0 0 rg BT 85.65 430.82 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 250.70 430.95 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 258.85 430.95 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 298.65 430.95 Td (\(14) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 311.85 430.95 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 351.65 430.95 Td (\(14) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 364.85 430.95 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 413.75 430.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 464.65 430.95 Td (\(7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.80 430.95 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 520.70 430.95 Td (\(7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 528.85 430.95 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 411.82 Td (Pr) Tj ET Q q 0 0 0 rg BT 89.14 411.82 Td (o) Tj ET Q q 0 0 0 rg BT 94.06 411.82 Td (vision f) Tj ET Q q 0 0 0 rg BT 121.35 411.82 Td (or inc) Tj ET Q q 0 0 0 rg BT 142.87 411.82 Td (ome t) Tj ET Q q 0 0 0 rg BT 165.43 411.82 Td (a) Tj ET Q q 0 0 0 rg BT 169.88 411.82 Td (x) Tj ET Q q 0 0 0 rg BT 173.82 411.82 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 249.75 411.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 303.70 411.95 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 311.85 411.95 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 356.70 411.95 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 364.85 411.95 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 413.75 411.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 463.70 411.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 519.75 411.95 Td () Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 85.00 392.82 Td (Cor) Tj ET Q q 0 0 0 rg BT 98.41 392.82 Td (e earnings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 219.00 392.95 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 253.75 392.95 Td (7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 273.00 392.95 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 301.70 392.95 Td (17) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 326.00 392.95 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 354.70 392.95 Td (24) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 383.00 392.95 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 417.75 392.95 Td (2) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 437.00 392.95 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 463.70 392.95 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 490.00 392.95 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 523.75 392.95 Td (2) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 81.00 371.82 Td (K) Tj ET Q q 0 0 0 rg BT 86.02 371.82 Td (e) Tj ET Q q 0 0 0 rg BT 90.72 371.82 Td (y perf) Tj ET Q q 0 0 0 rg BT 113.49 371.82 Td (ormance indic) Tj ET Q q 0 0 0 rg BT 169.18 371.82 Td (a) Tj ET Q q 0 0 0 rg BT 173.78 371.82 Td (t) Tj ET Q q 0 0 0 rg BT 176.98 371.82 Td (or) Tj ET Q q 0 0 0 rg BT 185.35 371.82 Td (s) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 357.32 Td (A) Tj ET Q q 0 0 0 rg BT 86.41 357.32 Td (v) Tj ET Q q 0 0 0 rg BT 90.57 357.32 Td (er) Tj ET Q q 0 0 0 rg BT 98.46 357.32 Td (ag) Tj ET Q q 0 0 0 rg BT 107.35 357.32 Td (e equity) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 219.00 356.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 243.60 356.95 Td (172) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.00 356.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 296.60 356.95 Td (255) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 326.00 356.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 349.60 356.95 Td (427) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 383.00 356.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 412.70 356.95 Td (32) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.00 356.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 462.65 356.95 Td (55) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 490.00 356.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 518.70 356.95 Td (87) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 343.32 Td (Cor) Tj ET Q q 0 0 0 rg BT 94.32 343.32 Td (e r) Tj ET Q q 0 0 0 rg BT 104.39 343.32 Td (e) Tj ET Q q 0 0 0 rg BT 109.03 343.32 Td (turn on equity) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 241.10 342.95 Td (16.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 258.85 342.95 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 294.10 342.95 Td (27.4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 311.85 342.95 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 347.10 342.95 Td (22.9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 364.85 342.95 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 405.10 342.95 Td (23.6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 422.85 342.95 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 457.10 342.95 Td (\(1.0) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.80 342.95 Td (\)%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 516.15 342.95 Td (8.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 528.85 342.95 Td (%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 329.32 Td (Cor) Tj ET Q q 0 0 0 rg BT 94.26 329.32 Td (e pr) Tj ET Q q 0 0 0 rg BT 109.32 329.32 Td (e-t) Tj ET Q q 0 0 0 rg BT 120.02 329.32 Td (a) Tj ET Q q 0 0 0 rg BT 124.48 329.32 Td (x mar) Tj ET Q q 0 0 0 rg BT 146.06 329.32 Td (gin) Tj ET Q BT /F7 9.50 Tf ET BT /F7 6.17 Tf ET q 0 0 0 rg BT 157.71 333.85 Td ( \(1\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 301.70 328.95 Td (59) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 311.85 328.95 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 467.70 328.95 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 475.85 328.95 Td (%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 315.32 Td (Loan origina) Tj ET Q q 0 0 0 rg BT 128.30 315.32 Td (tions) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.00 314.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 296.60 314.95 Td (750) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.00 314.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 457.55 314.95 Td (162) Tj ET Q BT /F1 10.00 Tf ET BT /F10 11.00 Tf ET q 0 0 0 rg BT 72.00 287.40 Td (BPL ) Tj ET Q q 0 0 0 rg BT 93.80 287.40 Td (Investments) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 261.09 cm /I63 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 263.35 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 263.35 Td (Core ) Tj ET Q q 0 0 0 rg BT 116.93 263.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 173.78 263.35 Td (results ) Tj ET Q q 0 0 0 rg BT 208.24 263.35 Td (improved, ) Tj ET Q q 0 0 0 rg BT 261.23 263.35 Td (as ) Tj ET Q q 0 0 0 rg BT 274.72 263.35 Td (we ) Tj ET Q q 0 0 0 rg BT 291.86 263.35 Td (deployed ) Tj ET Q q 0 0 0 rg BT 341.81 263.35 Td ( ) Tj ET Q q 0 0 0 rg BT 344.90 263.35 Td ($289 ) Tj ET Q q 0 0 0 rg BT 372.46 263.35 Td (million ) Tj ET Q q 0 0 0 rg BT 408.14 263.35 Td (of ) Tj ET Q q 0 0 0 rg BT 421.01 263.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 456.47 263.35 Td (into ) Tj ET Q q 0 0 0 rg BT 478.49 263.35 Td (investments, ) Tj ET Q q 0 0 0 rg BT 543.06 263.35 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 248.25 Td (including ) Tj ET Q q 0 0 0 rg BT 140.65 248.25 Td ($227 ) Tj ET Q q 0 0 0 rg BT 170.75 248.25 Td (million ) Tj ET Q q 0 0 0 rg BT 208.97 248.25 Td (into ) Tj ET Q q 0 0 0 rg BT 233.53 248.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 297.62 248.25 Td (from ) Tj ET Q q 0 0 0 rg BT 325.85 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.38 248.25 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 397.42 248.25 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 458.86 248.25 Td ($41 ) Tj ET Q q 0 0 0 rg BT 482.84 248.25 Td (million ) Tj ET Q q 0 0 0 rg BT 521.07 248.25 Td (into ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 233.20 Td (additional ) Tj ET Q q 0 0 0 rg BT 140.96 233.20 Td (bridge ) Tj ET Q q 0 0 0 rg BT 175.40 233.20 Td (loan ) Tj ET Q q 0 0 0 rg BT 198.26 233.20 Td (investments, ) Tj ET Q q 0 0 0 rg BT 261.65 233.20 Td (and ) Tj ET Q q 0 0 0 rg BT 282.06 233.20 Td ($21 ) Tj ET Q q 0 0 0 rg BT 302.28 233.20 Td (million ) Tj ET Q q 0 0 0 rg BT 336.74 233.20 Td (into ) Tj ET Q q 0 0 0 rg BT 357.54 233.20 Td (SFR ) Tj ET Q q 0 0 0 rg BT 378.17 233.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 425.66 233.20 Td (retained ) Tj ET Q q 0 0 0 rg BT 468.05 233.20 Td (from ) Tj ET Q q 0 0 0 rg BT 492.52 233.20 Td (our ) Tj ET Q q 0 0 0 rg BT 510.69 233.20 Td (fourth ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 218.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 128.68 218.10 Td (securitization.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 191.79 cm /I64 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 194.05 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 194.05 Td (Additionally, ) Tj ET Q q 0 0 0 rg BT 154.22 194.05 Td (during ) Tj ET Q q 0 0 0 rg BT 188.47 194.05 Td (the ) Tj ET Q q 0 0 0 rg BT 206.65 194.05 Td (fourth ) Tj ET Q q 0 0 0 rg BT 238.26 194.05 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 278.21 194.05 Td (we ) Tj ET Q q 0 0 0 rg BT 294.55 194.05 Td (restructured ) Tj ET Q q 0 0 0 rg BT 355.87 194.05 Td (our ) Tj ET Q q 0 0 0 rg BT 374.45 194.05 Td (BPL ) Tj ET Q q 0 0 0 rg BT 395.47 194.05 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 450.54 194.05 Td (facilities ) Tj ET Q q 0 0 0 rg BT 492.12 194.05 Td (\(including ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 179.00 Td (those ) Tj ET Q q 0 0 0 rg BT 120.16 179.00 Td (assumed ) Tj ET Q q 0 0 0 rg BT 166.63 179.00 Td (from ) Tj ET Q q 0 0 0 rg BT 192.29 179.00 Td (CoreVest\), ) Tj ET Q q 0 0 0 rg BT 245.67 179.00 Td (improving ) Tj ET Q q 0 0 0 rg BT 298.22 179.00 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 351.57 179.00 Td (terms.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 152.64 cm /I65 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 154.90 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 154.90 Td (During ) Tj ET Q q 0 0 0 rg BT 127.91 154.90 Td (the ) Tj ET Q q 0 0 0 rg BT 148.32 154.90 Td (fourth ) Tj ET Q q 0 0 0 rg BT 182.16 154.90 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 224.34 154.90 Td (we ) Tj ET Q q 0 0 0 rg BT 242.91 154.90 Td (funded ) Tj ET Q q 0 0 0 rg BT 282.47 154.90 Td ($275 ) Tj ET Q q 0 0 0 rg BT 311.45 154.90 Td (million ) Tj ET Q q 0 0 0 rg BT 348.56 154.90 Td (of ) Tj ET Q q 0 0 0 rg BT 362.85 154.90 Td (business ) Tj ET Q q 0 0 0 rg BT 409.13 154.90 Td (purpose ) Tj ET Q q 0 0 0 rg BT 454.18 154.90 Td (bridge ) Tj ET Q q 0 0 0 rg BT 491.27 154.90 Td (loans ) Tj ET Q q 0 0 0 rg BT 521.46 154.90 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 139.85 Td (received ) Tj ET Q q 0 0 0 rg BT 134.50 139.85 Td (repayments ) Tj ET Q q 0 0 0 rg BT 194.47 139.85 Td (of ) Tj ET Q q 0 0 0 rg BT 206.98 139.85 Td ($108 ) Tj ET Q q 0 0 0 rg BT 234.17 139.85 Td (million. ) Tj ET Q q 0 0 0 rg BT 272.55 139.85 Td (In ) Tj ET Q q 0 0 0 rg BT 284.30 139.85 Td (addition, ) Tj ET Q q 0 0 0 rg BT 330.84 139.85 Td (we ) Tj ET Q q 0 0 0 rg BT 347.62 139.85 Td (transferred ) Tj ET Q q 0 0 0 rg BT 403.48 139.85 Td ($219 ) Tj ET Q q 0 0 0 rg BT 430.68 139.85 Td (million ) Tj ET Q q 0 0 0 rg BT 466.00 139.85 Td (of ) Tj ET Q q 0 0 0 rg BT 478.51 139.85 Td (single-family ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 124.75 Td (rental ) Tj ET Q q 0 0 0 rg BT 120.75 124.75 Td (loans ) Tj ET Q q 0 0 0 rg BT 149.48 124.75 Td (into ) Tj ET Q q 0 0 0 rg BT 171.47 124.75 Td (our ) Tj ET Q q 0 0 0 rg BT 190.82 124.75 Td (BPL ) Tj ET Q q 0 0 0 rg BT 212.62 124.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 274.13 124.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 319.33 124.75 Td (to ) Tj ET Q q 0 0 0 rg BT 332.56 124.75 Td (be ) Tj ET Q q 0 0 0 rg BT 348.46 124.75 Td (financed ) Tj ET Q q 0 0 0 rg BT 393.49 124.75 Td (with ) Tj ET Q q 0 0 0 rg BT 416.91 124.75 Td (the ) Tj ET Q q 0 0 0 rg BT 435.87 124.75 Td (FHLB.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 228.35 736.44 Td (Q U A R T E R L Y R E S U L T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (17) Tj ET Q BT /F1 10.00 Tf ET BT /F10 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (BPL ) Tj ET Q q 0 0 0 rg BT 93.80 702.70 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 145.74 702.70 Td (Banking) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 676.39 cm /I66 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 678.65 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 678.65 Td (Core ) Tj ET Q q 0 0 0 rg BT 118.82 678.65 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 172.27 678.65 Td (banking ) Tj ET Q q 0 0 0 rg BT 216.58 678.65 Td (results ) Tj ET Q q 0 0 0 rg BT 252.92 678.65 Td (for ) Tj ET Q q 0 0 0 rg BT 271.34 678.65 Td (our ) Tj ET Q q 0 0 0 rg BT 292.61 678.65 Td (business ) Tj ET Q q 0 0 0 rg BT 339.36 678.65 Td (purpose ) Tj ET Q q 0 0 0 rg BT 384.88 678.65 Td (lending ) Tj ET Q q 0 0 0 rg BT 426.95 678.65 Td (segment ) Tj ET Q q 0 0 0 rg BT 474.71 678.65 Td (improved, ) Tj ET Q q 0 0 0 rg BT 529.60 678.65 Td (as ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 663.55 Td (origination ) Tj ET Q q 0 0 0 rg BT 145.61 663.55 Td (volume ) Tj ET Q q 0 0 0 rg BT 184.34 663.55 Td (from ) Tj ET Q q 0 0 0 rg BT 209.61 663.55 Td (5 ) Tj ET Q q 0 0 0 rg BT 218.40 663.55 Td (Arches ) Tj ET Q q 0 0 0 rg BT 254.28 663.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 303.81 663.55 Td (and ) Tj ET Q q 0 0 0 rg BT 325.02 663.55 Td (we ) Tj ET Q q 0 0 0 rg BT 341.74 663.55 Td (added ) Tj ET Q q 0 0 0 rg BT 376.40 663.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 428.54 663.55 Td (volume ) Tj ET Q q 0 0 0 rg BT 467.28 663.55 Td (from ) Tj ET Q q 0 0 0 rg BT 492.55 663.55 Td (CoreVest. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 648.50 Td (In ) Tj ET Q q 0 0 0 rg BT 101.80 648.50 Td (addition, ) Tj ET Q q 0 0 0 rg BT 148.38 648.50 Td (improved ) Tj ET Q q 0 0 0 rg BT 198.01 648.50 Td (execution ) Tj ET Q q 0 0 0 rg BT 248.69 648.50 Td (drove ) Tj ET Q q 0 0 0 rg BT 279.58 648.50 Td (incremental ) Tj ET Q q 0 0 0 rg BT 339.60 648.50 Td (profitability ) Tj ET Q q 0 0 0 rg BT 397.94 648.50 Td (on ) Tj ET Q q 0 0 0 rg BT 413.36 648.50 Td (the ) Tj ET Q q 0 0 0 rg BT 432.04 648.50 Td (inventory ) Tj ET Q q 0 0 0 rg BT 480.23 648.50 Td (of ) Tj ET Q q 0 0 0 rg BT 492.79 648.50 Td (SFR ) Tj ET Q q 0 0 0 rg BT 514.33 648.50 Td (loans ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 633.45 Td (acquired ) Tj ET Q q 0 0 0 rg BT 137.64 633.45 Td (from ) Tj ET Q q 0 0 0 rg BT 165.10 633.45 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 214.37 633.45 Td (that ) Tj ET Q q 0 0 0 rg BT 238.37 633.45 Td (we ) Tj ET Q q 0 0 0 rg BT 257.28 633.45 Td (sold ) Tj ET Q q 0 0 0 rg BT 282.71 633.45 Td (through ) Tj ET Q q 0 0 0 rg BT 326.28 633.45 Td (our ) Tj ET Q q 0 0 0 rg BT 347.43 633.45 Td (first ) Tj ET Q q 0 0 0 rg BT 370.17 633.45 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 419.44 633.45 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 475.84 633.45 Td (securitization ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 618.35 Td (completed ) Tj ET Q q 0 0 0 rg BT 146.22 618.35 Td (in ) Tj ET Q q 0 0 0 rg BT 158.04 618.35 Td (November.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 592.04 cm /I67 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 594.30 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 594.30 Td (BPL ) Tj ET Q q 0 0 0 rg BT 111.74 594.30 Td (loan ) Tj ET Q q 0 0 0 rg BT 135.73 594.30 Td (originations ) Tj ET Q q 0 0 0 rg BT 196.36 594.30 Td (in ) Tj ET Q q 0 0 0 rg BT 208.11 594.30 Td (the ) Tj ET Q q 0 0 0 rg BT 227.01 594.30 Td (fourth ) Tj ET Q q 0 0 0 rg BT 259.33 594.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 297.95 594.30 Td (included ) Tj ET Q q 0 0 0 rg BT 343.32 594.30 Td ($435 ) Tj ET Q q 0 0 0 rg BT 370.78 594.30 Td (million ) Tj ET Q q 0 0 0 rg BT 406.38 594.30 Td (of ) Tj ET Q q 0 0 0 rg BT 419.15 594.30 Td (single-family ) Tj ET Q q 0 0 0 rg BT 483.65 594.30 Td (rental ) Tj ET Q q 0 0 0 rg BT 514.34 594.30 Td (loans ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 579.20 Td (and ) Tj ET Q q 0 0 0 rg BT 111.60 579.20 Td ($315 ) Tj ET Q q 0 0 0 rg BT 139.13 579.20 Td (million ) Tj ET Q q 0 0 0 rg BT 174.78 579.20 Td (of ) Tj ET Q q 0 0 0 rg BT 187.62 579.20 Td (bridge ) Tj ET Q q 0 0 0 rg BT 223.25 579.20 Td (loans.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 552.89 cm /I68 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 555.15 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 555.15 Td (During ) Tj ET Q q 0 0 0 rg BT 125.85 555.15 Td (the ) Tj ET Q q 0 0 0 rg BT 144.20 555.15 Td (fourth ) Tj ET Q q 0 0 0 rg BT 175.98 555.15 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 216.10 555.15 Td (we ) Tj ET Q q 0 0 0 rg BT 232.61 555.15 Td (securitized ) Tj ET Q q 0 0 0 rg BT 287.40 555.15 Td ($395 ) Tj ET Q q 0 0 0 rg BT 314.32 555.15 Td (million ) Tj ET Q q 0 0 0 rg BT 349.36 555.15 Td (of ) Tj ET Q q 0 0 0 rg BT 361.59 555.15 Td (single-family ) Tj ET Q q 0 0 0 rg BT 425.55 555.15 Td (rental ) Tj ET Q q 0 0 0 rg BT 455.69 555.15 Td (loans, ) Tj ET Q q 0 0 0 rg BT 486.88 555.15 Td (transferred ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 540.10 Td ($219 ) Tj ET Q q 0 0 0 rg BT 117.38 540.10 Td (million ) Tj ET Q q 0 0 0 rg BT 152.88 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.58 540.10 Td (single-family ) Tj ET Q q 0 0 0 rg BT 229.99 540.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 260.59 540.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 289.18 540.10 Td (to ) Tj ET Q q 0 0 0 rg BT 302.27 540.10 Td (our ) Tj ET Q q 0 0 0 rg BT 321.47 540.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 350.87 540.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 404.08 540.10 Td (facility, ) Tj ET Q q 0 0 0 rg BT 441.20 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.66 540.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 486.14 540.10 Td ($20 ) Tj ET Q q 0 0 0 rg BT 507.41 540.10 Td (million ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 525.00 Td (of ) Tj ET Q q 0 0 0 rg BT 102.84 525.00 Td (single-family ) Tj ET Q q 0 0 0 rg BT 167.40 525.00 Td (rental ) Tj ET Q q 0 0 0 rg BT 198.14 525.00 Td (loans ) Tj ET Q q 0 0 0 rg BT 226.88 525.00 Td (to ) Tj ET Q q 0 0 0 rg BT 240.11 525.00 Td (third ) Tj ET Q q 0 0 0 rg BT 265.76 525.00 Td (parties.) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 228.35 736.44 Td (Q U A R T E R L Y R E S U L T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (18) Tj ET Q BT /F1 10.00 Tf ET BT /F8 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (Multifamily ) Tj ET Q q 0 0 0 rg BT 132.55 702.70 Td (Investments) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 684.10 Td (The ) Tj ET Q q 0 0 0 rg BT 94.13 684.10 Td (following ) Tj ET Q q 0 0 0 rg BT 142.73 684.10 Td (table ) Tj ET Q q 0 0 0 rg BT 171.15 684.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 216.28 684.10 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 272.24 684.10 Td (core ) Tj ET Q q 0 0 0 rg BT 297.22 684.10 Td (results ) Tj ET Q q 0 0 0 rg BT 332.17 684.10 Td (from ) Tj ET Q q 0 0 0 rg BT 358.36 684.10 Td (our ) Tj ET Q q 0 0 0 rg BT 378.23 684.10 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 435.18 684.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 497.21 684.10 Td (segment ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (for ) Tj ET Q q 0 0 0 rg BT 88.49 668.45 Td (the ) Tj ET Q q 0 0 0 rg BT 107.44 668.45 Td (fourth ) Tj ET Q q 0 0 0 rg BT 139.83 668.45 Td (and ) Tj ET Q q 0 0 0 rg BT 161.43 668.45 Td (third ) Tj ET Q q 0 0 0 rg BT 187.08 668.45 Td (quarters ) Tj ET Q q 0 0 0 rg BT 230.45 668.45 Td (of ) Tj ET Q q 0 0 0 rg BT 243.28 668.45 Td (2019.) 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540.5 566.95 m 540.5 551.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 551.95 m 72.5 536.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 551.95 m 540.5 536.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 536.95 m 72.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 521.95 m 360.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 521.95 m 445.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 521.95 m 449.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 521.95 m 534.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 536.95 m 540.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 521.95 m 540.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 521.95 m 72.5 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 521.95 m 540.5 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 506.95 m 72.5 502.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 506.95 m 540.5 502.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 502.95 m 72.5 487.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 502.95 m 540.5 487.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 487.95 m 72.5 472.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 487.95 m 540.5 472.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 472.95 m 72.5 468.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 472.95 m 540.5 468.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 468.95 m 72.5 452.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 468.95 m 360.5 468.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 453.95 m 360.5 453.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 451.95 m 360.5 451.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 468.95 m 445.5 468.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 453.95 m 445.5 453.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 451.95 m 445.5 451.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 468.95 m 449.5 468.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 453.95 m 449.5 453.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 451.95 m 449.5 451.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 468.95 m 534.5 468.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 453.95 m 534.5 453.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 451.95 m 534.5 451.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 468.95 m 540.5 452.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 468.95 m 540.5 468.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 453.95 m 540.5 453.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 451.95 m 540.5 451.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 452.95 m 72.5 443.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 452.95 m 540.5 443.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 443.95 m 72.5 427.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 443.95 m 540.5 427.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 427.95 m 72.5 411.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 427.95 m 540.5 411.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 411.95 m 72.5 407.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 407.95 m 360.5 407.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 407.95 m 445.5 407.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 407.95 m 449.5 407.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 407.95 m 534.5 407.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 411.95 m 540.5 407.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 407.95 m 540.5 407.95 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 159.45 633.95 Td (Multif) Tj ET Q q 1 1 1 rg BT 195.13 633.95 Td (amily In) Tj ET Q q 1 1 1 rg BT 241.15 633.95 Td (v) Tj ET Q q 1 1 1 rg BT 247.65 633.95 Td (es) Tj ET Q q 1 1 1 rg BT 260.12 633.95 Td (tmen) Tj ET Q q 1 1 1 rg BT 290.80 633.95 Td (ts: Non-GAAP Cor) Tj ET Q q 1 1 1 rg BT 393.07 633.95 Td (e E) Tj ET Q q 1 1 1 rg BT 409.93 633.95 Td (arnings) Tj ET Q BT /F7 9.00 Tf ET q 1 1 1 rg BT 281.30 618.70 Td (\($ in millions\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 408.00 606.70 Td (Thr) Tj ET Q q 1 1 1 rg BT 420.43 606.70 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 448.97 606.70 Td (ths Ended) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 380.35 594.70 Td (12/31/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 471.65 594.70 Td (9/30/2019) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.00 575.95 Td (Ne) Tj ET Q q 0 0 0 rg BT 96.40 575.95 Td (t in) Tj ET Q q 0 0 0 rg BT 109.49 575.95 Td (t) Tj ET Q q 0 0 0 rg BT 112.74 575.95 Td (er) Tj ET Q q 0 0 0 rg BT 121.08 575.95 Td (es) Tj ET Q q 0 0 0 rg BT 129.85 575.95 Td (t inc) Tj ET Q q 0 0 0 rg BT 147.14 575.95 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 363.00 575.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 432.75 575.95 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 452.00 575.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.75 575.95 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 556.95 Td (Non-in) Tj ET Q q 0 0 0 rg BT 112.55 556.95 Td (t) Tj ET Q q 0 0 0 rg BT 115.80 556.95 Td (er) Tj ET Q q 0 0 0 rg BT 124.14 556.95 Td (es) Tj ET Q q 0 0 0 rg BT 132.90 556.95 Td (t inc) Tj ET Q q 0 0 0 rg BT 150.19 556.95 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 100.00 541.95 Td (Other inc) Tj ET Q q 0 0 0 rg BT 137.68 541.95 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 170.84 541.95 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 432.75 541.95 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.75 541.95 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 100.00 526.95 Td (R) Tj ET Q q 0 0 0 rg BT 105.25 526.95 Td (ealiz) Tj ET Q q 0 0 0 rg BT 123.33 526.95 Td (ed g) Tj ET Q q 0 0 0 rg BT 140.35 526.95 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 171.53 526.95 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 432.75 526.95 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 516.70 526.95 Td (10) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 511.95 Td (T) Tj ET Q q 0 0 0 rg BT 89.43 511.95 Td (ot) Tj ET Q q 0 0 0 rg BT 97.55 511.95 Td (al non-in) Tj ET Q q 0 0 0 rg BT 133.18 511.95 Td (t) Tj ET Q q 0 0 0 rg BT 136.43 511.95 Td (er) Tj ET Q q 0 0 0 rg BT 144.77 511.95 Td (es) Tj ET Q q 0 0 0 rg BT 153.53 511.95 Td (t inc) Tj ET Q q 0 0 0 rg BT 170.82 511.95 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 203.98 511.95 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 432.75 511.95 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 516.70 511.95 Td (11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 492.95 Td (Gener) Tj ET Q q 0 0 0 rg BT 109.90 492.95 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 168.43 492.95 Td (tr) Tj ET Q q 0 0 0 rg BT 175.11 492.95 Td (a) Tj ET Q q 0 0 0 rg BT 179.75 492.95 Td (tiv) Tj ET Q q 0 0 0 rg BT 189.81 492.95 Td (e e) Tj ET Q q 0 0 0 rg BT 201.90 492.95 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 429.70 492.95 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.85 492.95 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 517.75 492.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 477.95 Td (Pr) Tj ET Q q 0 0 0 rg BT 93.57 477.95 Td (o) Tj ET Q q 0 0 0 rg BT 98.74 477.95 Td (vision f) Tj ET Q q 0 0 0 rg BT 127.47 477.95 Td (or inc) Tj ET Q q 0 0 0 rg BT 150.12 477.95 Td (ome t) Tj ET Q q 0 0 0 rg BT 173.87 477.95 Td (a) Tj ET Q q 0 0 0 rg BT 178.55 477.95 Td (x) Tj ET Q q 0 0 0 rg BT 182.71 477.95 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 428.75 477.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 517.75 477.95 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.00 457.95 Td (Cor) Tj ET Q q 0 0 0 rg BT 99.11 457.95 Td (e earnings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 363.00 457.95 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 432.75 457.95 Td (7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 452.00 457.95 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 516.70 457.95 Td (16) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 432.95 Td (A) Tj ET Q q 0 0 0 rg BT 90.69 432.95 Td (v) Tj ET Q q 0 0 0 rg BT 95.07 432.95 Td (er) Tj ET Q q 0 0 0 rg BT 103.38 432.95 Td (ag) Tj ET Q q 0 0 0 rg BT 112.73 432.95 Td (e equity) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 422.60 432.95 Td (146) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 511.60 432.95 Td (159) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 416.95 Td (Cor) Tj ET Q q 0 0 0 rg BT 98.96 416.95 Td (e r) Tj ET Q q 0 0 0 rg BT 109.55 416.95 Td (e) Tj ET Q q 0 0 0 rg BT 114.47 416.95 Td (turn on equity) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 420.10 416.95 Td (20.4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.85 416.95 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 509.10 416.95 Td (39.4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 416.95 Td (%) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 9.80 0 0 11.74 72.00 382.14 cm /I69 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 384.40 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 384.40 Td (Core ) Tj ET Q q 0 0 0 rg BT 116.23 384.40 Td (net ) Tj ET Q q 0 0 0 rg BT 134.50 384.40 Td (interest ) Tj ET Q q 0 0 0 rg BT 173.33 384.40 Td (income ) Tj ET Q q 0 0 0 rg BT 211.79 384.40 Td (decreased ) Tj ET Q q 0 0 0 rg BT 265.12 384.40 Td (slightly ) Tj ET Q q 0 0 0 rg BT 301.93 384.40 Td (in ) Tj ET Q q 0 0 0 rg BT 313.08 384.40 Td (the ) Tj ET Q q 0 0 0 rg BT 331.36 384.40 Td (fourth ) Tj ET Q q 0 0 0 rg BT 363.08 384.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 401.09 384.40 Td (as ) Tj ET Q q 0 0 0 rg BT 413.87 384.40 Td (higher ) Tj ET Q q 0 0 0 rg BT 447.63 384.40 Td (yields ) Tj ET Q q 0 0 0 rg BT 478.12 384.40 Td (on ) Tj ET Q q 0 0 0 rg BT 493.15 384.40 Td (deployed ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 369.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 126.55 369.35 Td (were ) Tj ET Q q 0 0 0 rg BT 156.17 369.35 Td (partially ) Tj ET Q q 0 0 0 rg BT 200.86 369.35 Td (offset ) Tj ET Q q 0 0 0 rg BT 234.15 369.35 Td (by ) Tj ET Q q 0 0 0 rg BT 252.17 369.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 285.04 369.35 Td (average ) Tj ET Q q 0 0 0 rg BT 330.36 369.35 Td (equity, ) Tj ET Q q 0 0 0 rg BT 369.97 369.35 Td (as ) Tj ET Q q 0 0 0 rg BT 386.36 369.35 Td (fourth ) Tj ET Q q 0 0 0 rg BT 421.69 369.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 463.30 369.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 493.14 369.35 Td (outpaced ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 354.25 Td (deployment.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 327.94 cm /I70 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 330.20 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 330.20 Td (During ) Tj ET Q q 0 0 0 rg BT 125.58 330.20 Td (the ) Tj ET Q q 0 0 0 rg BT 143.65 330.20 Td (fourth ) Tj ET Q q 0 0 0 rg BT 175.15 330.20 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 215.00 330.20 Td (we ) Tj ET Q q 0 0 0 rg BT 231.23 330.20 Td (deployed ) Tj ET Q q 0 0 0 rg BT 280.27 330.20 Td ($21 ) Tj ET Q q 0 0 0 rg BT 300.80 330.20 Td (million ) Tj ET Q q 0 0 0 rg BT 335.57 330.20 Td (of ) Tj ET Q q 0 0 0 rg BT 347.53 330.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 382.08 330.20 Td (towards ) Tj ET Q q 0 0 0 rg BT 422.95 330.20 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 478.49 330.20 Td (investments, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 315.10 Td (including ) Tj ET Q q 0 0 0 rg BT 137.14 315.10 Td ($11 ) Tj ET Q q 0 0 0 rg BT 157.61 315.10 Td (million ) Tj ET Q q 0 0 0 rg BT 192.32 315.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.22 315.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 238.71 315.10 Td (towards ) Tj ET Q q 0 0 0 rg BT 279.52 315.10 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 335.00 315.10 Td (b-pieces ) Tj ET Q q 0 0 0 rg BT 379.08 315.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.75 315.10 Td ($10 ) Tj ET Q q 0 0 0 rg BT 420.21 315.10 Td (million ) Tj ET Q q 0 0 0 rg BT 454.93 315.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.82 315.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 501.31 315.10 Td (towards ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 300.05 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 146.42 300.05 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 201.04 300.05 Td (securities.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 273.74 cm /I71 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 276.00 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 276.00 Td (During ) Tj ET Q q 0 0 0 rg BT 129.27 276.00 Td (the ) Tj ET Q q 0 0 0 rg BT 151.04 276.00 Td (fourth ) Tj ET Q q 0 0 0 rg BT 186.24 276.00 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 229.78 276.00 Td (we ) Tj ET Q q 0 0 0 rg BT 249.71 276.00 Td (sold ) Tj ET Q q 0 0 0 rg BT 276.15 276.00 Td ($88 ) Tj ET Q q 0 0 0 rg BT 300.37 276.00 Td (million ) Tj ET Q q 0 0 0 rg BT 338.84 276.00 Td (of ) Tj ET Q q 0 0 0 rg BT 354.49 276.00 Td (lower-yielding ) Tj ET Q q 0 0 0 rg BT 429.21 276.00 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 488.44 276.00 Td (mezzanine ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 260.90 Td (securities, ) Tj ET Q q 0 0 0 rg BT 141.06 260.90 Td (freeing ) Tj ET Q q 0 0 0 rg BT 177.87 260.90 Td (up ) Tj ET Q q 0 0 0 rg BT 193.10 260.90 Td ($46 ) Tj ET Q q 0 0 0 rg BT 213.84 260.90 Td (million ) Tj ET Q q 0 0 0 rg BT 248.82 260.90 Td (of ) Tj ET Q q 0 0 0 rg BT 260.99 260.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 295.75 260.90 Td (after ) Tj ET Q q 0 0 0 rg BT 320.52 260.90 Td (the ) Tj ET Q q 0 0 0 rg BT 338.81 260.90 Td (repayment ) Tj ET Q q 0 0 0 rg BT 393.76 260.90 Td (of ) Tj ET Q q 0 0 0 rg BT 405.93 260.90 Td (associated ) Tj ET Q q 0 0 0 rg BT 460.06 260.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 513.73 260.90 Td (debt.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 234.59 cm /I72 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 236.85 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 236.85 Td (Core ) Tj ET Q q 0 0 0 rg BT 116.67 236.85 Td (realized ) Tj ET Q q 0 0 0 rg BT 157.59 236.85 Td (gains ) Tj ET Q q 0 0 0 rg BT 186.29 236.85 Td (declined ) Tj ET Q q 0 0 0 rg BT 231.50 236.85 Td (in ) Tj ET Q q 0 0 0 rg BT 243.08 236.85 Td (the ) Tj ET Q q 0 0 0 rg BT 261.81 236.85 Td (fourth ) Tj ET Q q 0 0 0 rg BT 293.96 236.85 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 334.46 236.85 Td (as ) Tj ET Q q 0 0 0 rg BT 347.68 236.85 Td (we ) Tj ET Q q 0 0 0 rg BT 364.56 236.85 Td (realized ) Tj ET Q q 0 0 0 rg BT 405.49 236.85 Td (fewer ) Tj ET Q q 0 0 0 rg BT 435.40 236.85 Td (gains ) Tj ET Q q 0 0 0 rg BT 464.10 236.85 Td (from ) Tj ET Q q 0 0 0 rg BT 489.53 236.85 Td (the ) Tj ET Q q 0 0 0 rg BT 508.25 236.85 Td (sale ) Tj ET Q q 0 0 0 rg BT 530.23 236.85 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 221.75 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 146.42 221.75 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 201.04 221.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 249.71 221.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 288.41 221.75 Td (to ) Tj ET Q q 0 0 0 rg BT 301.64 221.75 Td (the ) Tj ET Q q 0 0 0 rg BT 320.60 221.75 Td (third ) Tj ET Q q 0 0 0 rg BT 346.25 221.75 Td (quarter.) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 228.35 736.44 Td (Q U A R T E R L Y R E S U L T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (19) Tj ET Q BT /F1 10.00 Tf ET BT /F8 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (Third-Party ) Tj ET Q q 0 0 0 rg BT 132.11 702.70 Td (Residential ) Tj ET Q q 0 0 0 rg BT 191.83 702.70 Td (Investments) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 684.10 Td (The ) Tj ET Q q 0 0 0 rg BT 93.62 684.10 Td (following ) Tj ET Q q 0 0 0 rg BT 141.70 684.10 Td (table ) Tj ET Q q 0 0 0 rg BT 169.61 684.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 214.22 684.10 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 269.68 684.10 Td (core ) Tj ET Q q 0 0 0 rg BT 294.14 684.10 Td (results ) Tj ET Q q 0 0 0 rg BT 328.57 684.10 Td (from ) Tj ET Q q 0 0 0 rg BT 354.25 684.10 Td (our ) Tj ET Q q 0 0 0 rg BT 373.61 684.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 427.97 684.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 481.54 684.10 Td (investments ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (segment ) Tj ET Q q 0 0 0 rg BT 117.84 668.45 Td (for ) Tj ET Q q 0 0 0 rg BT 134.33 668.45 Td (the ) Tj ET Q q 0 0 0 rg BT 153.28 668.45 Td (fourth ) Tj ET Q q 0 0 0 rg BT 185.66 668.45 Td (and ) Tj ET Q q 0 0 0 rg BT 207.27 668.45 Td (third ) Tj ET Q q 0 0 0 rg BT 232.92 668.45 Td (quarters ) Tj ET Q q 0 0 0 rg BT 276.28 668.45 Td (of ) Tj ET Q q 0 0 0 rg BT 289.12 668.45 Td (2019.) 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 655.95 m 449.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 655.95 m 534.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 655.95 m 540.5 647.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 655.95 m 540.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 647.95 m 72.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 647.95 m 540.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 627.95 m 72.5 615.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 627.95 m 540.5 615.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 615.95 m 72.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 603.95 m 445.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 603.95 m 449.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 603.95 m 534.5 603.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 615.95 m 540.5 603.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 603.95 m 72.5 589.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 603.95 m 445.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 603.95 m 449.5 603.95 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 603.95 m 534.5 603.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 603.95 m 540.5 589.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 589.95 m 72.5 585.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 589.95 m 540.5 585.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 585.95 m 72.5 570.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 585.95 m 540.5 570.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 570.95 m 72.5 566.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 570.95 m 540.5 566.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 566.95 m 72.5 551.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 566.95 m 540.5 551.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 551.95 m 72.5 536.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 551.95 m 540.5 536.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 536.95 m 72.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 521.95 m 360.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 521.95 m 445.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 521.95 m 449.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 521.95 m 534.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 536.95 m 540.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 521.95 m 540.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 521.95 m 72.5 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 521.95 m 540.5 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 506.95 m 72.5 502.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 506.95 m 540.5 502.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 502.95 m 72.5 487.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 502.95 m 540.5 487.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 487.95 m 72.5 472.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 487.95 m 540.5 472.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 472.95 m 72.5 468.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 472.95 m 540.5 468.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 468.95 m 72.5 452.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 468.95 m 360.5 468.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 453.95 m 360.5 453.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 451.95 m 360.5 451.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 468.95 m 445.5 468.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 453.95 m 445.5 453.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 451.95 m 445.5 451.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 468.95 m 449.5 468.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 453.95 m 449.5 453.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 451.95 m 449.5 451.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 468.95 m 534.5 468.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 453.95 m 534.5 453.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 451.95 m 534.5 451.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 468.95 m 540.5 452.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 468.95 m 540.5 468.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 453.95 m 540.5 453.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 451.95 m 540.5 451.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 452.95 m 72.5 444.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 452.95 m 540.5 444.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 444.95 m 72.5 429.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 444.95 m 540.5 429.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 429.95 m 72.5 414.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 429.95 m 540.5 414.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 414.95 m 72.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 410.95 m 360.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 410.95 m 445.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 410.95 m 449.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 410.95 m 534.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 414.95 m 540.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 410.95 m 540.5 410.95 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 126.95 633.95 Td (Thir) Tj ET Q q 1 1 1 rg BT 149.64 633.95 Td (d-P) Tj ET Q q 1 1 1 rg BT 168.62 633.95 Td (arty R) Tj ET Q q 1 1 1 rg BT 202.83 633.95 Td (esiden) Tj ET Q q 1 1 1 rg BT 240.84 633.95 Td (tial In) Tj ET Q q 1 1 1 rg BT 273.70 633.95 Td (v) Tj ET Q q 1 1 1 rg BT 280.19 633.95 Td (es) Tj ET Q q 1 1 1 rg BT 292.67 633.95 Td (tmen) Tj ET Q q 1 1 1 rg BT 323.34 633.95 Td (ts: Non-GAAP Cor) Tj ET Q q 1 1 1 rg BT 425.61 633.95 Td (e E) Tj ET Q q 1 1 1 rg BT 442.47 633.95 Td (arnings) Tj ET Q BT /F7 9.00 Tf ET q 1 1 1 rg BT 281.30 618.70 Td (\($ in millions\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 408.00 606.70 Td (Thr) Tj ET Q q 1 1 1 rg BT 420.43 606.70 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 448.97 606.70 Td (ths Ended) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 380.35 594.70 Td (12/31/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 471.65 594.70 Td (9/30/2019) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.00 575.95 Td (Ne) Tj ET Q q 0 0 0 rg BT 96.40 575.95 Td (t in) Tj ET Q q 0 0 0 rg BT 109.49 575.95 Td (t) Tj ET Q q 0 0 0 rg BT 112.74 575.95 Td (er) Tj ET Q q 0 0 0 rg BT 121.08 575.95 Td (es) Tj ET Q q 0 0 0 rg BT 129.85 575.95 Td (t inc) Tj ET Q q 0 0 0 rg BT 147.14 575.95 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 363.00 575.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 427.70 575.95 Td (10) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 452.00 575.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 516.70 575.95 Td (10) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 556.95 Td (Non-in) Tj ET Q q 0 0 0 rg BT 112.55 556.95 Td (t) Tj ET Q q 0 0 0 rg BT 115.80 556.95 Td (er) Tj ET Q q 0 0 0 rg BT 124.14 556.95 Td (es) Tj ET Q q 0 0 0 rg BT 132.90 556.95 Td (t inc) Tj ET Q q 0 0 0 rg BT 150.19 556.95 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 93.00 541.95 Td (Other inc) Tj ET Q q 0 0 0 rg BT 130.68 541.95 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 163.84 541.95 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 428.75 541.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 517.75 541.95 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 93.00 526.95 Td (R) Tj ET Q q 0 0 0 rg BT 98.25 526.95 Td (ealiz) Tj ET Q q 0 0 0 rg BT 116.33 526.95 Td (ed g) Tj ET Q q 0 0 0 rg BT 133.35 526.95 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 164.53 526.95 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 427.70 526.95 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 516.70 526.95 Td (14) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 511.95 Td (T) Tj ET Q q 0 0 0 rg BT 89.43 511.95 Td (ot) Tj ET Q q 0 0 0 rg BT 97.55 511.95 Td (al non-in) Tj ET Q q 0 0 0 rg BT 133.18 511.95 Td (t) Tj ET Q q 0 0 0 rg BT 136.43 511.95 Td (er) Tj ET Q q 0 0 0 rg BT 144.77 511.95 Td (es) Tj ET Q q 0 0 0 rg BT 153.53 511.95 Td (t inc) Tj ET Q q 0 0 0 rg BT 170.82 511.95 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 203.98 511.95 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 427.70 511.95 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 516.70 511.95 Td (13) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 492.95 Td (Gener) Tj ET Q q 0 0 0 rg BT 109.90 492.95 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 168.43 492.95 Td (tr) Tj ET Q q 0 0 0 rg BT 175.11 492.95 Td (a) Tj ET Q q 0 0 0 rg BT 179.75 492.95 Td (tiv) Tj ET Q q 0 0 0 rg BT 189.81 492.95 Td (e e) Tj ET Q q 0 0 0 rg BT 201.90 492.95 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 429.70 492.95 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.85 492.95 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 518.70 492.95 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 492.95 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 477.95 Td (Pr) Tj ET Q q 0 0 0 rg BT 93.57 477.95 Td (o) Tj ET Q q 0 0 0 rg BT 98.74 477.95 Td (vision f) Tj ET Q q 0 0 0 rg BT 127.47 477.95 Td (or inc) Tj ET Q q 0 0 0 rg BT 150.12 477.95 Td (ome t) Tj ET Q q 0 0 0 rg BT 173.87 477.95 Td (a) Tj ET Q q 0 0 0 rg BT 178.55 477.95 Td (x) Tj ET Q q 0 0 0 rg BT 182.71 477.95 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 429.70 477.95 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.85 477.95 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 517.75 477.95 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.00 457.95 Td (Cor) Tj ET Q q 0 0 0 rg BT 99.11 457.95 Td (e earnings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 363.00 457.95 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 427.70 457.95 Td (24) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 452.00 457.95 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 516.70 457.95 Td (23) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 434.95 Td (A) Tj ET Q q 0 0 0 rg BT 90.69 434.95 Td (v) Tj ET Q q 0 0 0 rg BT 95.07 434.95 Td (er) Tj ET Q q 0 0 0 rg BT 103.38 434.95 Td (ag) Tj ET Q q 0 0 0 rg BT 112.73 434.95 Td (e equity) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 363.00 434.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 422.60 434.95 Td (294) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 452.00 434.95 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 511.60 434.95 Td (308) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 419.95 Td (Cor) Tj ET Q q 0 0 0 rg BT 98.96 419.95 Td (e r) Tj ET Q q 0 0 0 rg BT 109.55 419.95 Td (e) Tj ET Q q 0 0 0 rg BT 114.47 419.95 Td (turn on equity) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 420.10 419.95 Td (32.8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.85 419.95 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 509.10 419.95 Td (29.7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 419.95 Td (%) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 9.80 0 0 11.74 72.00 385.14 cm /I73 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 387.40 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 387.40 Td (Core ) Tj ET Q q 0 0 0 rg BT 117.60 387.40 Td (net ) Tj ET Q q 0 0 0 rg BT 137.24 387.40 Td (interest ) Tj ET Q q 0 0 0 rg BT 177.43 387.40 Td (income ) Tj ET Q q 0 0 0 rg BT 217.26 387.40 Td (was ) Tj ET Q q 0 0 0 rg BT 239.36 387.40 Td (consistent ) Tj ET Q q 0 0 0 rg BT 292.61 387.40 Td (quarter-over-quarter, ) Tj ET Q q 0 0 0 rg BT 397.36 387.40 Td ( ) Tj ET Q q 0 0 0 rg BT 401.12 387.40 Td (as ) Tj ET Q q 0 0 0 rg BT 415.27 387.40 Td (higher ) Tj ET Q q 0 0 0 rg BT 450.40 387.40 Td (yields ) Tj ET Q q 0 0 0 rg BT 482.26 387.40 Td (on ) Tj ET Q q 0 0 0 rg BT 498.66 387.40 Td (invested ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 372.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 123.61 372.35 Td (was ) Tj ET Q q 0 0 0 rg BT 145.01 372.35 Td (offset ) Tj ET Q q 0 0 0 rg BT 175.37 372.35 Td (by ) Tj ET Q q 0 0 0 rg BT 190.45 372.35 Td (slightly ) Tj ET Q q 0 0 0 rg BT 227.94 372.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 257.87 372.35 Td (average ) Tj ET Q q 0 0 0 rg BT 300.26 372.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 333.88 372.35 Td (invested ) Tj ET Q q 0 0 0 rg BT 378.29 372.35 Td (in ) Tj ET Q q 0 0 0 rg BT 390.11 372.35 Td (this ) Tj ET Q q 0 0 0 rg BT 410.28 372.35 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 458.54 372.35 Td (as ) Tj ET Q q 0 0 0 rg BT 472.00 372.35 Td (fourth ) Tj ET Q q 0 0 0 rg BT 504.39 372.35 Td (quarter ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 357.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 116.90 357.25 Td (outpaced ) Tj ET Q q 0 0 0 rg BT 166.81 357.25 Td (deployment.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 330.94 cm /I74 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 333.20 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 333.20 Td (During ) Tj ET Q q 0 0 0 rg BT 125.75 333.20 Td (the ) Tj ET Q q 0 0 0 rg BT 144.00 333.20 Td (fourth ) Tj ET Q q 0 0 0 rg BT 175.67 333.20 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 215.69 333.20 Td (we ) Tj ET Q q 0 0 0 rg BT 232.10 333.20 Td (deployed ) Tj ET Q q 0 0 0 rg BT 281.31 333.20 Td ($54 ) Tj ET Q q 0 0 0 rg BT 302.01 333.20 Td (million ) Tj ET Q q 0 0 0 rg BT 336.96 333.20 Td (of ) Tj ET Q q 0 0 0 rg BT 349.09 333.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 383.82 333.20 Td (towards ) Tj ET Q q 0 0 0 rg BT 424.85 333.20 Td (third-party ) Tj ET Q q 0 0 0 rg BT 478.50 333.20 Td (investments, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 318.10 Td (including ) Tj ET Q q 0 0 0 rg BT 138.49 318.10 Td ($37 ) Tj ET Q q 0 0 0 rg BT 160.30 318.10 Td (million ) Tj ET Q q 0 0 0 rg BT 196.35 318.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.59 318.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 245.42 318.10 Td (towards ) Tj ET Q q 0 0 0 rg BT 287.57 318.10 Td (shared ) Tj ET Q q 0 0 0 rg BT 323.84 318.10 Td (home ) Tj ET Q q 0 0 0 rg BT 355.43 318.10 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 420.20 318.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 463.59 318.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.60 318.10 Td ($17 ) Tj ET Q q 0 0 0 rg BT 507.41 318.10 Td (million ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 303.05 Td (of ) Tj ET Q q 0 0 0 rg BT 102.84 303.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 138.27 303.05 Td (towards ) Tj ET Q q 0 0 0 rg BT 180.01 303.05 Td (other ) Tj ET Q q 0 0 0 rg BT 209.14 303.05 Td (third-party ) Tj ET Q q 0 0 0 rg BT 263.49 303.05 Td (residential ) Tj ET Q q 0 0 0 rg BT 317.05 303.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 348.01 303.05 Td (securities.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 276.74 cm /I75 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 279.00 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 279.00 Td (Core ) Tj ET Q q 0 0 0 rg BT 116.55 279.00 Td (realized ) Tj ET Q q 0 0 0 rg BT 157.35 279.00 Td (gains ) Tj ET Q q 0 0 0 rg BT 185.93 279.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 235.50 279.00 Td (from ) Tj ET Q q 0 0 0 rg BT 260.81 279.00 Td (the ) Tj ET Q q 0 0 0 rg BT 279.42 279.00 Td (third ) Tj ET Q q 0 0 0 rg BT 304.72 279.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 343.05 279.00 Td (as ) Tj ET Q q 0 0 0 rg BT 356.15 279.00 Td (we ) Tj ET Q q 0 0 0 rg BT 372.92 279.00 Td (sold ) Tj ET Q q 0 0 0 rg BT 396.19 279.00 Td ($108 ) Tj ET Q q 0 0 0 rg BT 423.37 279.00 Td (million ) Tj ET Q q 0 0 0 rg BT 458.67 279.00 Td (of ) Tj ET Q q 0 0 0 rg BT 471.16 279.00 Td (lower-yielding ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 263.90 Td (third-party ) Tj ET Q q 0 0 0 rg BT 143.53 263.90 Td (securities, ) Tj ET Q q 0 0 0 rg BT 194.44 263.90 Td (freeing ) Tj ET Q q 0 0 0 rg BT 231.09 263.90 Td (up ) Tj ET Q q 0 0 0 rg BT 246.16 263.90 Td ($97 ) Tj ET Q q 0 0 0 rg BT 266.74 263.90 Td (million ) Tj ET Q q 0 0 0 rg BT 301.57 263.90 Td (of ) Tj ET Q q 0 0 0 rg BT 313.58 263.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 348.19 263.90 Td (after ) Tj ET Q q 0 0 0 rg BT 372.81 263.90 Td (the ) Tj ET Q q 0 0 0 rg BT 390.94 263.90 Td (repayment ) Tj ET Q q 0 0 0 rg BT 445.73 263.90 Td (of ) Tj ET Q q 0 0 0 rg BT 457.74 263.90 Td (associated ) Tj ET Q q 0 0 0 rg BT 511.72 263.90 Td (short-) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 248.85 Td (term ) Tj ET Q q 0 0 0 rg BT 116.05 248.85 Td (debt.) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 748.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 219.65 735.44 Td (Q U A R T E R L Y P O S I T I O N S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (20) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Capital ) Tj ET Q q 0 0 0 rg BT 116.61 702.30 Td (Allocations) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 680.65 Td (We ) Tj ET Q q 0 0 0 rg BT 90.69 680.65 Td (capitalize ) Tj ET Q q 0 0 0 rg BT 138.91 680.65 Td (our ) Tj ET Q q 0 0 0 rg BT 157.60 680.65 Td (business ) Tj ET Q q 0 0 0 rg BT 201.76 680.65 Td (with ) Tj ET Q q 0 0 0 rg BT 224.51 680.65 Td (a ) Tj ET Q q 0 0 0 rg BT 232.61 680.65 Td (combination ) Tj ET Q q 0 0 0 rg BT 296.33 680.65 Td (of ) Tj ET Q q 0 0 0 rg BT 308.50 680.65 Td (equity ) Tj ET Q q 0 0 0 rg BT 341.44 680.65 Td (and ) Tj ET Q q 0 0 0 rg BT 362.38 680.65 Td (long-term ) Tj ET Q q 0 0 0 rg BT 413.42 680.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 466.56 680.65 Td (corporate ) Tj ET Q q 0 0 0 rg BT 516.80 680.65 Td (debt ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 665.05 Td (\(which ) Tj ET Q q 0 0 0 rg BT 105.14 665.05 Td (we ) Tj ET Q q 0 0 0 rg BT 121.37 665.05 Td (collectively ) Tj ET Q q 0 0 0 rg BT 177.73 665.05 Td (refer ) Tj ET Q q 0 0 0 rg BT 202.50 665.05 Td (to ) Tj ET Q q 0 0 0 rg BT 214.84 665.05 Td (as ) Tj ET Q q 0 0 0 rg BT 227.40 665.05 Td (corporate ) Tj ET Q q 0 0 0 rg BT 277.42 665.05 Td ("capital"\). ) Tj ET Q q 0 0 0 rg BT 329.31 665.05 Td (Our ) Tj ET Q q 0 0 0 rg BT 350.42 665.05 Td (total ) Tj ET Q q 0 0 0 rg BT 374.76 665.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 409.30 665.05 Td (of ) Tj ET Q q 0 0 0 rg BT 421.25 665.05 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 444.82 665.05 Td (billion ) Tj ET Q q 0 0 0 rg BT 476.93 665.05 Td (at ) Tj ET Q q 0 0 0 rg BT 488.46 665.05 Td (December ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 649.40 Td (31, ) Tj ET Q q 0 0 0 rg BT 90.06 649.40 Td (2019 ) Tj ET Q q 0 0 0 rg BT 117.29 649.40 Td (was ) Tj ET Q q 0 0 0 rg BT 138.39 649.40 Td (comprised ) Tj ET Q q 0 0 0 rg BT 192.89 649.40 Td (of ) Tj ET Q q 0 0 0 rg BT 205.43 649.40 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 229.60 649.40 Td (billion ) Tj ET Q q 0 0 0 rg BT 262.31 649.40 Td (of ) Tj ET Q q 0 0 0 rg BT 274.86 649.40 Td (equity ) Tj ET Q q 0 0 0 rg BT 308.17 649.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 343.31 649.40 Td (and ) Tj ET Q q 0 0 0 rg BT 364.62 649.40 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 388.79 649.40 Td (billion ) Tj ET Q q 0 0 0 rg BT 421.50 649.40 Td (of ) Tj ET Q q 0 0 0 rg BT 434.05 649.40 Td (convertible ) Tj ET Q q 0 0 0 rg BT 491.60 649.40 Td (notes ) Tj ET Q q 0 0 0 rg BT 521.46 649.40 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 633.80 Td (other ) Tj ET Q q 0 0 0 rg BT 100.67 633.80 Td (long-term ) Tj ET Q q 0 0 0 rg BT 151.92 633.80 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 205.27 633.80 Td (corporate ) Tj ET Q q 0 0 0 rg BT 255.72 633.80 Td (debt. ) Tj ET Q q 0 0 0 rg BT 284.58 633.80 Td (We ) Tj ET Q q 0 0 0 rg BT 303.49 633.80 Td (also ) Tj ET Q q 0 0 0 rg BT 325.64 633.80 Td (utilize ) Tj ET Q q 0 0 0 rg BT 356.76 633.80 Td (various ) Tj ET Q q 0 0 0 rg BT 393.98 633.80 Td (forms ) Tj ET Q q 0 0 0 rg BT 424.27 633.80 Td (of ) Tj ET Q q 0 0 0 rg BT 436.65 633.80 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 504.02 633.80 Td (debt ) Tj ET Q q 0 0 0 rg BT 529.83 633.80 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 618.20 Td (finance ) Tj ET Q q 0 0 0 rg BT 109.99 618.20 Td (certain ) Tj ET Q q 0 0 0 rg BT 145.91 618.20 Td (investments ) Tj ET Q q 0 0 0 rg BT 207.10 618.20 Td (and ) Tj ET Q q 0 0 0 rg BT 228.38 618.20 Td (to ) Tj ET Q q 0 0 0 rg BT 241.29 618.20 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 296.81 618.20 Td (our ) Tj ET Q q 0 0 0 rg BT 315.84 618.20 Td (inventory ) Tj ET Q q 0 0 0 rg BT 363.99 618.20 Td (of ) Tj ET Q q 0 0 0 rg BT 376.50 618.20 Td (certain ) Tj ET Q q 0 0 0 rg BT 412.43 618.20 Td (loans ) Tj ET Q q 0 0 0 rg BT 440.84 618.20 Td (held-for-sale, ) Tj ET Q q 0 0 0 rg BT 507.53 618.20 Td (but ) Tj ET Q q 0 0 0 rg BT 526.75 618.20 Td (do ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 602.55 Td (not ) Tj ET Q q 0 0 0 rg BT 91.35 602.55 Td (consider ) Tj ET Q q 0 0 0 rg BT 136.16 602.55 Td (the ) Tj ET Q q 0 0 0 rg BT 155.12 602.55 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 222.94 602.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 249.21 602.55 Td (as ) Tj ET Q q 0 0 0 rg BT 262.67 602.55 Td ("capital".) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 574.95 Td (In ) Tj ET Q q 0 0 0 rg BT 83.97 574.95 Td (order ) Tj ET Q q 0 0 0 rg BT 113.39 574.95 Td (to ) Tj ET Q q 0 0 0 rg BT 126.52 574.95 Td (assess ) Tj ET Q q 0 0 0 rg BT 160.04 574.95 Td (the ) Tj ET Q q 0 0 0 rg BT 178.89 574.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 244.58 574.95 Td (of ) Tj ET Q q 0 0 0 rg BT 257.31 574.95 Td (our ) Tj ET Q q 0 0 0 rg BT 276.56 574.95 Td (business ) Tj ET Q q 0 0 0 rg BT 321.28 574.95 Td (in ) Tj ET Q q 0 0 0 rg BT 332.99 574.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 363.62 574.95 Td (of ) Tj ET Q q 0 0 0 rg BT 376.35 574.95 Td (returns ) Tj ET Q q 0 0 0 rg BT 413.30 574.95 Td (on ) Tj ET Q q 0 0 0 rg BT 428.89 574.95 Td (equity, ) Tj ET Q q 0 0 0 rg BT 465.45 574.95 Td (we ) Tj ET Q q 0 0 0 rg BT 482.46 574.95 Td (allocate ) Tj ET Q q 0 0 0 rg BT 523.72 574.95 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 559.30 Td (corporate ) Tj ET Q q 0 0 0 rg BT 122.46 559.30 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 175.82 559.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 201.64 559.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 236.62 559.30 Td (among ) Tj ET Q q 0 0 0 rg BT 273.68 559.30 Td (our ) Tj ET Q q 0 0 0 rg BT 292.58 559.30 Td (various ) Tj ET Q q 0 0 0 rg BT 329.82 559.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 390.89 559.30 Td (within ) Tj ET Q q 0 0 0 rg BT 422.62 559.30 Td (each ) Tj ET Q q 0 0 0 rg BT 448.47 559.30 Td (of ) Tj ET Q q 0 0 0 rg BT 460.86 559.30 Td (our ) Tj ET Q q 0 0 0 rg BT 479.76 559.30 Td (segments ) Tj ET Q q 0 0 0 rg BT 529.84 559.30 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 543.70 Td (determine ) Tj ET Q q 0 0 0 rg BT 124.33 543.70 Td (the ) Tj ET Q q 0 0 0 rg BT 141.86 543.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 180.99 543.70 Td (of ) Tj ET Q q 0 0 0 rg BT 192.40 543.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 224.58 543.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 258.59 543.70 Td (utilized ) Tj ET Q q 0 0 0 rg BT 295.45 543.70 Td (by ) Tj ET Q q 0 0 0 rg BT 309.11 543.70 Td (each ) Tj ET Q q 0 0 0 rg BT 333.99 543.70 Td (business. ) Tj ET Q q 0 0 0 rg BT 380.45 543.70 Td (In ) Tj ET Q q 0 0 0 rg BT 391.10 543.70 Td (addition ) Tj ET Q q 0 0 0 rg BT 433.48 543.70 Td (to ) Tj ET Q q 0 0 0 rg BT 445.29 543.70 Td (the ) Tj ET Q q 0 0 0 rg BT 462.82 543.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 495.00 543.70 Td (allocated ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 85.35 528.10 Td (each ) Tj ET Q q 0 0 0 rg BT 111.77 528.10 Td (segment, ) Tj ET Q q 0 0 0 rg BT 160.78 528.10 Td (our ) Tj ET Q q 0 0 0 rg BT 180.25 528.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 232.31 528.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 267.86 528.10 Td (is ) Tj ET Q q 0 0 0 rg BT 278.37 528.10 Td (held ) Tj ET Q q 0 0 0 rg BT 303.14 528.10 Td (at ) Tj ET Q q 0 0 0 rg BT 315.67 528.10 Td (a ) Tj ET Q q 0 0 0 rg BT 324.56 528.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 375.58 528.10 Td (level ) Tj ET Q q 0 0 0 rg BT 401.57 528.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.30 528.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 466.81 528.10 Td ($260 ) Tj ET Q q 0 0 0 rg BT 494.45 528.10 Td (million ) Tj ET Q q 0 0 0 rg BT 530.22 528.10 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 512.45 Td (undeployed ) Tj ET Q q 0 0 0 rg BT 133.21 512.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 167.70 512.45 Td (available ) Tj ET Q q 0 0 0 rg BT 213.01 512.45 Td (for ) Tj ET Q q 0 0 0 rg BT 228.56 512.45 Td (investment ) Tj ET Q q 0 0 0 rg BT 284.45 512.45 Td (at ) Tj ET Q q 0 0 0 rg BT 295.92 512.45 Td (December ) Tj ET Q q 0 0 0 rg BT 349.59 512.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 367.00 512.45 Td (2019, ) Tj ET Q q 0 0 0 rg BT 396.64 512.45 Td (as ) Tj ET Q q 0 0 0 rg BT 409.15 512.45 Td (well ) Tj ET Q q 0 0 0 rg BT 430.62 512.45 Td (as ) Tj ET Q q 0 0 0 rg BT 443.14 512.45 Td (other ) Tj ET Q q 0 0 0 rg BT 471.32 512.45 Td (miscellaneous ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 496.85 Td (net ) Tj ET Q q 0 0 0 rg BT 90.94 496.85 Td (assets.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 469.20 Td (The ) Tj ET Q q 0 0 0 rg BT 94.97 469.20 Td (following ) Tj ET Q q 0 0 0 rg BT 144.40 469.20 Td (table ) Tj ET Q q 0 0 0 rg BT 173.66 469.20 Td (presents ) Tj ET Q q 0 0 0 rg BT 219.63 469.20 Td (a ) Tj ET Q q 0 0 0 rg BT 229.76 469.20 Td (summary ) Tj ET Q q 0 0 0 rg BT 278.39 469.20 Td (view ) Tj ET Q q 0 0 0 rg BT 304.81 469.20 Td (of ) Tj ET Q q 0 0 0 rg BT 319.01 469.20 Td (how ) Tj ET Q q 0 0 0 rg BT 344.02 469.20 Td (our ) Tj ET Q q 0 0 0 rg BT 364.73 469.20 Td (equity ) Tj ET Q q 0 0 0 rg BT 399.70 469.20 Td (is ) Tj ET Q q 0 0 0 rg BT 411.44 469.20 Td (allocated ) Tj ET Q q 0 0 0 rg BT 460.89 469.20 Td (among ) Tj ET Q q 0 0 0 rg BT 499.75 469.20 Td (our ) Tj ET Q q 0 0 0 rg BT 520.46 469.20 Td (four ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 453.60 Td (business ) Tj ET Q q 0 0 0 rg BT 116.83 453.60 Td (segments, ) Tj ET Q q 0 0 0 rg BT 170.41 453.60 Td (along ) Tj ET Q q 0 0 0 rg BT 201.18 453.60 Td (with ) Tj ET Q q 0 0 0 rg BT 224.60 453.60 Td (our ) Tj ET Q q 0 0 0 rg BT 243.94 453.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 279.38 453.60 Td (available ) Tj ET Q q 0 0 0 rg BT 325.62 453.60 Td (for ) Tj ET Q q 0 0 0 rg BT 342.11 453.60 Td (investment.) Tj ET Q BT /F4 13.00 Tf ET q 0 0 0 rg BT 250.60 401.00 Td (Alloc) Tj ET Q q 0 0 0 rg BT 277.22 401.00 Td (a) Tj ET Q q 0 0 0 rg BT 283.51 401.00 Td (tions of E) Tj ET Q q 0 0 0 rg BT 333.49 401.00 Td (quity) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 246.35 387.00 Td (\(as of December 31, 2019\)) Tj ET Q /GS0 gs q 256.00 0 0 248.00 178.00 131.00 cm /I76 Do Q BT /F1 10.00 Tf ET endstream endobj 45 0 obj <> endobj 46 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 748.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 219.65 735.44 Td (Q U A R T E R L Y P O S I T I O N S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (21) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (The following table presents our allocations of capital by segment and by investment type as of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 689.50 Td (December 31, 2019.) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 676.00 468.00 -8.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 668.00 468.00 -22.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 646.00 468.00 -14.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 632.00 468.00 -14.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 618.00 468.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 606.00 166.00 -45.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 237.50 606.00 44.00 -45.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 281.50 606.00 4.00 -45.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 285.50 606.00 51.00 -45.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 336.50 606.00 4.00 -45.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 340.50 606.00 51.00 -45.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 391.50 606.00 4.00 -45.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 395.50 606.00 44.00 -45.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 439.50 606.00 4.00 -45.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 443.50 606.00 44.00 -45.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 487.50 606.00 4.00 -45.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 491.50 606.00 44.00 -45.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 535.50 606.00 4.00 -45.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 71.50 177.00 166.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 237.50 177.00 44.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 281.50 177.00 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 285.50 177.00 51.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 336.50 177.00 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 340.50 177.00 51.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 391.50 177.00 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 395.50 177.00 44.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 439.50 177.00 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 443.50 177.00 44.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 177.00 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 491.50 177.00 44.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 535.50 177.00 4.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 676 m 71.5 668 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 676 m 237.5 676 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 676 m 281.5 676 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 676 m 285.5 676 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 676 m 336.5 676 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 676 m 340.5 676 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 676 m 391.5 676 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 676 m 395.5 676 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 676 m 439.5 676 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 676 m 443.5 676 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 676 m 487.5 676 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 676 m 491.5 676 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 676 m 535.5 676 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 676 m 539.5 668 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 676 m 539.5 676 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 668 m 71.5 646 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 668 m 539.5 646 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 646 m 71.5 632 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 646 m 539.5 632 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 632 m 71.5 618 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 632 m 539.5 618 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 618 m 71.5 606 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 618 m 539.5 606 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 606 m 71.5 561 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 606 m 539.5 561 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 561 m 71.5 557 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 561 m 539.5 557 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 557 m 71.5 542 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 557 m 539.5 542 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 542 m 71.5 527 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 542 m 539.5 527 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 527 m 71.5 512 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 527 m 539.5 512 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 512 m 71.5 497 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 512 m 539.5 497 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 497 m 71.5 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 482 m 237.5 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 482 m 281.5 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 482 m 285.5 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 482 m 336.5 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 482 m 340.5 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 482 m 391.5 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 482 m 395.5 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 482 m 439.5 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 482 m 443.5 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 482 m 487.5 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 482 m 491.5 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 482 m 535.5 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 497 m 539.5 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 482 m 539.5 482 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 482 m 71.5 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 482 m 539.5 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 467 m 71.5 463 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 467 m 539.5 463 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 463 m 71.5 449 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 463 m 539.5 449 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 449 m 71.5 434 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 449 m 539.5 434 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 434 m 71.5 419 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 434 m 539.5 419 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 419 m 71.5 404 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 419 m 539.5 404 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 404 m 71.5 389 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 404 m 539.5 389 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 389 m 71.5 374 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 374 m 237.5 374 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 374 m 281.5 374 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 374 m 285.5 374 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 374 m 336.5 374 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 374 m 340.5 374 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 374 m 391.5 374 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 374 m 395.5 374 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 374 m 439.5 374 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 374 m 443.5 374 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 374 m 487.5 374 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 374 m 491.5 374 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 374 m 535.5 374 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 389 m 539.5 374 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 374 m 539.5 374 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 374 m 71.5 359 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 374 m 539.5 359 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 359 m 71.5 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 359 m 539.5 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 354 m 71.5 339 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 354 m 539.5 339 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 339 m 71.5 324 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 339 m 539.5 324 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 324 m 71.5 309 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 324 m 539.5 309 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 309 m 71.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 309 m 539.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 294 m 71.5 279 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 294 m 237.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 294 m 281.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 294 m 285.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 294 m 336.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 294 m 340.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 294 m 391.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 294 m 395.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 294 m 439.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 294 m 443.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 294 m 487.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 294 m 491.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 294 m 535.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 294 m 539.5 279 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 294 m 539.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 279 m 71.5 275 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 279 m 539.5 275 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 275 m 71.5 260 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 275 m 539.5 260 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 260 m 71.5 245 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 260 m 539.5 245 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 245 m 71.5 230 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 245 m 539.5 230 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 230 m 71.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 230 m 539.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 215 m 71.5 200 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 215 m 237.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 215 m 281.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 215 m 285.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 215 m 336.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 215 m 340.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 215 m 391.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 215 m 395.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 215 m 439.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 215 m 443.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 215 m 487.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 215 m 491.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 215 m 535.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 215 m 539.5 200 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 215 m 539.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 200 m 71.5 196 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 200 m 539.5 196 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 196 m 71.5 181 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 196 m 539.5 181 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 181 m 71.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 181 m 539.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 177 m 71.5 162 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 177 m 237.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 163 m 237.5 163 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 161 m 237.5 161 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 177 m 281.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 163 m 281.5 163 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 161 m 281.5 161 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 177 m 285.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 163 m 285.5 163 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 161 m 285.5 161 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 177 m 336.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 163 m 336.5 163 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 161 m 336.5 161 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 177 m 340.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 163 m 340.5 163 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 161 m 340.5 161 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 177 m 391.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 163 m 391.5 163 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 161 m 391.5 161 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 177 m 395.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 163 m 395.5 163 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 161 m 395.5 161 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 177 m 439.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 163 m 439.5 163 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 161 m 439.5 161 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 177 m 443.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 163 m 443.5 163 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 161 m 443.5 161 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 177 m 487.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 163 m 487.5 163 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 161 m 487.5 161 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 177 m 491.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 163 m 491.5 163 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 161 m 491.5 161 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 177 m 535.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 163 m 535.5 163 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 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0 rg BT 418.55 471.88 Td (\(276) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 436.00 471.88 Td (\)) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 469.55 471.88 Td (533) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 504.70 471.88 Td (29%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 80.00 453.75 Td (Business Purpose Lending) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 80.00 438.75 Td (SFR securities) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 263.50 438.88 Td (195) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 320.40 438.88 Td (\(80) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 332.95 438.88 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 379.30 438.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 423.45 438.88 Td (\(47) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 436.00 438.88 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 474.35 438.88 Td (68) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 507.15 438.88 Td (4%) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 80.00 423.75 Td (SFR loan in) Tj ET Q q 0 0 0 rg BT 119.80 423.75 Td (v) Tj ET Q q 0 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0 0 rg BT 315.60 408.88 Td (\(567) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 332.95 408.88 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 379.30 408.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 423.45 408.88 Td (\(92) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 436.00 408.88 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 469.55 408.88 Td (133) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 507.15 408.88 Td (7%) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 80.00 393.75 Td (Mortg) Tj ET Q q 0 0 0 rg BT 102.75 393.75 Td (ag) Tj ET Q q 0 0 0 rg BT 111.17 393.75 Td (e banking w) Tj ET Q q 0 0 0 rg BT 154.96 393.75 Td (orking c) Tj ET Q q 0 0 0 rg BT 183.73 393.75 Td (apit) Tj ET Q q 0 0 0 rg BT 197.76 393.75 Td (al) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 269.25 393.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 324.30 393.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 379.30 393.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 427.35 393.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 469.55 393.88 Td (100) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 507.15 393.88 Td (5%) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 80.00 378.75 Td (Pla) Tj ET Q q 0 0 0 rg BT 90.98 378.75 Td (tf) Tj ET Q q 0 0 0 rg BT 96.61 378.75 Td (orm pr) Tj ET Q q 0 0 0 rg BT 121.43 378.75 Td (emium) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 269.25 378.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 324.30 378.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 379.30 378.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 427.35 378.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 469.55 378.88 Td (161) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 507.15 378.88 Td (9%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 80.00 363.75 Td (T) Tj ET Q q 0 0 0 rg BT 84.07 363.75 Td (ot) Tj ET Q q 0 0 0 rg BT 91.59 363.75 Td (al Business Purpose Lending) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 256.20 363.88 Td (1,201) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 315.50 363.88 Td (\(647) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 332.95 363.88 Td 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Td (\(334) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 332.95 328.88 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 379.30 328.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 423.45 328.88 Td (\(52) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 436.00 328.88 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 474.35 328.88 Td (76) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 507.15 328.88 Td (4%) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 80.00 313.75 Td (Multif) Tj ET Q q 0 0 0 rg BT 102.23 313.75 Td (amily B-pieces) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 263.50 313.88 Td (234) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 315.60 313.88 Td (\(171) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 332.95 313.88 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 379.30 313.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 423.45 313.88 Td (\(38) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 436.00 313.88 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 474.35 313.88 Td (56) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 507.15 313.88 Td (3%) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 80.00 298.75 Td (Other in) Tj ET Q q 0 0 0 rg BT 110.07 298.75 Td (v) Tj ET Q q 0 0 0 rg BT 114.02 298.75 Td (es) Tj ET Q q 0 0 0 rg BT 121.92 298.75 Td (tmen) Tj ET Q q 0 0 0 rg BT 141.24 298.75 Td (ts) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 268.25 298.88 Td (61) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 324.30 298.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 379.30 298.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 423.45 298.88 Td (\(25) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 436.00 298.88 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 474.35 298.88 Td (36) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 507.15 298.88 Td (2%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 80.00 283.75 Td (T) Tj ET Q q 0 0 0 rg BT 84.07 283.75 Td (ot) Tj ET Q q 0 0 0 rg BT 91.59 283.75 Td (al Multif) Tj ET Q q 0 0 0 rg BT 123.25 283.75 Td (amily In) Tj ET Q q 0 0 0 rg BT 152.82 283.75 Td (v) Tj ET Q q 0 0 0 rg BT 156.98 283.75 Td (es) Tj ET Q q 0 0 0 rg BT 165.01 283.75 Td (tmen) Tj ET Q q 0 0 0 rg BT 184.71 283.75 Td (ts) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 263.50 283.88 Td (717) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 315.50 283.88 Td (\(505) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 332.95 283.88 Td (\)) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 379.30 283.88 Td () Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 418.55 283.88 Td (\(115) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 436.00 283.88 Td (\)) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 469.55 283.88 Td (168) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 507.10 283.88 Td (9%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 80.00 264.75 Td (Thir) Tj ET Q q 0 0 0 rg BT 94.64 264.75 Td (d-P) Tj ET Q q 0 0 0 rg BT 106.87 264.75 Td (arty R) Tj ET Q q 0 0 0 rg BT 128.85 264.75 Td (esiden) Tj ET Q q 0 0 0 rg BT 153.26 264.75 Td (tial In) Tj ET Q q 0 0 0 rg BT 174.40 264.75 Td (v) Tj ET Q q 0 0 0 rg BT 178.55 264.75 Td (es) Tj ET Q q 0 0 0 rg BT 186.58 264.75 Td (tmen) Tj ET Q q 0 0 0 rg BT 206.29 264.75 Td (ts) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 80.00 249.75 Td (RPL in) Tj ET Q q 0 0 0 rg BT 102.07 249.75 Td (v) Tj ET Q q 0 0 0 rg BT 106.02 249.75 Td (es) Tj ET Q q 0 0 0 rg BT 113.92 249.75 Td (tmen) Tj ET Q q 0 0 0 rg BT 133.24 249.75 Td (ts) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 263.50 249.88 Td (611) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 315.60 249.88 Td (\(315) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 332.95 249.88 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 375.40 249.88 Td (\(39) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 387.95 249.88 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 418.65 249.88 Td (\(106) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 436.00 249.88 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 469.55 249.88 Td (154) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 507.15 249.88 Td (8%) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 80.00 234.75 Td (CR) Tj ET Q q 0 0 0 rg BT 89.64 234.75 Td (T & thir) Tj ET Q q 0 0 0 rg BT 117.08 234.75 Td (d-party securities) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 263.50 234.88 Td (306) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 315.60 234.88 Td (\(142) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 332.95 234.88 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 379.30 234.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 423.45 234.88 Td (\(70) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 436.00 234.88 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 469.55 234.88 Td (102) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 507.15 234.88 Td (6%) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 80.00 219.75 Td (Other in) Tj ET Q q 0 0 0 rg BT 110.07 219.75 Td (v) Tj ET Q q 0 0 0 rg BT 114.02 219.75 Td (es) Tj ET Q q 0 0 0 rg BT 121.92 219.75 Td (tmen) Tj ET Q q 0 0 0 rg BT 141.24 219.75 Td (ts) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 263.50 219.88 Td (102) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 324.30 219.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 379.30 219.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 423.45 219.88 Td (\(41) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 436.00 219.88 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 474.35 219.88 Td (60) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 507.15 219.88 Td (3%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 80.00 204.75 Td (T) Tj ET Q q 0 0 0 rg BT 84.07 204.75 Td (ot) Tj ET Q q 0 0 0 rg BT 91.59 204.75 Td (al Thir) Tj ET Q q 0 0 0 rg BT 114.88 204.75 Td (d-P) Tj ET Q q 0 0 0 rg BT 127.11 204.75 Td (arty R) Tj ET Q q 0 0 0 rg BT 149.08 204.75 Td (esiden) Tj ET Q q 0 0 0 rg BT 173.50 204.75 Td (tial In) Tj ET Q q 0 0 0 rg BT 194.64 204.75 Td (v) Tj ET Q q 0 0 0 rg BT 198.79 204.75 Td (es) Tj ET Q q 0 0 0 rg BT 206.82 204.75 Td (tmen) Tj ET Q q 0 0 0 rg BT 226.53 204.75 Td (ts) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 256.20 204.88 Td (1,019) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 315.50 204.88 Td (\(457) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 332.95 204.88 Td (\)) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 375.35 204.88 Td (\(39) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 387.95 204.88 Td (\)) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 418.55 204.88 Td (\(217) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 436.00 204.88 Td (\)) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 469.55 204.88 Td (316) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 504.70 204.88 Td (17%) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 80.00 185.75 Td (Other asse) Tj ET Q q 0 0 0 rg BT 119.13 185.75 Td (ts, ne) Tj ET Q q 0 0 0 rg BT 139.11 185.75 Td (t) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 269.25 185.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 324.30 185.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 379.30 185.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 427.35 185.88 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 469.55 185.88 Td (314) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 504.75 185.88 Td (17%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 80.00 166.75 Td (T) Tj ET Q q 0 0 0 rg BT 83.68 166.75 Td (ot) Tj ET Q q 0 0 0 rg BT 91.55 166.75 Td (als) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 240.00 166.88 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 256.20 166.88 Td (5,693) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 288.00 166.88 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 308.25 166.88 Td (\(1,744) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 332.95 166.88 Td (\)) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 343.00 166.88 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 363.25 166.88 Td (\(2,185) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 387.95 166.88 Td (\)) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 398.00 166.88 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 418.55 166.88 Td (\(770) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 436.00 166.88 Td (\)) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 446.00 166.88 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 462.25 166.88 Td (1,827) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 502.30 166.88 Td (100%) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 9.80 0 0 11.74 72.00 132.64 cm /I77 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 134.90 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 90.00 134.90 Td (The ) Tj ET Q q 0 0 0 rg BT 111.40 134.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 144.26 134.90 Td (allocated ) Tj ET Q q 0 0 0 rg BT 190.94 134.90 Td (to ) Tj ET Q q 0 0 0 rg BT 204.36 134.90 Td (each ) Tj ET Q q 0 0 0 rg BT 230.24 134.90 Td (of ) Tj ET Q q 0 0 0 rg BT 243.28 134.90 Td (our ) Tj ET Q q 0 0 0 rg BT 262.53 134.90 Td (segments ) Tj ET Q q 0 0 0 rg BT 311.54 134.90 Td (is ) Tj ET Q q 0 0 0 rg BT 322.24 134.90 Td (determined ) Tj ET Q q 0 0 0 rg BT 380.75 134.90 Td (by ) Tj ET Q q 0 0 0 rg BT 395.93 134.90 Td (the ) Tj ET Q q 0 0 0 rg BT 414.80 134.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 433.06 134.90 Td (value ) Tj ET Q q 0 0 0 rg BT 461.47 134.90 Td (of ) Tj ET Q q 0 0 0 rg BT 474.51 134.90 Td (its ) Tj ET Q q 0 0 0 rg BT 488.69 134.90 Td (investment ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 90.00 120.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 121.26 120.00 Td (less ) Tj ET Q q 0 0 0 rg BT 141.63 120.00 Td (the ) Tj ET Q q 0 0 0 rg BT 159.86 120.00 Td (short-term ) Tj ET Q q 0 0 0 rg BT 211.88 120.00 Td (and ) Tj ET Q q 0 0 0 rg BT 232.65 120.00 Td (long-term ) Tj ET Q q 0 0 0 rg BT 282.15 120.00 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 347.04 120.00 Td (debt ) Tj ET Q q 0 0 0 rg BT 372.26 120.00 Td (used ) Tj ET Q q 0 0 0 rg BT 397.89 120.00 Td (to ) Tj ET Q q 0 0 0 rg BT 410.66 120.00 Td (finance ) Tj ET Q q 0 0 0 rg BT 447.38 120.00 Td (its ) Tj ET Q q 0 0 0 rg BT 460.92 120.00 Td (investments, ) Tj ET Q q 0 0 0 rg BT 522.70 120.00 Td (less ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 90.00 105.05 Td (an ) Tj ET Q q 0 0 0 rg BT 107.12 105.05 Td (allocation ) Tj ET Q q 0 0 0 rg BT 158.27 105.05 Td (of ) Tj ET Q q 0 0 0 rg BT 173.44 105.05 Td (our ) Tj ET Q q 0 0 0 rg BT 194.83 105.05 Td ($770 ) Tj ET Q q 0 0 0 rg BT 224.01 105.05 Td (million ) Tj ET Q q 0 0 0 rg BT 260.96 105.05 Td (of ) Tj ET Q q 0 0 0 rg BT 276.13 105.05 Td (long-term ) Tj ET Q q 0 0 0 rg BT 328.40 105.05 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 382.67 105.05 Td (corporate ) Tj ET Q q 0 0 0 rg BT 434.18 105.05 Td (debt. ) Tj ET Q q 0 0 0 rg BT 465.09 105.05 Td (In ) Tj ET Q q 0 0 0 rg BT 479.54 105.05 Td (addition, ) Tj ET Q q 0 0 0 rg BT 527.18 105.05 Td (for ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 90.00 90.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 148.90 90.15 Td (financed ) Tj ET Q q 0 0 0 rg BT 192.07 90.15 Td (with ) Tj ET Q q 0 0 0 rg BT 214.61 90.15 Td (short-term ) Tj ET Q q 0 0 0 rg BT 266.67 90.15 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 321.11 90.15 Td (debt, ) Tj ET Q q 0 0 0 rg BT 349.29 90.15 Td (we ) Tj ET Q q 0 0 0 rg BT 365.82 90.15 Td (allocate ) Tj ET Q q 0 0 0 rg BT 405.48 90.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 455.45 90.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 487.71 90.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 521.71 90.15 Td (\(our ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 90.00 75.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 128.98 75.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 161.54 75.25 Td (cushion\) ) Tj ET Q q 0 0 0 rg BT 201.72 75.25 Td (to ) Tj ET Q q 0 0 0 rg BT 213.10 75.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 252.69 75.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 291.67 75.25 Td (in ) Tj ET Q q 0 0 0 rg BT 301.69 75.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.52 75.25 Td (event ) Tj ET Q q 0 0 0 rg BT 346.24 75.25 Td (of ) Tj ET Q q 0 0 0 rg BT 357.24 75.25 Td (an ) Tj ET Q q 0 0 0 rg BT 370.19 75.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 408.41 75.25 Td (change ) Tj ET Q q 0 0 0 rg BT 444.51 75.25 Td (in ) Tj ET Q q 0 0 0 rg BT 454.53 75.25 Td (market ) Tj ET Q q 0 0 0 rg BT 488.46 75.25 Td (conditions.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 748.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 219.65 735.44 Td (Q U A R T E R L Y P O S I T I O N S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (22) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Recour) Tj ET Q q 0 0 0 rg BT 114.94 702.30 Td (se Le) Tj ET Q q 0 0 0 rg BT 144.19 702.30 Td (v) Tj ET Q q 0 0 0 rg BT 150.44 702.30 Td (erag) Tj ET Q q 0 0 0 rg BT 175.02 702.30 Td (e) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 678.45 Td (We ) Tj ET Q q 0 0 0 rg BT 91.36 678.45 Td (finance ) Tj ET Q q 0 0 0 rg BT 129.67 678.45 Td (our ) Tj ET Q q 0 0 0 rg BT 149.02 678.45 Td (business ) Tj ET Q q 0 0 0 rg BT 193.85 678.45 Td (with ) Tj ET Q q 0 0 0 rg BT 217.27 678.45 Td (a ) Tj ET Q q 0 0 0 rg BT 226.04 678.45 Td (diversified ) Tj ET Q q 0 0 0 rg BT 279.60 678.45 Td (mix ) Tj ET Q q 0 0 0 rg BT 299.97 678.45 Td (of ) Tj ET Q q 0 0 0 rg BT 312.80 678.45 Td (long-term ) Tj ET Q q 0 0 0 rg BT 364.52 678.45 Td (and ) Tj ET Q q 0 0 0 rg BT 386.12 678.45 Td (short-term ) Tj ET Q q 0 0 0 rg BT 440.46 678.45 Td (recourse ) Tj ET Q q 0 0 0 rg BT 485.48 678.45 Td (debt. ) Tj ET Q q 0 0 0 rg BT 514.81 678.45 Td (The) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 663.60 Td (following ) Tj ET Q q 0 0 0 rg BT 120.07 663.60 Td (charts ) Tj ET Q q 0 0 0 rg BT 152.25 663.60 Td (present ) Tj ET Q q 0 0 0 rg BT 192.17 663.60 Td (the ) Tj ET Q q 0 0 0 rg BT 211.12 663.60 Td (composition ) Tj ET Q q 0 0 0 rg BT 274.89 663.60 Td (of ) Tj ET Q q 0 0 0 rg BT 287.72 663.60 Td (our ) Tj ET Q q 0 0 0 rg BT 307.07 663.60 Td (recourse ) Tj ET Q q 0 0 0 rg BT 352.10 663.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 378.36 663.60 Td (and ) Tj ET Q q 0 0 0 rg BT 399.97 663.60 Td (its ) Tj ET Q q 0 0 0 rg BT 414.00 663.60 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 485.89 663.60 Td (at ) Tj ET Q q 0 0 0 rg BT 498.31 663.60 Td (the ) Tj ET Q q 0 0 0 rg BT 517.26 663.60 Td (end) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 84.84 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 103.79 648.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 136.17 648.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 174.85 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 187.69 648.75 Td (2019:) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 339.50 604.40 82.00 -43.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 421.50 604.40 59.00 -43.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 480.50 604.40 59.00 -43.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 339.50 407.40 82.00 -33.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 421.50 407.40 59.00 -33.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 480.50 407.40 59.00 -33.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 604.4 m 339.5 561.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 604.4 m 421.5 604.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 604.4 m 480.5 604.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 604.4 m 539.5 561.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 604.4 m 539.5 604.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 561.4 m 339.5 547.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 561.4 m 539.5 547.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 547.4 m 339.5 525.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 547.4 m 539.5 525.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 525.4 m 339.5 499.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 525.4 m 539.5 499.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 499.4 m 339.5 473.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 499.4 m 539.5 473.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 473.4 m 339.5 447.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 473.4 m 539.5 447.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 447.4 m 339.5 421.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 447.4 m 539.5 421.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 421.4 m 339.5 407.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 421.4 m 539.5 407.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 407.4 m 339.5 374.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 374.4 m 421.5 374.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 374.4 m 480.5 374.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 407.4 m 539.5 374.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 374.4 m 539.5 374.4 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 348.00 566.40 Td (Borr) Tj ET Q q 1 1 1 rg BT 365.97 566.40 Td (o) Tj ET Q q 1 1 1 rg BT 371.33 566.40 Td (wing T) Tj ET Q q 1 1 1 rg BT 398.24 566.40 Td (ype) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 433.75 586.40 Td (A) Tj ET Q q 1 1 1 rg BT 439.69 586.40 Td (v) Tj ET Q q 1 1 1 rg BT 444.25 586.40 Td (er) Tj ET Q q 1 1 1 rg BT 452.68 586.40 Td (ag) Tj ET Q q 1 1 1 rg BT 462.20 586.40 Td (e) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 436.05 576.40 Td (Cos) Tj ET Q q 1 1 1 rg BT 450.65 576.40 Td (t of) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 438.15 566.40 Td (Funds) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 492.75 586.40 Td (A) Tj ET Q q 1 1 1 rg BT 498.57 586.40 Td (v) Tj ET Q q 1 1 1 rg BT 503.20 586.40 Td (er) Tj ET Q q 1 1 1 rg BT 511.57 586.40 Td (ag) Tj ET Q q 1 1 1 rg BT 521.14 586.40 Td (e) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 487.50 576.40 Td (R) Tj ET Q q 1 1 1 rg BT 492.98 576.40 Td (emaining) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 487.40 566.40 Td (T) Tj ET Q q 1 1 1 rg BT 491.49 566.40 Td (erm \(yr) Tj ET Q q 1 1 1 rg BT 521.76 566.40 Td (s.\)) Tj ET Q BT /F7 9.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 348.00 530.27 Td (FHLB Borr) Tj ET Q q 0 0 0 rg BT 386.32 530.27 Td (o) Tj ET Q q 0 0 0 rg BT 391.23 530.27 Td (wings) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 441.05 530.27 Td (2.1%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 507.05 530.27 Td (6) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 348.00 513.77 Td (Unsecur) Tj ET Q q 0 0 0 rg BT 379.79 513.77 Td (ed) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 348.00 504.27 Td (Corpor) Tj ET Q q 0 0 0 rg BT 374.60 504.27 Td (a) Tj ET Q q 0 0 0 rg BT 379.01 504.27 Td (t) Tj ET Q q 0 0 0 rg BT 382.10 504.27 Td (e Deb) Tj ET Q q 0 0 0 rg BT 404.46 504.27 Td (t) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 441.05 504.27 Td (6.1%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 507.05 504.27 Td (7) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 348.00 487.77 Td (Long-T) Tj ET Q q 0 0 0 rg BT 373.58 487.77 Td (erm) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 348.00 478.27 Td (Secur) Tj ET Q q 0 0 0 rg BT 369.35 478.27 Td (ed Financing) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 441.05 478.27 Td (4.2%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 507.05 478.27 Td (3) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 348.00 461.77 Td (Mortg) Tj ET Q q 0 0 0 rg BT 372.01 461.77 Td (ag) Tj ET Q q 0 0 0 rg BT 380.90 461.77 Td (e) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 348.00 452.27 Td (W) Tj ET Q q 0 0 0 rg BT 356.29 452.27 Td (ar) Tj ET Q q 0 0 0 rg BT 363.92 452.27 Td (ehouse) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 441.05 452.27 Td (4.3%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 504.70 452.27 Td (<1) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 348.00 426.27 Td (Securities R) Tj ET Q q 0 0 0 rg BT 392.54 426.27 Td (epo) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 441.05 426.27 Td (2.9%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 504.70 426.27 Td (<1) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 348.00 397.77 Td (W) Tj ET Q q 0 0 0 rg BT 356.27 397.77 Td (eigh) Tj ET Q q 0 0 0 rg BT 372.90 397.77 Td (t) Tj ET Q q 0 0 0 rg BT 376.08 397.77 Td (ed) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 348.00 388.27 Td (A) Tj ET Q q 0 0 0 rg BT 353.52 388.27 Td (v) Tj ET Q q 0 0 0 rg BT 357.93 388.27 Td (er) Tj ET Q q 0 0 0 rg BT 365.88 388.27 Td (ag) Tj ET Q q 0 0 0 rg BT 374.98 388.27 Td (e Cos) Tj ET Q q 0 0 0 rg BT 395.72 388.27 Td (t of) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 348.00 378.77 Td (Funds) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 440.95 379.27 Td (3.4%) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 507.05 379.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 330.20 Td (Our ) Tj ET Q q 0 0 0 rg BT 94.62 330.20 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 149.03 330.20 Td (corporate ) Tj ET Q q 0 0 0 rg BT 200.56 330.20 Td (debt ) Tj ET Q q 0 0 0 rg BT 227.44 330.20 Td (is ) Tj ET Q q 0 0 0 rg BT 238.44 330.20 Td (comprised ) Tj ET Q q 0 0 0 rg BT 293.85 330.20 Td (of ) Tj ET Q q 0 0 0 rg BT 307.30 330.20 Td ($245 ) Tj ET Q q 0 0 0 rg BT 335.44 330.20 Td (million ) Tj ET Q q 0 0 0 rg BT 371.70 330.20 Td (of ) Tj ET Q q 0 0 0 rg BT 385.15 330.20 Td (4.75% ) Tj ET Q q 0 0 0 rg BT 419.40 330.20 Td (convertible ) Tj ET Q q 0 0 0 rg BT 477.86 330.20 Td (notes ) Tj ET Q q 0 0 0 rg BT 508.63 330.20 Td (due ) Tj ET Q q 0 0 0 rg BT 531.26 330.20 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 315.35 Td (2023, ) Tj ET Q q 0 0 0 rg BT 101.93 315.35 Td ($200 ) Tj ET Q q 0 0 0 rg BT 128.81 315.35 Td (million ) Tj ET Q q 0 0 0 rg BT 163.82 315.35 Td (of ) Tj ET Q q 0 0 0 rg BT 176.01 315.35 Td (5.625% ) Tj ET Q q 0 0 0 rg BT 215.10 315.35 Td (convertible ) Tj ET Q q 0 0 0 rg BT 272.31 315.35 Td (notes ) Tj ET Q q 0 0 0 rg BT 301.81 315.35 Td (due ) Tj ET Q q 0 0 0 rg BT 323.18 315.35 Td (in ) Tj ET Q q 0 0 0 rg BT 334.35 315.35 Td (2024, ) Tj ET Q q 0 0 0 rg BT 364.28 315.35 Td ($201 ) Tj ET Q q 0 0 0 rg BT 391.16 315.35 Td (million ) Tj ET Q q 0 0 0 rg BT 426.16 315.35 Td (of ) Tj ET Q q 0 0 0 rg BT 438.35 315.35 Td (5.75% ) Tj ET Q q 0 0 0 rg BT 471.33 315.35 Td (exchangeable ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 300.50 Td (notes ) Tj ET Q q 0 0 0 rg BT 102.43 300.50 Td (due ) Tj ET Q q 0 0 0 rg BT 124.73 300.50 Td (in ) Tj ET Q q 0 0 0 rg BT 136.82 300.50 Td (2025, ) Tj ET Q q 0 0 0 rg BT 167.69 300.50 Td (and ) Tj ET Q q 0 0 0 rg BT 189.57 300.50 Td ($140 ) Tj ET Q q 0 0 0 rg BT 217.38 300.50 Td (million ) Tj ET Q q 0 0 0 rg BT 253.31 300.50 Td (of ) Tj ET Q q 0 0 0 rg BT 266.43 300.50 Td (trust-preferred ) Tj ET Q q 0 0 0 rg BT 340.80 300.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 389.76 300.50 Td (due ) Tj ET Q q 0 0 0 rg BT 412.05 300.50 Td (in ) Tj ET Q q 0 0 0 rg BT 424.15 300.50 Td (2037 ) Tj ET Q q 0 0 0 rg BT 451.95 300.50 Td (\(that ) Tj ET Q q 0 0 0 rg BT 477.29 300.50 Td (we ) Tj ET Q q 0 0 0 rg BT 494.69 300.50 Td (hedge ) Tj ET Q q 0 0 0 rg BT 529.82 300.50 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 285.65 Td (yield ) Tj ET Q q 0 0 0 rg BT 98.28 285.65 Td (approximately ) Tj ET Q q 0 0 0 rg BT 171.01 285.65 Td (6.9%\). ) Tj ET Q q 0 0 0 rg BT 204.24 285.65 Td (We ) Tj ET Q q 0 0 0 rg BT 223.40 285.65 Td (allocate ) Tj ET Q q 0 0 0 rg BT 264.57 285.65 Td (our ) Tj ET Q q 0 0 0 rg BT 283.72 285.65 Td (corporate ) Tj ET Q q 0 0 0 rg BT 334.43 285.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 360.51 285.65 Td (to ) Tj ET Q q 0 0 0 rg BT 373.54 285.65 Td (the ) Tj ET Q q 0 0 0 rg BT 392.30 285.65 Td (long-term ) Tj ET Q q 0 0 0 rg BT 443.82 285.65 Td (investments ) Tj ET Q q 0 0 0 rg BT 505.13 285.65 Td (in ) Tj ET Q q 0 0 0 rg BT 516.75 285.65 Td (each ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 270.80 Td (of ) Tj ET Q q 0 0 0 rg BT 84.84 270.80 Td (our ) Tj ET Q q 0 0 0 rg BT 104.19 270.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 155.11 270.80 Td (segments, ) Tj ET Q q 0 0 0 rg BT 208.69 270.80 Td (along ) Tj ET Q q 0 0 0 rg BT 239.46 270.80 Td (with ) Tj ET Q q 0 0 0 rg BT 262.88 270.80 Td (the ) Tj ET Q q 0 0 0 rg BT 281.83 270.80 Td (associated ) Tj ET Q q 0 0 0 rg BT 336.63 270.80 Td (interest ) Tj ET Q q 0 0 0 rg BT 376.12 270.80 Td (expense.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 241.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 92.55 241.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 120.65 241.10 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 180.30 241.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 230.56 241.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 270.68 241.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 319.97 241.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.12 241.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 387.35 241.10 Td (repo ) Tj ET Q q 0 0 0 rg BT 411.77 241.10 Td (are ) Tj ET Q q 0 0 0 rg BT 428.66 241.10 Td (used ) Tj ET Q q 0 0 0 rg BT 453.91 241.10 Td (to ) Tj ET Q q 0 0 0 rg BT 465.70 241.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 489.52 241.10 Td (residential ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 226.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 103.88 226.25 Td (single-family ) Tj ET Q q 0 0 0 rg BT 168.54 226.25 Td (rental ) Tj ET Q q 0 0 0 rg BT 199.37 226.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 231.26 226.25 Td (and ) Tj ET Q q 0 0 0 rg BT 252.96 226.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 301.72 226.25 Td (across ) Tj ET Q q 0 0 0 rg BT 335.23 226.25 Td (our ) Tj ET Q q 0 0 0 rg BT 354.68 226.25 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 403.03 226.25 Td (This ) Tj ET Q q 0 0 0 rg BT 425.93 226.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 446.40 226.25 Td (of ) Tj ET Q q 0 0 0 rg BT 459.33 226.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 485.69 226.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 529.61 226.25 Td (as ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 211.40 Td (we ) Tj ET Q q 0 0 0 rg BT 88.39 211.40 Td (invest ) Tj ET Q q 0 0 0 rg BT 119.23 211.40 Td (our ) Tj ET Q q 0 0 0 rg BT 137.85 211.40 Td (excess ) Tj ET Q q 0 0 0 rg BT 172.39 211.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 207.09 211.40 Td (or ) Tj ET Q q 0 0 0 rg BT 219.59 211.40 Td (optimize ) Tj ET Q q 0 0 0 rg BT 264.29 211.40 Td (our ) Tj ET Q q 0 0 0 rg BT 282.91 211.40 Td (existing ) Tj ET Q q 0 0 0 rg BT 323.12 211.40 Td (investments. ) Tj ET Q q 0 0 0 rg BT 386.96 211.40 Td (We ) Tj ET Q q 0 0 0 rg BT 405.60 211.40 Td (utilize ) Tj ET Q q 0 0 0 rg BT 436.44 211.40 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 487.23 211.40 Td (warehouse ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 196.55 Td (facilities ) Tj ET Q q 0 0 0 rg BT 114.36 196.55 Td (to ) Tj ET Q q 0 0 0 rg BT 127.59 196.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 152.86 196.55 Td (loans ) Tj ET Q q 0 0 0 rg BT 181.59 196.55 Td (in ) Tj ET Q q 0 0 0 rg BT 193.41 196.55 Td (inventory ) Tj ET Q q 0 0 0 rg BT 241.89 196.55 Td (at ) Tj ET Q q 0 0 0 rg BT 254.30 196.55 Td (each ) Tj ET Q q 0 0 0 rg BT 280.61 196.55 Td (of ) Tj ET Q q 0 0 0 rg BT 293.44 196.55 Td (our ) Tj ET Q q 0 0 0 rg BT 312.79 196.55 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 364.32 196.55 Td (banking ) Tj ET Q q 0 0 0 rg BT 406.70 196.55 Td (operations.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 166.85 Td (Our ) Tj ET Q q 0 0 0 rg BT 94.15 166.85 Td (recourse ) Tj ET Q q 0 0 0 rg BT 139.32 166.85 Td (leverage ) Tj ET Q q 0 0 0 rg BT 184.90 166.85 Td (ratio) Tj ET Q BT /F3 11.00 Tf ET BT /F3 6.60 Tf ET q 0 0 0 rg BT 207.09 170.70 Td (\(1\)) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 214.19 166.85 Td ( ) Tj ET Q q 0 0 0 rg BT 217.40 166.85 Td (increased ) Tj ET Q q 0 0 0 rg BT 267.47 166.85 Td (to ) Tj ET Q q 0 0 0 rg BT 280.85 166.85 Td (3.1x ) Tj ET Q q 0 0 0 rg BT 304.65 166.85 Td (at ) Tj ET Q q 0 0 0 rg BT 317.22 166.85 Td (the ) Tj ET Q q 0 0 0 rg BT 336.32 166.85 Td (end ) Tj ET Q q 0 0 0 rg BT 358.48 166.85 Td (of ) Tj ET Q q 0 0 0 rg BT 371.47 166.85 Td (the ) Tj ET Q q 0 0 0 rg BT 390.57 166.85 Td (fourth ) Tj ET Q q 0 0 0 rg BT 423.10 166.85 Td (quarter ) Tj ET Q q 0 0 0 rg BT 461.93 166.85 Td (from ) Tj ET Q q 0 0 0 rg BT 487.74 166.85 Td (2.7x ) Tj ET Q q 0 0 0 rg BT 511.54 166.85 Td (at ) Tj ET Q q 0 0 0 rg BT 524.11 166.85 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 152.00 Td (end ) Tj ET Q q 0 0 0 rg BT 93.25 152.00 Td (of ) Tj ET Q q 0 0 0 rg BT 105.33 152.00 Td (the ) Tj ET Q q 0 0 0 rg BT 123.52 152.00 Td (third ) Tj ET Q q 0 0 0 rg BT 148.41 152.00 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 188.37 152.00 Td (primarily ) Tj ET Q q 0 0 0 rg BT 232.99 152.00 Td (as ) Tj ET Q q 0 0 0 rg BT 245.69 152.00 Td (a ) Tj ET Q q 0 0 0 rg BT 253.69 152.00 Td (result ) Tj ET Q q 0 0 0 rg BT 282.66 152.00 Td (of ) Tj ET Q q 0 0 0 rg BT 294.74 152.00 Td (the ) Tj ET Q q 0 0 0 rg BT 312.93 152.00 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 359.63 152.00 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 417.74 152.00 Td (As ) Tj ET Q q 0 0 0 rg BT 432.27 152.00 Td (we ) Tj ET Q q 0 0 0 rg BT 448.63 152.00 Td (continue ) Tj ET Q q 0 0 0 rg BT 493.52 152.00 Td (to ) Tj ET Q q 0 0 0 rg BT 505.99 152.00 Td (deploy ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 137.15 Td (our ) Tj ET Q q 0 0 0 rg BT 92.17 137.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 128.43 137.15 Td (available ) Tj ET Q q 0 0 0 rg BT 175.50 137.15 Td (for ) Tj ET Q q 0 0 0 rg BT 192.81 137.15 Td (investment, ) Tj ET Q q 0 0 0 rg BT 253.52 137.15 Td (we ) Tj ET Q q 0 0 0 rg BT 271.46 137.15 Td (expect ) Tj ET Q q 0 0 0 rg BT 308.55 137.15 Td (this ) Tj ET Q q 0 0 0 rg BT 329.54 137.15 Td (leverage ) Tj ET Q q 0 0 0 rg BT 375.79 137.15 Td (ratio ) Tj ET Q q 0 0 0 rg BT 401.86 137.15 Td (to ) Tj ET Q q 0 0 0 rg BT 415.92 137.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 459.94 137.15 Td (toward ) Tj ET Q q 0 0 0 rg BT 497.83 137.15 Td (the ) Tj ET Q q 0 0 0 rg BT 517.60 137.15 Td (mid-) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 122.30 Td (range ) Tj ET Q q 0 0 0 rg BT 103.37 122.30 Td (of ) Tj ET Q q 0 0 0 rg BT 116.21 122.30 Td (our ) Tj ET Q q 0 0 0 rg BT 135.56 122.30 Td (3.0x ) Tj ET Q q 0 0 0 rg BT 159.21 122.30 Td (- ) Tj ET Q q 0 0 0 rg BT 165.93 122.30 Td (4.0x ) Tj ET Q q 0 0 0 rg BT 189.58 122.30 Td (target ) Tj ET Q q 0 0 0 rg BT 221.94 122.30 Td (range.) Tj ET Q /GS0 gs q 259.00 0 0 243.00 74.00 371.02 cm /I78 Do Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 748.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 219.65 735.44 Td (Q U A R T E R L Y P O S I T I O N S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (23) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (Below ) Tj ET Q q 0 0 0 rg BT 104.60 702.70 Td (is ) Tj ET Q q 0 0 0 rg BT 114.37 702.70 Td (a ) Tj ET Q q 0 0 0 rg BT 122.52 702.70 Td (summary ) Tj ET Q q 0 0 0 rg BT 169.17 702.70 Td (as ) Tj ET Q q 0 0 0 rg BT 182.01 702.70 Td (of ) Tj ET Q q 0 0 0 rg BT 194.24 702.70 Td (December ) Tj ET Q q 0 0 0 rg BT 248.23 702.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 265.96 702.70 Td (2019 ) Tj ET Q q 0 0 0 rg BT 292.87 702.70 Td (of ) Tj ET Q q 0 0 0 rg BT 305.09 702.70 Td (our ) Tj ET Q q 0 0 0 rg BT 323.83 702.70 Td ($5.1 ) Tj ET Q q 0 0 0 rg BT 347.68 702.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 380.07 702.70 Td (of ) Tj ET Q q 0 0 0 rg BT 392.29 702.70 Td (recourse ) Tj ET Q q 0 0 0 rg BT 436.70 702.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 483.76 702.70 Td (by ) Tj ET Q q 0 0 0 rg BT 498.23 702.70 Td (business ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.85 Td (activity ) Tj ET Q q 0 0 0 rg BT 109.27 687.85 Td (and ) Tj ET Q q 0 0 0 rg BT 130.87 687.85 Td (tenor ) Tj ET Q q 0 0 0 rg BT 159.99 687.85 Td (of ) Tj ET Q q 0 0 0 rg BT 172.83 687.85 Td (debt:) Tj ET Q /GS0 gs q 464.00 0 0 257.00 74.00 411.00 cm /I79 Do Q BT /F1 10.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 89.00 400.50 121.00 -15.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 89.00 385.50 121.00 -15.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 89.00 370.50 121.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89 400.5 m 89 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89 400.5 m 210 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210 400.5 m 321 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 400.5 m 391 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 400.5 m 461 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 400.5 m 531 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 400.5 m 531 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89 385.5 m 89 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 385.5 m 531 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89 370.5 m 89 355.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89 355.5 m 210 355.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210 355.5 m 321 355.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 355.5 m 391 355.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 355.5 m 461 355.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 370.5 m 531 355.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 355.5 m 531 355.5 l s BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 97.50 390.50 Td (A) Tj ET Q q 1 1 1 rg BT 103.44 390.50 Td (v) Tj ET Q q 1 1 1 rg BT 108.00 390.50 Td (er) Tj ET Q q 1 1 1 rg BT 116.43 390.50 Td (ag) Tj ET Q q 1 1 1 rg BT 125.95 390.50 Td (e r) Tj ET Q q 1 1 1 rg BT 136.69 390.50 Td (emaining t) Tj ET Q q 1 1 1 rg BT 180.79 390.50 Td (erm) Tj ET Q BT /F7 9.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 341.20 390.38 Td (3.9 y) Tj ET Q q 0 0 0 rg BT 359.62 390.38 Td (ear) Tj ET Q q 0 0 0 rg BT 372.07 390.38 Td (s) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 414.25 390.38 Td (<1 y) Tj ET Q q 0 0 0 rg BT 430.19 390.38 Td (ear) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 481.20 390.38 Td (3.5 y) Tj ET Q q 0 0 0 rg BT 499.62 390.38 Td (ear) Tj ET Q q 0 0 0 rg BT 512.07 390.38 Td (s) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 97.50 375.50 Td (A) Tj ET Q q 1 1 1 rg BT 103.32 375.50 Td (v) Tj ET Q q 1 1 1 rg BT 107.95 375.50 Td (er) Tj ET Q q 1 1 1 rg BT 116.32 375.50 Td (ag) Tj ET Q q 1 1 1 rg BT 125.89 375.50 Td (e borr) Tj ET Q q 1 1 1 rg BT 150.92 375.50 Td (o) Tj ET Q q 1 1 1 rg BT 156.27 375.50 Td (wing c) Tj ET Q q 1 1 1 rg BT 182.69 375.50 Td (os) Tj ET Q q 1 1 1 rg BT 191.94 375.50 Td (t) Tj ET Q BT /F7 9.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 346.65 375.38 Td (3.42%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 419.05 375.38 Td (4.3%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 486.65 375.38 Td (3.41%) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 97.50 360.50 Td (R) Tj ET Q q 1 1 1 rg BT 102.98 360.50 Td (ec) Tj ET Q q 1 1 1 rg BT 112.15 360.50 Td (our) Tj ET Q q 1 1 1 rg BT 126.33 360.50 Td (se le) Tj ET Q q 1 1 1 rg BT 145.05 360.50 Td (v) Tj ET Q q 1 1 1 rg BT 149.69 360.50 Td (er) Tj ET Q q 1 1 1 rg BT 158.06 360.50 Td (ag) Tj ET Q q 1 1 1 rg BT 167.63 360.50 Td (e r) Tj ET Q q 1 1 1 rg BT 178.26 360.50 Td (a) Tj ET Q q 1 1 1 rg BT 183.11 360.50 Td (tio ) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 1 1 1 rg BT 196.67 365.27 Td (\(1\)) Tj ET Q BT /F7 9.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 350.40 360.38 Td (4.2x) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 420.40 360.38 Td (2.0x) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 490.40 360.38 Td (3.1x) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 326.30 Td (At ) Tj ET Q q 0 0 0 rg BT 85.69 326.30 Td (December ) Tj ET Q q 0 0 0 rg BT 139.73 326.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 157.51 326.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 187.53 326.30 Td (we ) Tj ET Q q 0 0 0 rg BT 204.08 326.30 Td (had ) Tj ET Q q 0 0 0 rg BT 225.12 326.30 Td ($4.7 ) Tj ET Q q 0 0 0 rg BT 249.01 326.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 281.45 326.30 Td (of ) Tj ET Q q 0 0 0 rg BT 293.72 326.30 Td (recourse ) Tj ET Q q 0 0 0 rg BT 338.18 326.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 363.88 326.30 Td (financing ) Tj ET Q q 0 0 0 rg BT 410.99 326.30 Td (our ) Tj ET Q q 0 0 0 rg BT 429.77 326.30 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 479.09 326.30 Td (of ) Tj ET Q q 0 0 0 rg BT 491.36 326.30 Td (long-term ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 311.45 Td (investments. ) Tj ET Q q 0 0 0 rg BT 137.70 311.45 Td (Over ) Tj ET Q q 0 0 0 rg BT 166.13 311.45 Td (60% ) Tj ET Q q 0 0 0 rg BT 191.72 311.45 Td (of ) Tj ET Q q 0 0 0 rg BT 205.68 311.45 Td (this ) Tj ET Q q 0 0 0 rg BT 226.98 311.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 254.38 311.45 Td (is ) Tj ET Q q 0 0 0 rg BT 265.89 311.45 Td (long-term, ) Tj ET Q q 0 0 0 rg BT 321.79 311.45 Td (with ) Tj ET Q q 0 0 0 rg BT 346.34 311.45 Td (a ) Tj ET Q q 0 0 0 rg BT 356.24 311.45 Td (weighted ) Tj ET Q q 0 0 0 rg BT 406.45 311.45 Td (average ) Tj ET Q q 0 0 0 rg BT 449.97 311.45 Td (remaining ) Tj ET Q q 0 0 0 rg BT 503.04 311.45 Td (term ) Tj ET Q q 0 0 0 rg BT 530.22 311.45 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 296.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 144.28 296.60 Td (4 ) Tj ET Q q 0 0 0 rg BT 152.82 296.60 Td (years. ) Tj ET Q q 0 0 0 rg BT 183.76 296.60 Td (In ) Tj ET Q q 0 0 0 rg BT 195.20 296.60 Td (addition, ) Tj ET Q q 0 0 0 rg BT 241.43 296.60 Td ( ) Tj ET Q q 0 0 0 rg BT 243.85 296.60 Td (we ) Tj ET Q q 0 0 0 rg BT 260.32 296.60 Td (had ) Tj ET Q q 0 0 0 rg BT 281.29 296.60 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 305.12 296.60 Td (billion ) Tj ET Q q 0 0 0 rg BT 337.48 296.60 Td (of ) Tj ET Q q 0 0 0 rg BT 349.68 296.60 Td (term ) Tj ET Q q 0 0 0 rg BT 375.09 296.60 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 432.49 296.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 479.53 296.60 Td (our ) Tj ET Q q 0 0 0 rg BT 498.24 296.60 Td (business ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 281.75 Td (purpose ) Tj ET Q q 0 0 0 rg BT 115.59 281.75 Td (residential ) Tj ET Q q 0 0 0 rg BT 169.15 281.75 Td (bridge ) Tj ET Q q 0 0 0 rg BT 204.78 281.75 Td (loans, ) Tj ET Q q 0 0 0 rg BT 236.57 281.75 Td (which ) Tj ET Q q 0 0 0 rg BT 267.75 281.75 Td (are ) Tj ET Q q 0 0 0 rg BT 286.09 281.75 Td (short-term ) Tj ET Q q 0 0 0 rg BT 340.43 281.75 Td (in ) Tj ET Q q 0 0 0 rg BT 352.24 281.75 Td (nature.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 252.05 Td (At ) Tj ET Q q 0 0 0 rg BT 86.04 252.05 Td (December ) Tj ET Q q 0 0 0 rg BT 140.42 252.05 Td (31, ) Tj ET Q q 0 0 0 rg BT 158.56 252.05 Td (2019, ) Tj ET Q q 0 0 0 rg BT 188.92 252.05 Td (we ) Tj ET Q q 0 0 0 rg BT 205.82 252.05 Td (had ) Tj ET Q q 0 0 0 rg BT 227.20 252.05 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 251.45 252.05 Td (billion ) Tj ET Q q 0 0 0 rg BT 284.23 252.05 Td (of ) Tj ET Q q 0 0 0 rg BT 296.85 252.05 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 348.16 252.05 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 403.78 252.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 429.83 252.05 Td (funding ) Tj ET Q q 0 0 0 rg BT 470.37 252.05 Td (our ) Tj ET Q q 0 0 0 rg BT 489.50 252.05 Td (residential ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 237.20 Td (and ) Tj ET Q q 0 0 0 rg BT 94.33 237.20 Td (business ) Tj ET Q q 0 0 0 rg BT 139.88 237.20 Td (purpose ) Tj ET Q q 0 0 0 rg BT 184.20 237.20 Td (residential ) Tj ET Q q 0 0 0 rg BT 238.48 237.20 Td (loans ) Tj ET Q q 0 0 0 rg BT 267.94 237.20 Td (held ) Tj ET Q q 0 0 0 rg BT 293.31 237.20 Td (in ) Tj ET Q q 0 0 0 rg BT 305.85 237.20 Td (inventory ) Tj ET Q q 0 0 0 rg BT 355.05 237.20 Td (for ) Tj ET Q q 0 0 0 rg BT 372.27 237.20 Td (sale. ) Tj ET Q q 0 0 0 rg BT 398.26 237.20 Td (The ) Tj ET Q q 0 0 0 rg BT 420.59 237.20 Td (balance ) Tj ET Q q 0 0 0 rg BT 462.68 237.20 Td (of ) Tj ET Q q 0 0 0 rg BT 476.24 237.20 Td (this ) Tj ET Q q 0 0 0 rg BT 497.13 237.20 Td (debt ) Tj ET Q q 0 0 0 rg BT 524.12 237.20 Td (will ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 222.35 Td (vary ) Tj ET Q q 0 0 0 rg BT 95.36 222.35 Td (depending ) Tj ET Q q 0 0 0 rg BT 152.76 222.35 Td (on ) Tj ET Q q 0 0 0 rg BT 168.80 222.35 Td (our ) Tj ET Q q 0 0 0 rg BT 188.49 222.35 Td (loan ) Tj ET Q q 0 0 0 rg BT 212.88 222.35 Td (inventory ) Tj ET Q q 0 0 0 rg BT 261.70 222.35 Td (balance, ) Tj ET Q q 0 0 0 rg BT 306.47 222.35 Td (and ) Tj ET Q q 0 0 0 rg BT 328.42 222.35 Td (we ) Tj ET Q q 0 0 0 rg BT 345.88 222.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 394.30 222.35 Td (finance ) Tj ET Q q 0 0 0 rg BT 432.96 222.35 Td (and ) Tj ET Q q 0 0 0 rg BT 454.90 222.35 Td (accumulate ) Tj ET Q q 0 0 0 rg BT 514.34 222.35 Td (loans ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 207.50 Td (in ) Tj ET Q q 0 0 0 rg BT 83.81 207.50 Td (inventory ) Tj ET Q q 0 0 0 rg BT 132.29 207.50 Td (for ) Tj ET Q q 0 0 0 rg BT 148.78 207.50 Td (one ) Tj ET Q q 0 0 0 rg BT 170.59 207.50 Td (to ) Tj ET Q q 0 0 0 rg BT 183.83 207.50 Td (three ) Tj ET Q q 0 0 0 rg BT 212.35 207.50 Td (months ) Tj ET Q q 0 0 0 rg BT 251.89 207.50 Td (prior ) Tj ET Q q 0 0 0 rg BT 278.13 207.50 Td (to ) Tj ET Q q 0 0 0 rg BT 291.36 207.50 Td (sale ) Tj ET Q q 0 0 0 rg BT 313.57 207.50 Td (or ) Tj ET Q q 0 0 0 rg BT 326.81 207.50 Td (securitization.) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 748.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 219.65 735.44 Td (Q U A R T E R L Y P O S I T I O N S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (24) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Cr) Tj ET Q q 0 0 0 rg BT 86.51 702.30 Td (edit) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 680.10 Td (This section presents select credit characteristics for our major investment types, with current ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 666.90 Td (information as of December 31, 2019.) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 650.40 468.00 -8.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 642.40 468.00 -20.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 622.40 462.00 -14.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 534.50 622.40 6.00 -14.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 608.40 170.00 -36.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 242.50 608.40 70.00 -36.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 312.50 608.40 4.00 -36.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 316.50 608.40 70.00 -36.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 386.50 608.40 4.00 -36.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 390.50 608.40 70.00 -36.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 460.50 608.40 4.00 -36.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 464.50 608.40 70.00 -36.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 534.50 608.40 6.00 -36.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 650.4 m 72.5 642.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 650.4 m 242.5 650.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 650.4 m 312.5 650.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 650.4 m 316.5 650.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 650.4 m 386.5 650.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 650.4 m 390.5 650.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 650.4 m 460.5 650.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 650.4 m 464.5 650.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 650.4 m 534.5 650.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 650.4 m 540.5 642.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 650.4 m 540.5 650.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 642.4 m 72.5 622.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 642.4 m 540.5 622.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 622.4 m 72.5 608.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 622.4 m 540.5 608.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 608.4 m 72.5 572.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 608.4 m 540.5 572.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 572.4 m 72.5 568.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 572.4 m 540.5 568.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 568.4 m 72.5 552.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 568.4 m 540.5 552.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 552.4 m 72.5 536.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 552.4 m 540.5 536.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 536.4 m 72.5 520.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 536.4 m 540.5 520.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 520.4 m 72.5 504.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 520.4 m 540.5 504.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 504.4 m 72.5 479.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 504.4 m 540.5 479.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 479.4 m 72.5 463.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 479.4 m 540.5 463.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 463.4 m 72.5 447.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 463.4 m 540.5 447.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 447.4 m 72.5 431.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 447.4 m 540.5 431.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 431.4 m 72.5 427.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 427.4 m 242.5 427.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 427.4 m 312.5 427.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 427.4 m 316.5 427.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 427.4 m 386.5 427.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 427.4 m 390.5 427.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 427.4 m 460.5 427.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 427.4 m 464.5 427.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 427.4 m 534.5 427.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 431.4 m 540.5 427.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 427.4 m 540.5 427.4 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 173.65 628.40 Td (R) Tj ET Q q 1 1 1 rg BT 181.33 628.40 Td (esiden) Tj ET Q q 1 1 1 rg BT 219.34 628.40 Td (tial In) Tj ET Q q 1 1 1 rg BT 252.19 628.40 Td (v) Tj ET Q q 1 1 1 rg BT 258.69 628.40 Td (es) Tj ET Q q 1 1 1 rg BT 271.16 628.40 Td (tmen) Tj ET Q q 1 1 1 rg BT 301.84 628.40 Td (ts Cr) Tj ET Q q 1 1 1 rg BT 327.67 628.40 Td (edit Char) Tj ET Q q 1 1 1 rg BT 380.19 628.40 Td (act) Tj ET Q q 1 1 1 rg BT 397.64 628.40 Td (eris) Tj ET Q q 1 1 1 rg BT 418.53 628.40 Td (tics) Tj ET Q BT /F7 8.50 Tf ET q 1 1 1 rg BT 279.70 613.52 Td (\($ in millions\)) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 246.75 587.40 Td (Sequoia Select) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 256.85 577.40 Td (Securities) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 319.35 587.40 Td (Sequoia Choice) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 330.85 577.40 Td (Securities) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 402.00 587.40 Td (R) Tj ET Q q 1 1 1 rg BT 407.56 587.40 Td (esiden) Tj ET Q q 1 1 1 rg BT 434.68 587.40 Td (tial) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 398.25 577.40 Td (Whole Loans) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 469.00 587.40 Td (R) Tj ET Q q 1 1 1 rg BT 474.48 587.40 Td (e-P) Tj ET Q q 1 1 1 rg BT 487.74 587.40 Td (erf) Tj ET Q q 1 1 1 rg BT 499.34 587.40 Td (orming) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 467.75 577.40 Td (Loan Securities) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.00 557.40 Td (Mark) Tj ET Q q 0 0 0 rg BT 106.21 557.40 Td (e) Tj ET Q q 0 0 0 rg BT 111.00 557.40 Td (t v) Tj ET Q q 0 0 0 rg BT 121.03 557.40 Td (alue) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 245.00 557.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 289.60 557.40 Td (180) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 319.00 557.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 363.60 557.40 Td (241) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 393.00 557.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 430.05 557.40 Td (2,112) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 467.00 557.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 511.60 557.40 Td (610) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 541.40 Td (A) Tj ET Q q 0 0 0 rg BT 90.69 541.40 Td (v) Tj ET Q q 0 0 0 rg BT 95.05 541.40 Td (g. FIC) Tj ET Q q 0 0 0 rg BT 116.88 541.40 Td (O \(a) Tj ET Q q 0 0 0 rg BT 133.49 541.40 Td (t origina) Tj ET Q q 0 0 0 rg BT 167.11 541.40 Td (tion\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 289.60 541.40 Td (771) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 363.60 541.40 Td (744) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.60 541.40 Td (768) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 511.60 541.40 Td (622) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 525.40 Td (HPI upda) Tj ET Q q 0 0 0 rg BT 121.64 525.40 Td (t) Tj ET Q q 0 0 0 rg BT 124.88 525.40 Td (ed L) Tj ET Q q 0 0 0 rg BT 140.84 525.40 Td (TV) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 151.39 530.17 Td (\(1\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 294.70 525.40 Td (48) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 368.70 525.40 Td (66) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 442.70 525.40 Td (48) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 516.70 525.40 Td (70) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 509.40 Td (A) Tj ET Q q 0 0 0 rg BT 90.69 509.40 Td (v) Tj ET Q q 0 0 0 rg BT 95.05 509.40 Td (g. loan siz) Tj ET Q q 0 0 0 rg BT 134.39 509.40 Td (e \(in thousands\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 245.00 509.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 289.60 509.40 Td (653) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 319.00 509.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 363.60 509.40 Td (710) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 393.00 509.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.60 509.40 Td (698) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 467.00 509.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 511.60 509.40 Td (188) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 484.40 Td (Gr) Tj ET Q q 0 0 0 rg BT 94.71 484.40 Td (oss w) Tj ET Q q 0 0 0 rg BT 117.09 484.40 Td (eigh) Tj ET Q q 0 0 0 rg BT 134.24 484.40 Td (t) Tj ET Q q 0 0 0 rg BT 137.49 484.40 Td (ed a) Tj ET Q q 0 0 0 rg BT 154.63 484.40 Td (v) Tj ET Q q 0 0 0 rg BT 159.01 484.40 Td (er) Tj ET Q q 0 0 0 rg BT 167.32 484.40 Td (ag) Tj ET Q q 0 0 0 rg BT 176.68 484.40 Td (e c) Tj ET Q q 0 0 0 rg BT 188.06 484.40 Td (oupon) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 292.15 484.40 Td (4.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 304.85 484.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.15 484.40 Td (5.0) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 378.85 484.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 440.15 484.40 Td (4.2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 452.85 484.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 514.15 484.40 Td (4.5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 484.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 468.40 Td (Curr) Tj ET Q q 0 0 0 rg BT 102.49 468.40 Td (en) Tj ET Q q 0 0 0 rg BT 112.61 468.40 Td (t 3-mon) Tj ET Q q 0 0 0 rg BT 144.77 468.40 Td (th pr) Tj ET Q q 0 0 0 rg BT 164.27 468.40 Td (epa) Tj ET Q q 0 0 0 rg BT 179.13 468.40 Td (ymen) Tj ET Q q 0 0 0 rg BT 201.73 468.40 Td (t r) Tj ET Q q 0 0 0 rg BT 210.68 468.40 Td (a) Tj ET Q q 0 0 0 rg BT 215.32 468.40 Td (t) Tj ET Q q 0 0 0 rg BT 218.57 468.40 Td (e) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 294.70 468.40 Td (23) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 304.85 468.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 368.70 468.40 Td (38) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 378.85 468.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 442.70 468.40 Td (24) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 452.85 468.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.75 468.40 Td (6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 468.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 452.40 Td (Curr) Tj ET Q q 0 0 0 rg BT 102.49 452.40 Td (en) Tj ET Q q 0 0 0 rg BT 112.61 452.40 Td (t 90+ da) Tj ET Q q 0 0 0 rg BT 145.50 452.40 Td (y) Tj ET Q q 0 0 0 rg BT 149.89 452.40 Td (s delinquency) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 292.15 452.40 Td (0.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 304.85 452.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.15 452.40 Td (0.3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 378.85 452.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 440.15 452.40 Td (0.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 452.85 452.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 514.15 452.40 Td (4.5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 452.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 436.40 Td (Curr) Tj ET Q q 0 0 0 rg BT 102.43 436.40 Td (en) Tj ET Q q 0 0 0 rg BT 112.56 436.40 Td (t in) Tj ET Q q 0 0 0 rg BT 125.56 436.40 Td (v) Tj ET Q q 0 0 0 rg BT 129.98 436.40 Td (es) Tj ET Q q 0 0 0 rg BT 138.75 436.40 Td (tmen) Tj ET Q q 0 0 0 rg BT 160.22 436.40 Td (t thickness) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 299.75 436.40 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 304.85 436.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 368.70 436.40 Td (13) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 378.85 436.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 441.20 436.40 Td (N/) Tj ET Q q 0 0 0 rg BT 451.17 436.40 Td (A) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 516.70 436.40 Td (20) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 436.40 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F5 11.00 Tf ET q 0 0 0 rg BT 72.00 407.05 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 115.17 407.05 Td (Select ) Tj ET Q q 0 0 0 rg BT 148.38 407.05 Td (Securities ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 199.94 407.05 Td ( ) Tj ET Q q 0 0 0 rg BT 212.65 407.05 Td (As ) Tj ET Q q 0 0 0 rg BT 226.60 407.05 Td (of ) Tj ET Q q 0 0 0 rg BT 238.09 407.05 Td (December ) Tj ET Q q 0 0 0 rg BT 291.35 407.05 Td (31, ) Tj ET Q q 0 0 0 rg BT 308.36 407.05 Td (2019, ) Tj ET Q q 0 0 0 rg BT 337.59 407.05 Td (we ) Tj ET Q q 0 0 0 rg BT 353.37 407.05 Td (had ) Tj ET Q q 0 0 0 rg BT 373.63 407.05 Td (securitized ) Tj ET Q q 0 0 0 rg BT 427.68 407.05 Td ($19.8 ) Tj ET Q q 0 0 0 rg BT 456.92 407.05 Td (billion ) Tj ET Q q 0 0 0 rg BT 488.57 407.05 Td (of ) Tj ET Q q 0 0 0 rg BT 500.07 407.05 Td (Sequoia ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 392.20 Td (Select ) Tj ET Q q 0 0 0 rg BT 104.19 392.20 Td (loans ) Tj ET Q q 0 0 0 rg BT 132.11 392.20 Td (since ) Tj ET Q q 0 0 0 rg BT 159.22 392.20 Td (2010. ) Tj ET Q q 0 0 0 rg BT 189.00 392.20 Td (Our ) Tj ET Q q 0 0 0 rg BT 210.19 392.20 Td (securitized ) Tj ET Q q 0 0 0 rg BT 264.77 392.20 Td (Select ) Tj ET Q q 0 0 0 rg BT 296.97 392.20 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 341.36 392.20 Td (includes ) Tj ET Q q 0 0 0 rg BT 383.94 392.20 Td (fully ) Tj ET Q q 0 0 0 rg BT 406.16 392.20 Td (documented ) Tj ET Q q 0 0 0 rg BT 471.16 392.20 Td (loans ) Tj ET Q q 0 0 0 rg BT 499.08 392.20 Td (to ) Tj ET Q q 0 0 0 rg BT 511.51 392.20 Td (prime ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 377.35 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 125.16 377.35 Td (with ) Tj ET Q q 0 0 0 rg BT 149.40 377.35 Td (an ) Tj ET Q q 0 0 0 rg BT 165.12 377.35 Td (average ) Tj ET Q q 0 0 0 rg BT 208.33 377.35 Td (FICO ) Tj ET Q q 0 0 0 rg BT 238.15 377.35 Td (score ) Tj ET Q q 0 0 0 rg BT 268.12 377.35 Td (\(at ) Tj ET Q q 0 0 0 rg BT 284.23 377.35 Td (loan ) Tj ET Q q 0 0 0 rg BT 309.10 377.35 Td (origination\) ) Tj ET Q q 0 0 0 rg BT 368.79 377.35 Td (of ) Tj ET Q q 0 0 0 rg BT 382.46 377.35 Td (771, ) Tj ET Q q 0 0 0 rg BT 407.75 377.35 Td (maximum ) Tj ET Q q 0 0 0 rg BT 459.52 377.35 Td (loan-to-value ) Tj ET Q q 0 0 0 rg BT 527.78 377.35 Td (\(at ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 362.50 Td (origination\) ) Tj ET Q q 0 0 0 rg BT 131.11 362.50 Td (of ) Tj ET Q q 0 0 0 rg BT 144.20 362.50 Td (80%, ) Tj ET Q q 0 0 0 rg BT 171.96 362.50 Td (and ) Tj ET Q q 0 0 0 rg BT 193.81 362.50 Td (a ) Tj ET Q q 0 0 0 rg BT 202.83 362.50 Td (maximum ) Tj ET Q q 0 0 0 rg BT 254.02 362.50 Td (debt-to-income ) Tj ET Q q 0 0 0 rg BT 334.11 362.50 Td (ratio ) Tj ET Q q 0 0 0 rg BT 359.60 362.50 Td ( ) Tj ET Q q 0 0 0 rg BT 362.91 362.50 Td (\(at ) Tj ET Q q 0 0 0 rg BT 378.44 362.50 Td (origination\) ) Tj ET Q q 0 0 0 rg BT 437.55 362.50 Td (of ) Tj ET Q q 0 0 0 rg BT 450.64 362.50 Td (43%. ) Tj ET Q q 0 0 0 rg BT 478.40 362.50 Td (We ) Tj ET Q q 0 0 0 rg BT 498.01 362.50 Td (retain ) Tj ET Q q 0 0 0 rg BT 529.00 362.50 Td (all ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 347.65 Td (first-loss ) Tj ET Q q 0 0 0 rg BT 114.96 347.65 Td (securities ) Tj ET Q q 0 0 0 rg BT 163.45 347.65 Td (from ) Tj ET Q q 0 0 0 rg BT 188.93 347.65 Td (our ) Tj ET Q q 0 0 0 rg BT 208.10 347.65 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 250.91 347.65 Td (select ) Tj ET Q q 0 0 0 rg BT 282.30 347.65 Td (securitizations, ) Tj ET Q q 0 0 0 rg BT 357.07 347.65 Td (and ) Tj ET Q q 0 0 0 rg BT 378.49 347.65 Td (on ) Tj ET Q q 0 0 0 rg BT 394.00 347.65 Td (average ) Tj ET Q q 0 0 0 rg BT 436.20 347.65 Td (we ) Tj ET Q q 0 0 0 rg BT 453.14 347.65 Td (have ) Tj ET Q q 0 0 0 rg BT 479.25 347.65 Td (exposure ) Tj ET Q q 0 0 0 rg BT 527.16 347.65 Td (up ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 332.80 Td (to ) Tj ET Q q 0 0 0 rg BT 84.80 332.80 Td (4% ) Tj ET Q q 0 0 0 rg BT 102.71 332.80 Td (of ) Tj ET Q q 0 0 0 rg BT 115.11 332.80 Td (credit ) Tj ET Q q 0 0 0 rg BT 145.63 332.80 Td (losses ) Tj ET Q q 0 0 0 rg BT 177.60 332.80 Td (resulting ) Tj ET Q q 0 0 0 rg BT 222.39 332.80 Td (from ) Tj ET Q q 0 0 0 rg BT 247.62 332.80 Td (loans ) Tj ET Q q 0 0 0 rg BT 275.92 332.80 Td (underlying ) Tj ET Q q 0 0 0 rg BT 330.69 332.80 Td (the ) Tj ET Q q 0 0 0 rg BT 349.21 332.80 Td (securities ) Tj ET Q q 0 0 0 rg BT 397.46 332.80 Td (\(represented ) Tj ET Q q 0 0 0 rg BT 462.21 332.80 Td (by ) Tj ET Q q 0 0 0 rg BT 476.86 332.80 Td (the ) Tj ET Q q 0 0 0 rg BT 495.38 332.80 Td (thickness ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 317.95 Td (of ) Tj ET Q q 0 0 0 rg BT 84.84 317.95 Td (the ) Tj ET Q q 0 0 0 rg BT 103.79 317.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 152.47 317.95 Td (we ) Tj ET Q q 0 0 0 rg BT 169.58 317.95 Td (currently ) Tj ET Q q 0 0 0 rg BT 215.00 317.95 Td (own ) Tj ET Q q 0 0 0 rg BT 238.64 317.95 Td (as ) Tj ET Q q 0 0 0 rg BT 252.09 317.95 Td (investments\). ) Tj ET Q BT /F5 11.00 Tf ET q 0 0 0 rg BT 72.00 297.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 115.35 297.10 Td (Choice ) Tj ET Q q 0 0 0 rg BT 152.38 297.10 Td (Securities ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 204.11 297.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.99 297.10 Td (As ) Tj ET Q q 0 0 0 rg BT 231.10 297.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.75 297.10 Td (December ) Tj ET Q q 0 0 0 rg BT 296.17 297.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 313.34 297.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 342.74 297.10 Td (we ) Tj ET Q q 0 0 0 rg BT 358.68 297.10 Td (had ) Tj ET Q q 0 0 0 rg BT 379.10 297.10 Td (securitized ) Tj ET Q q 0 0 0 rg BT 433.32 297.10 Td ($3.4 ) Tj ET Q q 0 0 0 rg BT 456.60 297.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 488.42 297.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.07 297.10 Td (Sequoia ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 282.25 Td (Choice ) Tj ET Q q 0 0 0 rg BT 110.25 282.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 142.79 282.25 Td (since ) Tj ET Q q 0 0 0 rg BT 171.45 282.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 202.78 282.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 225.53 282.25 Td (securitized ) Tj ET Q q 0 0 0 rg BT 281.67 282.25 Td (Choice ) Tj ET Q q 0 0 0 rg BT 319.92 282.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 365.87 282.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 410.01 282.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 433.78 282.25 Td (documented ) Tj ET Q q 0 0 0 rg BT 500.35 282.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 529.83 282.25 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 267.40 Td (prime ) Tj ET Q q 0 0 0 rg BT 103.14 267.40 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 155.04 267.40 Td (with ) Tj ET Q q 0 0 0 rg BT 178.03 267.40 Td (an ) Tj ET Q q 0 0 0 rg BT 192.49 267.40 Td (average ) Tj ET Q q 0 0 0 rg BT 234.45 267.40 Td (FICO ) Tj ET Q q 0 0 0 rg BT 263.02 267.40 Td (score ) Tj ET Q q 0 0 0 rg BT 291.74 267.40 Td (\(at ) Tj ET Q q 0 0 0 rg BT 306.59 267.40 Td (loan ) Tj ET Q q 0 0 0 rg BT 330.21 267.40 Td (origination\) ) Tj ET Q q 0 0 0 rg BT 388.65 267.40 Td (of ) Tj ET Q q 0 0 0 rg BT 401.06 267.40 Td (744, ) Tj ET Q q 0 0 0 rg BT 425.10 267.40 Td (maximum ) Tj ET Q q 0 0 0 rg BT 475.62 267.40 Td (loan-to-value ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 252.55 Td (\(at ) Tj ET Q q 0 0 0 rg BT 86.84 252.55 Td (origination\) ) Tj ET Q q 0 0 0 rg BT 145.25 252.55 Td (of ) Tj ET Q q 0 0 0 rg BT 157.65 252.55 Td (90%, ) Tj ET Q q 0 0 0 rg BT 184.72 252.55 Td (and ) Tj ET Q q 0 0 0 rg BT 205.88 252.55 Td (a ) Tj ET Q q 0 0 0 rg BT 214.20 252.55 Td (maximum ) Tj ET Q q 0 0 0 rg BT 264.70 252.55 Td (debt-to-income ) Tj ET Q q 0 0 0 rg BT 344.09 252.55 Td (ratio ) Tj ET Q q 0 0 0 rg BT 368.90 252.55 Td (\(at ) Tj ET Q q 0 0 0 rg BT 383.73 252.55 Td (origination\) ) Tj ET Q q 0 0 0 rg BT 442.15 252.55 Td (of ) Tj ET Q q 0 0 0 rg BT 454.54 252.55 Td (49.9%. ) Tj ET Q q 0 0 0 rg BT 490.79 252.55 Td ( ) Tj ET Q q 0 0 0 rg BT 493.40 252.55 Td (We ) Tj ET Q q 0 0 0 rg BT 512.32 252.55 Td (retain ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 237.70 Td (all ) Tj ET Q q 0 0 0 rg BT 86.39 237.70 Td (of ) Tj ET Q q 0 0 0 rg BT 99.57 237.70 Td (the ) Tj ET Q q 0 0 0 rg BT 118.86 237.70 Td (first-loss ) Tj ET Q q 0 0 0 rg BT 162.33 237.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 211.35 237.70 Td (issued ) Tj ET Q q 0 0 0 rg BT 245.71 237.70 Td (as ) Tj ET Q q 0 0 0 rg BT 259.50 237.70 Td (part ) Tj ET Q q 0 0 0 rg BT 282.62 237.70 Td (of ) Tj ET Q q 0 0 0 rg BT 295.80 237.70 Td (our ) Tj ET Q q 0 0 0 rg BT 315.48 237.70 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 358.82 237.70 Td (Choice ) Tj ET Q q 0 0 0 rg BT 396.65 237.70 Td (program, ) Tj ET Q q 0 0 0 rg BT 445.26 237.70 Td (and ) Tj ET Q q 0 0 0 rg BT 467.20 237.70 Td (on ) Tj ET Q q 0 0 0 rg BT 483.23 237.70 Td (average ) Tj ET Q q 0 0 0 rg BT 525.95 237.70 Td (we ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 222.85 Td (have ) Tj ET Q q 0 0 0 rg BT 98.40 222.85 Td (exposure ) Tj ET Q q 0 0 0 rg BT 146.59 222.85 Td (up ) Tj ET Q q 0 0 0 rg BT 162.59 222.85 Td (to ) Tj ET Q q 0 0 0 rg BT 175.92 222.85 Td (the ) Tj ET Q q 0 0 0 rg BT 194.98 222.85 Td (first ) Tj ET Q q 0 0 0 rg BT 216.02 222.85 Td (13% ) Tj ET Q q 0 0 0 rg BT 240.57 222.85 Td (of ) Tj ET Q q 0 0 0 rg BT 253.51 222.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 284.57 222.85 Td (losses ) Tj ET Q q 0 0 0 rg BT 317.06 222.85 Td (resulting ) Tj ET Q q 0 0 0 rg BT 362.38 222.85 Td (from ) Tj ET Q q 0 0 0 rg BT 388.15 222.85 Td (loans ) Tj ET Q q 0 0 0 rg BT 416.98 222.85 Td (underlying ) Tj ET Q q 0 0 0 rg BT 472.28 222.85 Td (the ) Tj ET Q q 0 0 0 rg BT 491.33 222.85 Td (securities, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 208.00 Td (\(represented ) Tj ET Q q 0 0 0 rg BT 137.19 208.00 Td (by ) Tj ET Q q 0 0 0 rg BT 152.27 208.00 Td (the ) Tj ET Q q 0 0 0 rg BT 171.22 208.00 Td (thickness ) Tj ET Q q 0 0 0 rg BT 218.91 208.00 Td (of ) Tj ET Q q 0 0 0 rg BT 231.74 208.00 Td (the ) Tj ET Q q 0 0 0 rg BT 250.70 208.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 299.37 208.00 Td (we ) Tj ET Q q 0 0 0 rg BT 316.49 208.00 Td (currently ) Tj ET Q q 0 0 0 rg BT 361.91 208.00 Td (own ) Tj ET Q q 0 0 0 rg BT 385.55 208.00 Td (as ) Tj ET Q q 0 0 0 rg BT 399.00 208.00 Td (investments\).) Tj ET Q BT /F5 11.00 Tf ET q 0 0 0 rg BT 72.00 187.15 Td (Residential ) Tj ET Q q 0 0 0 rg BT 131.69 187.15 Td (Whole ) Tj ET Q q 0 0 0 rg BT 167.91 187.15 Td (Loans ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 200.66 187.15 Td ( ) Tj ET Q q 0 0 0 rg BT 214.69 187.15 Td (As ) Tj ET Q q 0 0 0 rg BT 229.95 187.15 Td (of ) Tj ET Q q 0 0 0 rg BT 242.76 187.15 Td (December ) Tj ET Q q 0 0 0 rg BT 297.34 187.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 315.66 187.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 346.21 187.15 Td (we ) Tj ET Q q 0 0 0 rg BT 363.30 187.15 Td (had ) Tj ET Q q 0 0 0 rg BT 384.88 187.15 Td ($2.1 ) Tj ET Q q 0 0 0 rg BT 409.32 187.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 442.29 187.15 Td (of ) Tj ET Q q 0 0 0 rg BT 455.10 187.15 Td (residential ) Tj ET Q q 0 0 0 rg BT 508.64 187.15 Td (jumbo ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 172.30 Td (loans ) Tj ET Q q 0 0 0 rg BT 100.12 172.30 Td (held ) Tj ET Q q 0 0 0 rg BT 124.17 172.30 Td (for ) Tj ET Q q 0 0 0 rg BT 140.05 172.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 196.27 172.30 Td (and ) Tj ET Q q 0 0 0 rg BT 217.26 172.30 Td (financed ) Tj ET Q q 0 0 0 rg BT 261.69 172.30 Td (with ) Tj ET Q q 0 0 0 rg BT 284.50 172.30 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 313.44 172.30 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 373.93 172.30 Td (These ) Tj ET Q q 0 0 0 rg BT 405.73 172.30 Td (loans ) Tj ET Q q 0 0 0 rg BT 433.85 172.30 Td (were ) Tj ET Q q 0 0 0 rg BT 459.93 172.30 Td (sourced ) Tj ET Q q 0 0 0 rg BT 501.30 172.30 Td (through ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 157.45 Td (our ) Tj ET Q q 0 0 0 rg BT 92.43 157.45 Td (residential ) Tj ET Q q 0 0 0 rg BT 147.07 157.45 Td (lending ) Tj ET Q q 0 0 0 rg BT 188.30 157.45 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 240.90 157.45 Td (banking ) Tj ET Q q 0 0 0 rg BT 284.37 157.45 Td (operations. ) Tj ET Q q 0 0 0 rg BT 343.92 157.45 Td (Credit ) Tj ET Q q 0 0 0 rg BT 378.40 157.45 Td (performance ) Tj ET Q q 0 0 0 rg BT 445.27 157.45 Td (for ) Tj ET Q q 0 0 0 rg BT 462.84 157.45 Td (these ) Tj ET Q q 0 0 0 rg BT 493.68 157.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 523.50 157.45 Td (has ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 142.60 Td (been ) Tj ET Q q 0 0 0 rg BT 100.13 142.60 Td (consistent ) Tj ET Q q 0 0 0 rg BT 152.68 142.60 Td (with ) Tj ET Q q 0 0 0 rg BT 176.09 142.60 Td (what ) Tj ET Q q 0 0 0 rg BT 202.57 142.60 Td (we ) Tj ET Q q 0 0 0 rg BT 219.69 142.60 Td (have ) Tj ET Q q 0 0 0 rg BT 245.99 142.60 Td (experienced ) Tj ET Q q 0 0 0 rg BT 309.97 142.60 Td (on ) Tj ET Q q 0 0 0 rg BT 325.66 142.60 Td (our ) Tj ET Q q 0 0 0 rg BT 345.01 142.60 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 388.01 142.60 Td (securitizations.) Tj ET Q BT /F5 11.00 Tf ET q 0 0 0 rg BT 72.00 121.75 Td (Re-performing ) Tj ET Q q 0 0 0 rg BT 150.20 121.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 178.08 121.75 Td (Securities ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 231.05 121.75 Td ( ) Tj ET Q q 0 0 0 rg BT 245.10 121.75 Td (As ) Tj ET Q q 0 0 0 rg BT 260.37 121.75 Td (of ) Tj ET Q q 0 0 0 rg BT 273.19 121.75 Td (December ) Tj ET Q q 0 0 0 rg BT 327.78 121.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 346.12 121.75 Td (2019, ) Tj ET Q q 0 0 0 rg BT 376.68 121.75 Td (we ) Tj ET Q q 0 0 0 rg BT 393.78 121.75 Td (held ) Tj ET Q q 0 0 0 rg BT 418.42 121.75 Td ($610 ) Tj ET Q q 0 0 0 rg BT 445.93 121.75 Td (million ) Tj ET Q q 0 0 0 rg BT 481.56 121.75 Td (of ) Tj ET Q q 0 0 0 rg BT 494.39 121.75 Td (securities ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 106.90 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 138.85 106.90 Td (by ) Tj ET Q q 0 0 0 rg BT 152.95 106.90 Td (re-performing ) Tj ET Q q 0 0 0 rg BT 223.23 106.90 Td (loans, ) Tj ET Q q 0 0 0 rg BT 254.04 106.90 Td (and ) Tj ET Q q 0 0 0 rg BT 274.67 106.90 Td (on ) Tj ET Q q 0 0 0 rg BT 289.39 106.90 Td (average ) Tj ET Q q 0 0 0 rg BT 330.80 106.90 Td (we ) Tj ET Q q 0 0 0 rg BT 346.93 106.90 Td (have ) Tj ET Q q 0 0 0 rg BT 372.26 106.90 Td (exposure ) Tj ET Q q 0 0 0 rg BT 419.37 106.90 Td (to ) Tj ET Q q 0 0 0 rg BT 431.63 106.90 Td (up ) Tj ET Q q 0 0 0 rg BT 446.54 106.90 Td (to ) Tj ET Q q 0 0 0 rg BT 458.80 106.90 Td (20% ) Tj ET Q q 0 0 0 rg BT 482.27 106.90 Td (of ) Tj ET Q q 0 0 0 rg BT 494.13 106.90 Td (the ) Tj ET Q q 0 0 0 rg BT 512.11 106.90 Td (credit ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 92.05 Td (losses ) Tj ET Q q 0 0 0 rg BT 103.38 92.05 Td (resulting ) Tj ET Q q 0 0 0 rg BT 147.59 92.05 Td (from ) Tj ET Q q 0 0 0 rg BT 172.23 92.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 199.95 92.05 Td ( ) Tj ET Q q 0 0 0 rg BT 201.99 92.05 Td (underlying ) Tj ET Q q 0 0 0 rg BT 256.18 92.05 Td (the ) Tj ET Q q 0 0 0 rg BT 274.11 92.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 321.77 92.05 Td (\(represented ) Tj ET Q q 0 0 0 rg BT 385.95 92.05 Td (by ) Tj ET Q q 0 0 0 rg BT 400.01 92.05 Td (the ) Tj ET Q q 0 0 0 rg BT 417.95 92.05 Td (thickness ) Tj ET Q q 0 0 0 rg BT 464.62 92.05 Td (of ) Tj ET Q q 0 0 0 rg BT 476.44 92.05 Td (the ) Tj ET Q q 0 0 0 rg BT 494.38 92.05 Td (securities ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 77.20 Td (we ) Tj ET Q q 0 0 0 rg BT 90.51 77.20 Td (currently ) Tj ET Q q 0 0 0 rg BT 137.33 77.20 Td (own ) Tj ET Q q 0 0 0 rg BT 162.36 77.20 Td (as ) Tj ET Q q 0 0 0 rg BT 177.21 77.20 Td (investments\). ) Tj ET Q q 0 0 0 rg BT 246.04 77.20 Td (The ) Tj ET Q q 0 0 0 rg BT 269.04 77.20 Td (collateral ) Tj ET Q q 0 0 0 rg BT 318.09 77.20 Td (underlying ) Tj ET Q q 0 0 0 rg BT 374.68 77.20 Td (these ) Tj ET Q q 0 0 0 rg BT 405.83 77.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 455.91 77.20 Td (are ) Tj ET Q q 0 0 0 rg BT 475.64 77.20 Td (seasoned ) Tj ET Q q 0 0 0 rg BT 526.77 77.20 Td (re-) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 748.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 219.65 735.44 Td (Q U A R T E R L Y P O S I T I O N S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (25) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (performing, ) Tj ET Q q 0 0 0 rg BT 132.44 702.70 Td (and ) Tj ET Q q 0 0 0 rg BT 153.41 702.70 Td (to ) Tj ET Q q 0 0 0 rg BT 166.00 702.70 Td (a ) Tj ET Q q 0 0 0 rg BT 174.13 702.70 Td (lesser ) Tj ET Q q 0 0 0 rg BT 204.44 702.70 Td (extent ) Tj ET Q q 0 0 0 rg BT 237.81 702.70 Td (non-performing, ) Tj ET Q q 0 0 0 rg BT 320.67 702.70 Td (loans. ) Tj ET Q q 0 0 0 rg BT 351.82 702.70 Td (In ) Tj ET Q q 0 0 0 rg BT 363.26 702.70 Td (most ) Tj ET Q q 0 0 0 rg BT 389.91 702.70 Td (cases, ) Tj ET Q q 0 0 0 rg BT 421.89 702.70 Td (these ) Tj ET Q q 0 0 0 rg BT 451.00 702.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 479.09 702.70 Td (experienced ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.85 Td (a ) Tj ET Q q 0 0 0 rg BT 80.90 687.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 111.99 687.85 Td (event ) Tj ET Q q 0 0 0 rg BT 142.48 687.85 Td (leading ) Tj ET Q q 0 0 0 rg BT 182.35 687.85 Td (up ) Tj ET Q q 0 0 0 rg BT 198.37 687.85 Td (to ) Tj ET Q q 0 0 0 rg BT 211.74 687.85 Td (the ) Tj ET Q q 0 0 0 rg BT 230.83 687.85 Td (securitization ) Tj ET Q q 0 0 0 rg BT 298.17 687.85 Td (and ) Tj ET Q q 0 0 0 rg BT 319.91 687.85 Td (were ) Tj ET Q q 0 0 0 rg BT 346.73 687.85 Td (modified ) Tj ET Q q 0 0 0 rg BT 393.92 687.85 Td (in ) Tj ET Q q 0 0 0 rg BT 405.87 687.85 Td (order ) Tj ET Q q 0 0 0 rg BT 435.52 687.85 Td (to ) Tj ET Q q 0 0 0 rg BT 448.89 687.85 Td (keep ) Tj ET Q q 0 0 0 rg BT 476.33 687.85 Td (the ) Tj ET Q q 0 0 0 rg BT 495.42 687.85 Td (borrower ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 673.00 Td (in ) Tj ET Q q 0 0 0 rg BT 84.26 673.00 Td (their ) Tj ET Q q 0 0 0 rg BT 109.95 673.00 Td (home ) Tj ET Q q 0 0 0 rg BT 141.58 673.00 Td (and ) Tj ET Q q 0 0 0 rg BT 163.62 673.00 Td (current ) Tj ET Q q 0 0 0 rg BT 201.53 673.00 Td (in ) Tj ET Q q 0 0 0 rg BT 213.79 673.00 Td (their ) Tj ET Q q 0 0 0 rg BT 239.48 673.00 Td (payments ) Tj ET Q q 0 0 0 rg BT 290.66 673.00 Td (under ) Tj ET Q q 0 0 0 rg BT 322.88 673.00 Td (recast ) Tj ET Q q 0 0 0 rg BT 355.30 673.00 Td (loan ) Tj ET Q q 0 0 0 rg BT 379.79 673.00 Td (terms. ) Tj ET Q q 0 0 0 rg BT 414.02 673.00 Td (Central ) Tj ET Q q 0 0 0 rg BT 453.16 673.00 Td (to ) Tj ET Q q 0 0 0 rg BT 466.83 673.00 Td (the ) Tj ET Q q 0 0 0 rg BT 486.23 673.00 Td (investment ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 658.15 Td (thesis ) Tj ET Q q 0 0 0 rg BT 102.61 658.15 Td (in ) Tj ET Q q 0 0 0 rg BT 114.06 658.15 Td (these ) Tj ET Q q 0 0 0 rg BT 143.46 658.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 191.78 658.15 Td (is ) Tj ET Q q 0 0 0 rg BT 201.80 658.15 Td (the ) Tj ET Q q 0 0 0 rg BT 220.40 658.15 Td (view ) Tj ET Q q 0 0 0 rg BT 245.10 658.15 Td (that ) Tj ET Q q 0 0 0 rg BT 266.94 658.15 Td (a ) Tj ET Q q 0 0 0 rg BT 275.35 658.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 327.53 658.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 386.25 658.15 Td (of ) Tj ET Q q 0 0 0 rg BT 398.73 658.15 Td (the ) Tj ET Q q 0 0 0 rg BT 417.32 658.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 472.16 658.15 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 524.13 658.15 Td (will ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 643.30 Td (improve ) Tj ET Q q 0 0 0 rg BT 114.30 643.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 141.94 643.30 Td (their ) Tj ET Q q 0 0 0 rg BT 166.30 643.30 Td (delinquency ) Tj ET Q q 0 0 0 rg BT 228.38 643.30 Td (history ) Tj ET Q q 0 0 0 rg BT 263.12 643.30 Td (and ) Tj ET Q q 0 0 0 rg BT 283.84 643.30 Td (continue ) Tj ET Q q 0 0 0 rg BT 328.60 643.30 Td (paying ) Tj ET Q q 0 0 0 rg BT 363.97 643.30 Td (steadily ) Tj ET Q q 0 0 0 rg BT 403.62 643.30 Td (under ) Tj ET Q q 0 0 0 rg BT 434.51 643.30 Td (the ) Tj ET Q q 0 0 0 rg BT 452.57 643.30 Td (modified ) Tj ET Q q 0 0 0 rg BT 498.74 643.30 Td (or ) Tj ET Q q 0 0 0 rg BT 511.08 643.30 Td (recast ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 628.45 Td (terms ) Tj ET Q q 0 0 0 rg BT 101.73 628.45 Td (of ) Tj ET Q q 0 0 0 rg BT 113.57 628.45 Td (the ) Tj ET Q q 0 0 0 rg BT 131.52 628.45 Td (loan. ) Tj ET Q q 0 0 0 rg BT 157.62 628.45 Td (To ) Tj ET Q q 0 0 0 rg BT 171.29 628.45 Td (date, ) Tj ET Q q 0 0 0 rg BT 198.61 628.45 Td (the ) Tj ET Q q 0 0 0 rg BT 216.56 628.45 Td (performance ) Tj ET Q q 0 0 0 rg BT 281.35 628.45 Td (of ) Tj ET Q q 0 0 0 rg BT 293.18 628.45 Td (these ) Tj ET Q q 0 0 0 rg BT 321.94 628.45 Td (investments ) Tj ET Q q 0 0 0 rg BT 382.45 628.45 Td (has ) Tj ET Q q 0 0 0 rg BT 401.01 628.45 Td (met ) Tj ET Q q 0 0 0 rg BT 422.21 628.45 Td (or ) Tj ET Q q 0 0 0 rg BT 434.44 628.45 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 485.01 628.45 Td (our ) Tj ET Q q 0 0 0 rg BT 503.36 628.45 Td (original ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 613.60 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 136.48 613.60 Td (assumptions. ) Tj ET Q q 0 0 0 rg BT 202.84 613.60 Td (The ) Tj ET Q q 0 0 0 rg BT 223.77 613.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 288.89 613.60 Td (of ) Tj ET Q q 0 0 0 rg BT 301.05 613.60 Td (the ) Tj ET Q q 0 0 0 rg BT 319.33 613.60 Td (first ) Tj ET Q q 0 0 0 rg BT 339.60 613.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 405.34 613.60 Td (RPL ) Tj ET Q q 0 0 0 rg BT 426.06 613.60 Td (transaction ) Tj ET Q q 0 0 0 rg BT 482.21 613.60 Td (we ) Tj ET Q q 0 0 0 rg BT 498.65 613.60 Td (invested ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 598.75 Td (in ) Tj ET Q q 0 0 0 rg BT 83.43 598.75 Td (late ) Tj ET Q q 0 0 0 rg BT 104.23 598.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 131.37 598.75 Td (continues ) Tj ET Q q 0 0 0 rg BT 181.33 598.75 Td (to ) Tj ET Q q 0 0 0 rg BT 194.18 598.75 Td (trend ) Tj ET Q q 0 0 0 rg BT 222.92 598.75 Td (favorably ) Tj ET Q q 0 0 0 rg BT 270.41 598.75 Td (as ) Tj ET Q q 0 0 0 rg BT 283.48 598.75 Td (delinquencies ) Tj ET Q q 0 0 0 rg BT 354.21 598.75 Td (have ) Tj ET Q q 0 0 0 rg BT 380.13 598.75 Td (declined ) Tj ET Q q 0 0 0 rg BT 425.20 598.75 Td (from ) Tj ET Q q 0 0 0 rg BT 450.48 598.75 Td (50% ) Tj ET Q q 0 0 0 rg BT 474.55 598.75 Td (to ) Tj ET Q q 0 0 0 rg BT 487.40 598.75 Td (35% ) Tj ET Q q 0 0 0 rg BT 511.48 598.75 Td (in ) Tj ET Q q 0 0 0 rg BT 522.91 598.75 Td (just ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 583.90 Td (over ) Tj ET Q q 0 0 0 rg BT 96.65 583.90 Td (one ) Tj ET Q q 0 0 0 rg BT 118.46 583.90 Td (year. ) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 567.40 467.00 -8.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 559.40 467.00 -20.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 539.40 459.00 -14.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 531.50 539.40 8.00 -14.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 525.40 167.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 239.50 525.40 70.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 309.50 525.40 4.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 313.50 525.40 70.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 383.50 525.40 4.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 387.50 525.40 70.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 457.50 525.40 4.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 461.50 525.40 70.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 531.50 525.40 8.00 -32.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 567.4 m 72.5 559.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 567.4 m 239.5 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 567.4 m 309.5 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 567.4 m 313.5 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 567.4 m 383.5 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 567.4 m 387.5 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 567.4 m 457.5 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 567.4 m 461.5 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 567.4 m 531.5 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 567.4 m 539.5 559.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 567.4 m 539.5 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 559.4 m 72.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 559.4 m 539.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 539.4 m 72.5 525.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 539.4 m 539.5 525.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 525.4 m 72.5 493.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 525.4 m 539.5 493.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 493.4 m 72.5 489.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 493.4 m 539.5 489.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 489.4 m 72.5 473.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 489.4 m 539.5 473.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 473.4 m 72.5 457.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 473.4 m 539.5 457.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 457.4 m 72.5 441.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 457.4 m 539.5 441.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 441.4 m 72.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 441.4 m 539.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 425.4 m 72.5 409.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 425.4 m 539.5 409.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 409.4 m 72.5 393.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 409.4 m 539.5 393.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 393.4 m 72.5 377.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 393.4 m 539.5 377.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 377.4 m 72.5 373.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 373.4 m 239.5 373.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 373.4 m 309.5 373.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 373.4 m 313.5 373.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 373.4 m 383.5 373.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 373.4 m 387.5 373.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 373.4 m 457.5 373.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 373.4 m 461.5 373.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 373.4 m 531.5 373.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 377.4 m 539.5 373.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 373.4 m 539.5 373.4 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 107.00 545.40 Td (Business Purpose and Multif) Tj ET Q q 1 1 1 rg BT 271.84 545.40 Td (amily In) Tj ET Q q 1 1 1 rg BT 317.86 545.40 Td (v) Tj ET Q q 1 1 1 rg BT 324.36 545.40 Td (es) Tj ET Q q 1 1 1 rg BT 336.83 545.40 Td (tmen) Tj ET Q q 1 1 1 rg BT 367.50 545.40 Td (ts Cr) Tj ET Q q 1 1 1 rg BT 393.34 545.40 Td (edit Char) Tj ET Q q 1 1 1 rg BT 445.86 545.40 Td (act) Tj ET Q q 1 1 1 rg BT 463.31 545.40 Td (eris) Tj ET Q q 1 1 1 rg BT 484.20 545.40 Td (tics) Tj ET Q BT /F7 8.50 Tf ET q 1 1 1 rg BT 278.20 530.52 Td (\($ in millions\)) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 244.40 508.40 Td (Multif) Tj ET Q q 1 1 1 rg BT 269.97 508.40 Td (amily B-) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 260.95 498.40 Td (Pieces) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 319.25 498.40 Td (SFR Securities) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 401.40 498.40 Td (SFR Loans) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 473.95 508.40 Td (BPL Bridg) Tj ET Q q 1 1 1 rg BT 512.98 508.40 Td (e) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 484.05 498.40 Td (Loans) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.00 478.40 Td (Mark) Tj ET Q q 0 0 0 rg BT 106.21 478.40 Td (e) Tj ET Q q 0 0 0 rg BT 111.00 478.40 Td (t v) Tj ET Q q 0 0 0 rg BT 121.03 478.40 Td (alue) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 242.00 478.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 286.60 478.40 Td (234) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 316.00 478.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 360.60 478.40 Td (193) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 390.00 478.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 434.60 478.40 Td (238) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 464.00 478.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 508.60 478.40 Td (745) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 462.40 Td (A) Tj ET Q q 0 0 0 rg BT 90.60 462.40 Td (v) Tj ET Q q 0 0 0 rg BT 94.98 462.40 Td (g. curr) Tj ET Q q 0 0 0 rg BT 120.80 462.40 Td (en) Tj ET Q q 0 0 0 rg BT 130.93 462.40 Td (t DSCR) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 158.05 467.17 Td (\(1\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 289.00 462.40 Td (1.7x) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 363.00 462.40 Td (1.3x) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.00 462.40 Td (1.4x) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 512.20 462.40 Td (N/) Tj ET Q q 0 0 0 rg BT 522.34 462.40 Td (A) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 446.40 Td (L) Tj ET Q q 0 0 0 rg BT 88.47 446.40 Td (TV \(a) Tj ET Q q 0 0 0 rg BT 109.01 446.40 Td (t origina) Tj ET Q q 0 0 0 rg BT 142.63 446.40 Td (tion\)) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 161.83 451.17 Td (\(2\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 291.70 446.40 Td (69) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 365.70 446.40 Td (68) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 439.70 446.40 Td (68) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 513.70 446.40 Td (70) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 430.40 Td (A) Tj ET Q q 0 0 0 rg BT 90.69 430.40 Td (v) Tj ET Q q 0 0 0 rg BT 95.05 430.40 Td (g. loan siz) Tj ET Q q 0 0 0 rg BT 134.39 430.40 Td (e \(in thousands\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 242.00 430.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 274.00 430.40 Td (15,035) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 316.00 430.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 353.05 430.40 Td (2,650) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 390.00 430.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 427.05 430.40 Td (2,161) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 464.00 430.40 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 508.60 430.40 Td (280) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 414.40 Td (Gr) Tj ET Q q 0 0 0 rg BT 94.71 414.40 Td (oss w) Tj ET Q q 0 0 0 rg BT 117.09 414.40 Td (eigh) Tj ET Q q 0 0 0 rg BT 134.24 414.40 Td (t) Tj ET Q q 0 0 0 rg BT 137.49 414.40 Td (ed a) Tj ET Q q 0 0 0 rg BT 154.63 414.40 Td (v) Tj ET Q q 0 0 0 rg BT 159.01 414.40 Td (er) Tj ET Q q 0 0 0 rg BT 167.32 414.40 Td (ag) Tj ET Q q 0 0 0 rg BT 176.68 414.40 Td (e c) Tj ET Q q 0 0 0 rg BT 188.06 414.40 Td (oupon) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 289.15 414.40 Td (4.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 301.85 414.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 363.15 414.40 Td (5.7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 375.85 414.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.15 414.40 Td (4.9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 449.85 414.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 511.15 414.40 Td (8.1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.85 414.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 398.40 Td (Curr) Tj ET Q q 0 0 0 rg BT 102.49 398.40 Td (en) Tj ET Q q 0 0 0 rg BT 112.61 398.40 Td (t 90+ da) Tj ET Q q 0 0 0 rg BT 145.50 398.40 Td (y) Tj ET Q q 0 0 0 rg BT 149.89 398.40 Td (s delinquency) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 289.15 398.40 Td (0.0) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 301.85 398.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 363.15 398.40 Td (1.8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 375.85 398.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 437.15 398.40 Td (0.0) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 449.85 398.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 511.15 398.40 Td (1.9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.85 398.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 85.00 382.40 Td (Curr) Tj ET Q q 0 0 0 rg BT 102.43 382.40 Td (en) Tj ET Q q 0 0 0 rg BT 112.56 382.40 Td (t in) Tj ET Q q 0 0 0 rg BT 125.56 382.40 Td (v) Tj ET Q q 0 0 0 rg BT 129.98 382.40 Td (es) Tj ET Q q 0 0 0 rg BT 138.75 382.40 Td (tmen) Tj ET Q q 0 0 0 rg BT 160.22 382.40 Td (t thickness) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 296.75 382.40 Td (8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 301.85 382.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 365.70 382.40 Td (10) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 375.85 382.40 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 438.20 382.40 Td (N/) Tj ET Q q 0 0 0 rg BT 448.34 382.40 Td (A) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 512.20 382.40 Td (N/) Tj ET Q q 0 0 0 rg BT 522.17 382.40 Td (A) Tj ET Q BT /F1 10.00 Tf ET BT /F5 11.00 Tf ET q 0 0 0 rg BT 72.00 353.05 Td (Multifamily ) Tj ET Q q 0 0 0 rg BT 132.52 353.05 Td (B-Pieces) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 175.51 353.05 Td ( ) Tj ET Q q 0 0 0 rg BT 178.53 353.05 Td ( ) Tj ET Q q 0 0 0 rg BT 192.55 353.05 Td (As ) Tj ET Q q 0 0 0 rg BT 207.81 353.05 Td (of ) Tj ET Q q 0 0 0 rg BT 220.61 353.05 Td (December ) Tj ET Q q 0 0 0 rg BT 275.18 353.05 Td (31, ) Tj ET Q q 0 0 0 rg BT 293.50 353.05 Td (2019, ) Tj ET Q q 0 0 0 rg BT 324.04 353.05 Td (we ) Tj ET Q q 0 0 0 rg BT 341.13 353.05 Td (had ) Tj ET Q q 0 0 0 rg BT 362.70 353.05 Td ($234 ) Tj ET Q q 0 0 0 rg BT 390.18 353.05 Td (million ) Tj ET Q q 0 0 0 rg BT 425.80 353.05 Td (of ) Tj ET Q q 0 0 0 rg BT 438.60 353.05 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 494.99 353.05 Td (b-pieces, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 338.20 Td (which ) Tj ET Q q 0 0 0 rg BT 103.54 338.20 Td (represent ) Tj ET Q q 0 0 0 rg BT 153.40 338.20 Td (first-loss ) Tj ET Q q 0 0 0 rg BT 196.92 338.20 Td (risk ) Tj ET Q q 0 0 0 rg BT 216.63 338.20 Td (on ) Tj ET Q q 0 0 0 rg BT 232.69 338.20 Td ($4.2 ) Tj ET Q q 0 0 0 rg BT 257.53 338.20 Td (billion ) Tj ET Q q 0 0 0 rg BT 290.90 338.20 Td (of ) Tj ET Q q 0 0 0 rg BT 304.10 338.20 Td (underlying ) Tj ET Q q 0 0 0 rg BT 359.67 338.20 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 416.46 338.20 Td (loan ) Tj ET Q q 0 0 0 rg BT 440.88 338.20 Td (collateral ) Tj ET Q q 0 0 0 rg BT 488.90 338.20 Td (across ) Tj ET Q q 0 0 0 rg BT 522.69 338.20 Td (five ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 323.35 Td (separate ) Tj ET Q q 0 0 0 rg BT 117.77 323.35 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 159.07 323.35 Td (Mac ) Tj ET Q q 0 0 0 rg BT 183.27 323.35 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 238.22 323.35 Td (securitizations. ) Tj ET Q q 0 0 0 rg BT 313.52 323.35 Td (On ) Tj ET Q q 0 0 0 rg BT 332.22 323.35 Td (average, ) Tj ET Q q 0 0 0 rg BT 378.01 323.35 Td (we ) Tj ET Q q 0 0 0 rg BT 395.47 323.35 Td (have ) Tj ET Q q 0 0 0 rg BT 422.12 323.35 Td (exposure ) Tj ET Q q 0 0 0 rg BT 470.55 323.35 Td (to ) Tj ET Q q 0 0 0 rg BT 484.13 323.35 Td (the ) Tj ET Q q 0 0 0 rg BT 503.43 323.35 Td (first ) Tj ET Q q 0 0 0 rg BT 524.72 323.35 Td (8% ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 308.50 Td (of ) Tj ET Q q 0 0 0 rg BT 84.39 308.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 114.90 308.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 146.84 308.50 Td (resulting ) Tj ET Q q 0 0 0 rg BT 191.62 308.50 Td (from ) Tj ET Q q 0 0 0 rg BT 216.83 308.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 245.12 308.50 Td (underlying ) Tj ET Q q 0 0 0 rg BT 299.87 308.50 Td (the ) Tj ET Q q 0 0 0 rg BT 318.38 308.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 366.60 308.50 Td (\(represented ) Tj ET Q q 0 0 0 rg BT 431.34 308.50 Td (by ) Tj ET Q q 0 0 0 rg BT 445.98 308.50 Td (the ) Tj ET Q q 0 0 0 rg BT 464.48 308.50 Td (thickness ) Tj ET Q q 0 0 0 rg BT 511.72 308.50 Td (of ) Tj ET Q q 0 0 0 rg BT 524.11 308.50 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 293.65 Td (securities ) Tj ET Q q 0 0 0 rg BT 119.71 293.65 Td (we ) Tj ET Q q 0 0 0 rg BT 135.86 293.65 Td (currently ) Tj ET Q q 0 0 0 rg BT 180.31 293.65 Td (own ) Tj ET Q q 0 0 0 rg BT 202.98 293.65 Td (as ) Tj ET Q q 0 0 0 rg BT 215.46 293.65 Td (investments\). ) Tj ET Q q 0 0 0 rg BT 281.93 293.65 Td (Credit ) Tj ET Q q 0 0 0 rg BT 314.36 293.65 Td (performance ) Tj ET Q q 0 0 0 rg BT 379.18 293.65 Td (on ) Tj ET Q q 0 0 0 rg BT 393.91 293.65 Td (this ) Tj ET Q q 0 0 0 rg BT 413.11 293.65 Td (collateral ) Tj ET Q q 0 0 0 rg BT 459.79 293.65 Td (to ) Tj ET Q q 0 0 0 rg BT 472.05 293.65 Td (date ) Tj ET Q q 0 0 0 rg BT 496.34 293.65 Td (has ) Tj ET Q q 0 0 0 rg BT 514.94 293.65 Td (been ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 278.80 Td (strong, ) Tj ET Q q 0 0 0 rg BT 109.27 278.80 Td (and ) Tj ET Q q 0 0 0 rg BT 130.87 278.80 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 186.91 278.80 Td (losses ) Tj ET Q q 0 0 0 rg BT 219.30 278.80 Td (to ) Tj ET Q q 0 0 0 rg BT 232.54 278.80 Td (date ) Tj ET Q q 0 0 0 rg BT 257.79 278.80 Td (have ) Tj ET Q q 0 0 0 rg BT 284.09 278.80 Td (been ) Tj ET Q q 0 0 0 rg BT 312.22 278.80 Td (zero.) Tj ET Q BT /F5 11.00 Tf ET q 0 0 0 rg BT 72.00 257.95 Td (SFR ) Tj ET Q q 0 0 0 rg BT 94.39 257.95 Td (Securities ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 146.96 257.95 Td ( ) Tj ET Q q 0 0 0 rg BT 160.62 257.95 Td (As ) Tj ET Q q 0 0 0 rg BT 175.52 257.95 Td (of ) Tj ET Q q 0 0 0 rg BT 187.96 257.95 Td (December ) Tj ET Q q 0 0 0 rg BT 242.17 257.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 260.13 257.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 290.31 257.95 Td (we ) Tj ET Q q 0 0 0 rg BT 307.04 257.95 Td (had ) Tj ET Q q 0 0 0 rg BT 328.25 257.95 Td ($193 ) Tj ET Q q 0 0 0 rg BT 355.38 257.95 Td (million ) Tj ET Q q 0 0 0 rg BT 390.63 257.95 Td (of ) Tj ET Q q 0 0 0 rg BT 403.08 257.95 Td (SFR ) Tj ET Q q 0 0 0 rg BT 424.50 257.95 Td (securities, ) Tj ET Q q 0 0 0 rg BT 475.84 257.95 Td (comprised ) Tj ET Q q 0 0 0 rg BT 530.23 257.95 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 243.10 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 133.18 243.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.43 243.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 193.57 243.10 Td (only ) Tj ET Q q 0 0 0 rg BT 216.87 243.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 265.19 243.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 308.43 243.10 Td (from ) Tj ET Q q 0 0 0 rg BT 333.74 243.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.35 243.10 Td (ten ) Tj ET Q q 0 0 0 rg BT 370.94 243.10 Td (CAFL ) Tj ET Q q 0 0 0 rg BT 400.56 243.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 472.11 243.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 527.98 243.10 Td (by ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 228.25 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 119.81 228.25 Td (to ) Tj ET Q q 0 0 0 rg BT 133.38 228.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 162.04 228.25 Td (We ) Tj ET Q q 0 0 0 rg BT 181.74 228.25 Td (own ) Tj ET Q q 0 0 0 rg BT 205.72 228.25 Td (and ) Tj ET Q q 0 0 0 rg BT 227.67 228.25 Td (retain ) Tj ET Q q 0 0 0 rg BT 258.76 228.25 Td (the ) Tj ET Q q 0 0 0 rg BT 278.05 228.25 Td (first-loss ) Tj ET Q q 0 0 0 rg BT 321.53 228.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 370.55 228.25 Td (from ) Tj ET Q q 0 0 0 rg BT 396.56 228.25 Td (the ) Tj ET Q q 0 0 0 rg BT 415.85 228.25 Td (CAFL ) Tj ET Q q 0 0 0 rg BT 446.16 228.25 Td (securitizations, ) Tj ET Q q 0 0 0 rg BT 521.46 228.25 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 213.40 Td (on ) Tj ET Q q 0 0 0 rg BT 87.73 213.40 Td (average ) Tj ET Q q 0 0 0 rg BT 130.14 213.40 Td (have ) Tj ET Q q 0 0 0 rg BT 156.47 213.40 Td (exposure ) Tj ET Q q 0 0 0 rg BT 204.59 213.40 Td (to ) Tj ET Q q 0 0 0 rg BT 217.86 213.40 Td (the ) Tj ET Q q 0 0 0 rg BT 236.84 213.40 Td (first ) Tj ET Q q 0 0 0 rg BT 257.81 213.40 Td (10% ) Tj ET Q q 0 0 0 rg BT 282.30 213.40 Td (of ) Tj ET Q q 0 0 0 rg BT 295.16 213.40 Td (credit ) Tj ET Q q 0 0 0 rg BT 326.15 213.40 Td (losses ) Tj ET Q q 0 0 0 rg BT 358.57 213.40 Td (\(represented ) Tj ET Q q 0 0 0 rg BT 423.79 213.40 Td (by ) Tj ET Q q 0 0 0 rg BT 438.90 213.40 Td (the ) Tj ET Q q 0 0 0 rg BT 457.88 213.40 Td (current ) Tj ET Q q 0 0 0 rg BT 495.38 213.40 Td (thickness ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 198.55 Td (of ) Tj ET Q q 0 0 0 rg BT 84.84 198.55 Td (the ) Tj ET Q q 0 0 0 rg BT 103.79 198.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 152.47 198.55 Td (we ) Tj ET Q q 0 0 0 rg BT 169.58 198.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 215.00 198.55 Td (own ) Tj ET Q q 0 0 0 rg BT 238.64 198.55 Td (as ) Tj ET Q q 0 0 0 rg BT 252.09 198.55 Td (investments\).) Tj ET Q BT /F5 11.00 Tf ET q 0 0 0 rg BT 72.00 177.70 Td (SFR ) Tj ET Q q 0 0 0 rg BT 95.23 177.70 Td (Loans ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 128.43 177.70 Td ( ) Tj ET Q q 0 0 0 rg BT 142.88 177.70 Td (As ) Tj ET Q q 0 0 0 rg BT 158.56 177.70 Td (of ) Tj ET Q q 0 0 0 rg BT 171.79 177.70 Td (December ) Tj ET Q q 0 0 0 rg BT 226.79 177.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 245.53 177.70 Td (2019, ) Tj ET Q q 0 0 0 rg BT 276.50 177.70 Td (we ) Tj ET Q q 0 0 0 rg BT 294.01 177.70 Td (had ) Tj ET Q q 0 0 0 rg BT 316.01 177.70 Td ($238 ) Tj ET Q q 0 0 0 rg BT 343.93 177.70 Td (million ) Tj ET Q q 0 0 0 rg BT 379.97 177.70 Td (of ) Tj ET Q q 0 0 0 rg BT 393.20 177.70 Td (single-family ) Tj ET Q q 0 0 0 rg BT 458.15 177.70 Td (rental ) Tj ET Q q 0 0 0 rg BT 489.29 177.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 518.42 177.70 Td (held ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 162.85 Td (for ) Tj ET Q q 0 0 0 rg BT 90.41 162.85 Td (investment, ) Tj ET Q q 0 0 0 rg BT 152.22 162.85 Td (and ) Tj ET Q q 0 0 0 rg BT 175.75 162.85 Td (financed ) Tj ET Q q 0 0 0 rg BT 222.70 162.85 Td (with ) Tj ET Q q 0 0 0 rg BT 248.04 162.85 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 279.51 162.85 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 342.53 162.85 Td (These ) Tj ET Q q 0 0 0 rg BT 376.86 162.85 Td (loans ) Tj ET Q q 0 0 0 rg BT 407.51 162.85 Td (were ) Tj ET Q q 0 0 0 rg BT 436.12 162.85 Td (sourced ) Tj ET Q q 0 0 0 rg BT 480.02 162.85 Td (through ) Tj ET Q q 0 0 0 rg BT 523.71 162.85 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 148.00 Td (business ) Tj ET Q q 0 0 0 rg BT 117.05 148.00 Td (purpose ) Tj ET Q q 0 0 0 rg BT 160.88 148.00 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 212.63 148.00 Td (banking ) Tj ET Q q 0 0 0 rg BT 255.24 148.00 Td (operations. ) Tj ET Q q 0 0 0 rg BT 313.94 148.00 Td (The ) Tj ET Q q 0 0 0 rg BT 335.77 148.00 Td (majority ) Tj ET Q q 0 0 0 rg BT 378.55 148.00 Td (of ) Tj ET Q q 0 0 0 rg BT 391.61 148.00 Td (these ) Tj ET Q q 0 0 0 rg BT 421.60 148.00 Td (loans ) Tj ET Q q 0 0 0 rg BT 450.56 148.00 Td (were ) Tj ET Q q 0 0 0 rg BT 477.47 148.00 Td (originated ) Tj ET Q q 0 0 0 rg BT 531.25 148.00 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 133.15 Td (the ) Tj ET Q q 0 0 0 rg BT 90.95 133.15 Td (past ) Tj ET Q q 0 0 0 rg BT 114.78 133.15 Td (twelve ) Tj ET Q q 0 0 0 rg BT 149.61 133.15 Td (months, ) Tj ET Q q 0 0 0 rg BT 192.20 133.15 Td (and ) Tj ET Q q 0 0 0 rg BT 213.80 133.15 Td (none ) Tj ET Q q 0 0 0 rg BT 241.73 133.15 Td (were ) Tj ET Q q 0 0 0 rg BT 268.42 133.15 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 324.44 133.15 Td (as ) Tj ET Q q 0 0 0 rg BT 337.90 133.15 Td (of ) Tj ET Q q 0 0 0 rg BT 350.73 133.15 Td (December ) Tj ET Q q 0 0 0 rg BT 405.34 133.15 Td (30, ) Tj ET Q q 0 0 0 rg BT 423.69 133.15 Td (2019.) Tj ET Q BT /F5 11.00 Tf ET q 0 0 0 rg BT 72.00 112.30 Td (BPL ) Tj ET Q q 0 0 0 rg BT 95.55 112.30 Td (Bridge ) Tj ET Q q 0 0 0 rg BT 133.97 112.30 Td (Loans ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 167.48 112.30 Td ( ) Tj ET Q q 0 0 0 rg BT 182.23 112.30 Td (As ) Tj ET Q q 0 0 0 rg BT 198.21 112.30 Td (of ) Tj ET Q q 0 0 0 rg BT 211.73 112.30 Td (December ) Tj ET Q q 0 0 0 rg BT 267.02 112.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 286.06 112.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 317.33 112.30 Td (we ) Tj ET Q q 0 0 0 rg BT 335.13 112.30 Td (had ) Tj ET Q q 0 0 0 rg BT 357.42 112.30 Td ($745 ) Tj ET Q q 0 0 0 rg BT 385.63 112.30 Td (million ) Tj ET Q q 0 0 0 rg BT 421.97 112.30 Td (of ) Tj ET Q q 0 0 0 rg BT 435.49 112.30 Td (bridge ) Tj ET Q q 0 0 0 rg BT 471.81 112.30 Td (loans ) Tj ET Q q 0 0 0 rg BT 501.23 112.30 Td (held ) Tj ET Q q 0 0 0 rg BT 526.57 112.30 Td (for ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 97.45 Td (investment. ) Tj ET Q q 0 0 0 rg BT 130.82 97.45 Td (These ) Tj ET Q q 0 0 0 rg BT 162.17 97.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 189.83 97.45 Td (are ) Tj ET Q q 0 0 0 rg BT 207.11 97.45 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 273.87 97.45 Td (by ) Tj ET Q q 0 0 0 rg BT 287.89 97.45 Td (residential ) Tj ET Q q 0 0 0 rg BT 340.39 97.45 Td (and ) Tj ET Q q 0 0 0 rg BT 360.93 97.45 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 416.29 97.45 Td (properties, ) Tj ET Q q 0 0 0 rg BT 471.63 97.45 Td (many ) Tj ET Q q 0 0 0 rg BT 500.13 97.45 Td (of ) Tj ET Q q 0 0 0 rg BT 511.90 97.45 Td (which ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 82.60 Td (are ) Tj ET Q q 0 0 0 rg BT 90.00 82.60 Td (being ) Tj ET Q q 0 0 0 rg BT 121.04 82.60 Td (rehabilitated ) Tj ET Q q 0 0 0 rg BT 185.65 82.60 Td (for ) Tj ET Q q 0 0 0 rg BT 201.81 82.60 Td (either ) Tj ET Q q 0 0 0 rg BT 232.83 82.60 Td (re-sale ) Tj ET Q q 0 0 0 rg BT 267.94 82.60 Td (or ) Tj ET Q q 0 0 0 rg BT 280.83 82.60 Td (rental ) Tj ET Q q 0 0 0 rg BT 311.24 82.60 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 362.24 82.60 Td (The ) Tj ET Q q 0 0 0 rg BT 383.51 82.60 Td (average ) Tj ET Q q 0 0 0 rg BT 425.55 82.60 Td (loan ) Tj ET Q q 0 0 0 rg BT 449.26 82.60 Td (term ) Tj ET Q q 0 0 0 rg BT 474.97 82.60 Td (at ) Tj ET Q q 0 0 0 rg BT 487.05 82.60 Td (origination ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 67.75 Td (is ) Tj ET Q q 0 0 0 rg BT 82.38 67.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 155.30 67.75 Td (12 ) Tj ET Q q 0 0 0 rg BT 170.59 67.75 Td (months. ) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream /GS0 gs q 612.00 0 0 791.85 0.00 0.18 cm /I80 Do Q BT /F1 10.00 Tf ET endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F7 9.00 Tf ET q 0 0 0 rg BT 38.00 29.25 Td (THE RED) Tj ET Q q 0 0 0 rg BT 69.18 29.25 Td (W) Tj ET Q q 0 0 0 rg BT 77.09 29.25 Td (OOD REVIEW I 4TH QU) Tj ET Q q 0 0 0 rg BT 160.19 29.25 Td (AR) Tj ET Q q 0 0 0 rg BT 170.20 29.25 Td (TER 2019) Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 322.75 29.84 Td (See Appendix for details on non-GAAP measures.) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 646.60 29.25 Td ( T) Tj ET Q q 0 0 0 rg BT 658.42 29.25 Td (able 1: GAAP E) Tj ET Q q 0 0 0 rg BT 712.07 29.25 Td (arnings) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 742.86 29.25 Td (27) Tj ET Q BT /F1 10.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 575.50 110.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 145.50 575.50 605.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 750.50 575.50 5.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 525.50 110.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 145.50 525.50 233.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 378.50 525.50 58.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 436.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 440.50 525.50 58.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 498.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 502.50 525.50 58.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 560.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 564.50 525.50 58.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 622.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 626.50 525.50 58.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 684.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 688.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 692.50 525.50 58.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 750.50 525.50 5.00 -30.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 495.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 495.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 495.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 483.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 483.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 483.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 471.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 471.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 471.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 459.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 459.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 459.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 447.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 447.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 447.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 435.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 435.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 435.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 423.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 423.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 423.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 411.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 411.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 411.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 399.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 399.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 399.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 387.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 387.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 387.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 375.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 375.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 375.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 363.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 363.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 363.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 351.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 351.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 351.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 339.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 339.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 339.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 327.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 327.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 327.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 315.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 315.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 315.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 303.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 303.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 303.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 291.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 291.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 291.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 279.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 279.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 279.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 267.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 267.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 267.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 255.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 255.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 255.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 243.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 243.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 243.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 688.50 231.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 692.50 231.50 58.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 231.50 5.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 35.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 145.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 540.5 m 145.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 575.5 m 378.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 540.5 m 378.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 575.5 m 436.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 540.5 m 436.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 575.5 m 440.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 540.5 m 440.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 575.5 m 498.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 540.5 m 498.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 575.5 m 502.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 540.5 m 502.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 575.5 m 560.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 540.5 m 560.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 560.5 575.5 m 564.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 560.5 540.5 m 564.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 564.5 575.5 m 622.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 564.5 540.5 m 622.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 575.5 m 626.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 540.5 m 626.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 575.5 m 684.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 540.5 m 684.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 684.5 575.5 m 688.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 684.5 540.5 m 688.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 575.5 m 692.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 540.5 m 692.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 575.5 m 750.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 540.5 m 750.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 575.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 575.5 m 755.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 540.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 35.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 145.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 495.5 m 145.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 525.5 m 378.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 495.5 m 378.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 525.5 m 436.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 495.5 m 436.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 525.5 m 440.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 495.5 m 440.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 525.5 m 498.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 495.5 m 498.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 525.5 m 502.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 495.5 m 502.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 525.5 m 560.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 495.5 m 560.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 560.5 525.5 m 564.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 560.5 495.5 m 564.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 564.5 525.5 m 622.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 564.5 495.5 m 622.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 525.5 m 626.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 525.5 m 626.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 495.5 m 626.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 525.5 m 684.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 495.5 m 684.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 684.5 525.5 m 688.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 684.5 495.5 m 688.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 525.5 m 688.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 525.5 m 692.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 495.5 m 692.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 525.5 m 750.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 495.5 m 750.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 525.5 m 755.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 525.5 m 755.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 495.5 m 755.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 495.5 m 35.5 483.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 495.5 m 626.5 483.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 495.5 m 688.5 483.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 495.5 m 755.5 483.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 483.5 m 35.5 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 483.5 m 626.5 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 483.5 m 688.5 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 483.5 m 755.5 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 471.5 m 35.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 459.5 m 145.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 459.5 m 378.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 459.5 m 436.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 459.5 m 440.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 459.5 m 498.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 459.5 m 502.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 459.5 m 560.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 560.5 459.5 m 564.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 564.5 459.5 m 622.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 471.5 m 626.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 459.5 m 626.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 459.5 m 684.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 684.5 459.5 m 688.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 471.5 m 688.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 459.5 m 692.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 459.5 m 750.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 471.5 m 755.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 459.5 m 755.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 459.5 m 35.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 459.5 m 436.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 459.5 m 440.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 459.5 m 498.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 459.5 m 502.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 459.5 m 560.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 560.5 459.5 m 564.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 564.5 459.5 m 622.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 459.5 m 626.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 459.5 m 626.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 459.5 m 684.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 684.5 459.5 m 688.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 459.5 m 688.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 459.5 m 692.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 459.5 m 750.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 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J 0 j 3 M 688.5 375.5 m 688.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 375.5 m 755.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 375.5 m 755.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 363.5 m 35.5 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 363.5 m 626.5 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 363.5 m 688.5 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 363.5 m 755.5 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 351.5 m 35.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 351.5 m 626.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 351.5 m 688.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 351.5 m 755.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 339.5 m 35.5 327.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 339.5 m 626.5 327.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 339.5 m 688.5 327.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 339.5 m 755.5 327.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 327.5 m 35.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 327.5 m 626.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 327.5 m 688.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 327.5 m 755.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 315.5 m 35.5 303.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 315.5 m 626.5 303.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 315.5 m 688.5 303.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 315.5 m 755.5 303.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 303.5 m 35.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 291.5 m 145.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 291.5 m 378.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 291.5 m 436.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 291.5 m 440.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 291.5 m 498.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 291.5 m 502.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 291.5 m 560.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 560.5 291.5 m 564.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 564.5 291.5 m 622.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 303.5 m 626.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 291.5 m 626.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 291.5 m 684.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 684.5 291.5 m 688.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 303.5 m 688.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 291.5 m 692.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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626.5 291.5 m 684.5 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 291.5 m 688.5 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 291.5 m 755.5 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 279.5 m 35.5 267.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 279.5 m 626.5 267.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 279.5 m 688.5 267.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 279.5 m 755.5 267.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 267.5 m 35.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 255.5 m 145.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 255.5 m 378.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 255.5 m 436.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 255.5 m 440.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 255.5 m 498.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 255.5 m 502.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 255.5 m 560.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 560.5 255.5 m 564.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 564.5 255.5 m 622.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 267.5 m 626.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 255.5 m 626.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 255.5 m 684.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 684.5 255.5 m 688.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 267.5 m 688.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 255.5 m 692.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 267.5 m 755.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 255.5 m 755.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 255.5 m 35.5 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 244.5 m 145.5 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 242.5 m 145.5 242.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 244.5 m 378.5 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 242.5 m 378.5 242.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 255.5 m 436.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 244.5 m 436.5 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 242.5 m 436.5 242.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 255.5 m 440.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 244.5 m 440.5 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 242.5 m 440.5 242.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 255.5 m 498.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 244.5 m 498.5 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 242.5 m 498.5 242.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 255.5 m 502.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 244.5 m 502.5 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 242.5 m 502.5 242.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 255.5 m 560.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 244.5 m 560.5 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 242.5 m 560.5 242.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 560.5 255.5 m 564.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 560.5 244.5 m 564.5 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 560.5 242.5 m 564.5 242.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 564.5 255.5 m 622.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 564.5 244.5 m 622.5 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 564.5 242.5 m 622.5 242.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 255.5 m 626.5 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 255.5 m 626.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 244.5 m 626.5 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 242.5 m 626.5 242.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 255.5 m 684.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 244.5 m 684.5 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 242.5 m 684.5 242.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 684.5 244.5 m 688.5 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 684.5 242.5 m 688.5 242.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 255.5 m 688.5 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 244.5 m 692.5 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 242.5 m 692.5 242.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 255.5 m 750.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 244.5 m 750.5 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 397.85 509.25 Td (2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 401.60 500.25 Td (Q4) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 459.85 509.25 Td (2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 463.60 500.25 Td (Q3) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 521.85 509.25 Td (2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 525.60 500.25 Td (Q2) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 583.85 509.25 Td (2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 587.60 500.25 Td (Q1) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 645.85 509.25 Td (2018) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 649.60 500.25 Td (Q4) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 707.85 509.25 Td (T) Tj ET Q q 1 1 1 rg BT 712.04 509.25 Td (w) Tj ET Q q 1 1 1 rg BT 718.68 509.25 Td (elv) Tj ET Q q 1 1 1 rg BT 729.59 509.25 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 696.35 500.25 Td (Mon) Tj ET Q q 1 1 1 rg BT 713.80 500.25 Td (ths 2019) Tj ET Q BT /F7 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 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8.00 Tf ET q 0 0 0 rg BT 597.20 367.00 Td (47,779) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 656.80 367.00 Td (\(17,554) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 681.50 367.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 721.15 367.00 Td (165,844) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 355.00 Td (Fix) Tj ET Q q 0 0 0 rg BT 64.87 355.00 Td (ed c) Tj ET Q q 0 0 0 rg BT 78.11 355.00 Td (ompensa) Tj ET Q q 0 0 0 rg BT 107.99 355.00 Td (tion e) Tj ET Q q 0 0 0 rg BT 126.62 355.00 Td (xpense) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 408.80 355.00 Td (\(12,899) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 433.50 355.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 474.85 355.00 Td (\(9,391) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 495.50 355.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 536.85 355.00 Td (\(9,252) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 557.50 355.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 598.85 355.00 Td (\(8,205) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 619.50 355.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 660.85 355.00 Td (\(6,309) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 681.50 355.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.80 355.00 Td (\(39,747) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 355.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 343.00 Td (V) Tj ET Q q 0 0 0 rg BT 60.32 343.00 Td (ariable c) Tj ET Q q 0 0 0 rg BT 87.56 343.00 Td (ompensa) Tj ET Q q 0 0 0 rg BT 117.45 343.00 Td (tion e) Tj ET Q q 0 0 0 rg BT 136.08 343.00 Td (xpense \(e) Tj ET Q q 0 0 0 rg BT 167.13 343.00 Td (x) Tj ET Q q 0 0 0 rg BT 170.45 343.00 Td (cluding c) Tj ET Q q 0 0 0 rg BT 198.94 343.00 Td (ommissions\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 408.80 343.00 Td (\(10,372) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 433.50 343.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 474.85 343.00 Td (\(3,489) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 495.50 343.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 536.85 343.00 Td (\(3,573) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 557.50 343.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 598.85 343.00 Td (\(4,402) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 619.50 343.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 666.90 343.00 Td (\(934) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 681.50 343.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.80 343.00 Td (\(21,836) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 343.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 331.00 Td (E) Tj ET Q q 0 0 0 rg BT 59.85 331.00 Td (quity c) Tj ET Q q 0 0 0 rg BT 81.49 331.00 Td (ompensa) Tj ET Q q 0 0 0 rg BT 111.38 331.00 Td (tion e) Tj ET Q q 0 0 0 rg BT 130.01 331.00 Td (xpense) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 412.85 331.00 Td (\(3,270) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 433.50 331.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 474.85 331.00 Td (\(3,155) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 495.50 331.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 536.85 331.00 Td (\(4,024) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 557.50 331.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 598.85 331.00 Td (\(2,953) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 619.50 331.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 660.85 331.00 Td (\(2,823) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 681.50 331.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.80 331.00 Td (\(13,402) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 331.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 319.00 Td (Acquisition-r) Tj ET Q q 0 0 0 rg BT 97.29 319.00 Td (ela) Tj ET Q q 0 0 0 rg BT 106.86 319.00 Td (t) Tj ET Q q 0 0 0 rg BT 109.46 319.00 Td (ed equity c) Tj ET Q q 0 0 0 rg BT 145.10 319.00 Td (ompensa) Tj ET Q q 0 0 0 rg BT 174.98 319.00 Td (tion e) Tj ET Q q 0 0 0 rg BT 193.59 319.00 Td (xpense ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 218.36 322.81 Td (\(1\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 412.85 319.00 Td (\(1,010) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 433.50 319.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 488.25 319.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 550.25 319.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 612.25 319.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 674.25 319.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 726.85 319.00 Td (\(1,010) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 319.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 307.00 Td (Loan acquisition c) Tj ET Q q 0 0 0 rg BT 113.94 307.00 Td (os) Tj ET Q q 0 0 0 rg BT 121.21 307.00 Td (ts \(including c) Tj ET Q q 0 0 0 rg BT 165.84 307.00 Td (ommissions\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 412.85 307.00 Td (\(4,830) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 433.50 307.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 474.85 307.00 Td (\(1,993) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 495.50 307.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 536.85 307.00 Td (\(1,964) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 557.50 307.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 598.85 307.00 Td (\(1,477) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 619.50 307.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 660.85 307.00 Td (\(1,837) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 681.50 307.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.80 307.00 Td (\(10,264) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 307.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 295.00 Td (Other g) Tj ET Q q 0 0 0 rg BT 80.46 295.00 Td (ener) Tj ET Q q 0 0 0 rg BT 95.25 295.00 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 142.11 295.00 Td (tr) Tj ET Q q 0 0 0 rg BT 147.41 295.00 Td (a) Tj ET Q q 0 0 0 rg BT 151.17 295.00 Td (tiv) Tj ET Q q 0 0 0 rg BT 159.22 295.00 Td (e e) Tj ET Q q 0 0 0 rg BT 168.87 295.00 Td (xpense) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 408.80 295.00 Td (\(10,062) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 433.50 295.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 474.85 295.00 Td (\(8,787) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 495.50 295.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 536.85 295.00 Td (\(7,442) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 557.50 295.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 598.85 295.00 Td (\(6,122) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 619.50 295.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 660.85 295.00 Td (\(7,350) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 681.50 295.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.80 295.00 Td (\(32,413) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 295.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 283.00 Td (T) Tj ET Q q 0 0 0 rg BT 47.54 283.00 Td (ot) Tj ET Q q 0 0 0 rg BT 54.04 283.00 Td (al g) Tj ET Q q 0 0 0 rg BT 65.20 283.00 Td (ener) Tj ET Q q 0 0 0 rg BT 80.04 283.00 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 126.86 283.00 Td (tr) Tj ET Q q 0 0 0 rg BT 132.20 283.00 Td (a) Tj ET Q q 0 0 0 rg BT 135.92 283.00 Td (tiv) Tj ET Q q 0 0 0 rg BT 143.97 283.00 Td (e e) Tj ET Q q 0 0 0 rg BT 153.64 283.00 Td (xpenses) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 408.80 283.00 Td (\(42,443) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 433.50 283.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 470.80 283.00 Td (\(26,815) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 495.50 283.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 532.80 283.00 Td (\(26,255) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 557.50 283.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 594.80 283.00 Td (\(23,159) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 619.50 283.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 656.80 283.00 Td (\(19,253) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 681.50 283.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 718.75 283.00 Td (\(118,672) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 283.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 271.00 Td (Other e) Tj ET Q q 0 0 0 rg BT 68.68 271.00 Td (xpenses) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 412.85 271.00 Td (\(7,001) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 433.50 271.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 474.85 271.00 Td (\(2,531) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 495.50 271.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 536.85 271.00 Td (\(2,452) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 557.50 271.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 598.85 271.00 Td (\(1,038) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 619.50 271.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 666.90 271.00 Td (\(125) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 681.50 271.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.80 271.00 Td (\(13,022) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 271.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 259.00 Td (\(Pr) Tj ET Q q 0 0 0 rg BT 53.22 259.00 Td (o) Tj ET Q q 0 0 0 rg BT 57.40 259.00 Td (vision f) Tj ET Q q 0 0 0 rg BT 80.32 259.00 Td (or\) bene) Tj ET Q q 0 0 0 rg BT 107.86 259.00 Td (fit fr) Tj ET Q q 0 0 0 rg BT 121.73 259.00 Td (om inc) Tj ET Q q 0 0 0 rg BT 143.50 259.00 Td (ome t) Tj ET Q q 0 0 0 rg BT 162.48 259.00 Td (a) Tj ET Q q 0 0 0 rg BT 166.24 259.00 Td (x) Tj ET Q q 0 0 0 rg BT 169.49 259.00 Td (es) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 412.85 259.00 Td (\(4,338) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 433.50 259.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 483.30 259.00 Td (114) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 536.85 259.00 Td (\(2,333) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 557.50 259.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 604.90 259.00 Td (\(883) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 619.50 259.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 663.25 259.00 Td (1,255) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 726.85 259.00 Td (\(7,440) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 259.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 44.00 247.00 Td (Ne) Tj ET Q q 0 0 0 rg BT 53.27 247.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 67.41 247.00 Td (ome \(loss\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 247.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 411.15 247.00 Td (49,143) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 443.00 247.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.15 247.00 Td (34,310) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 505.00 247.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 535.15 247.00 Td (31,266) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 567.00 247.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 597.15 247.00 Td (54,464) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 629.00 247.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 666.80 247.00 Td (\(913) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 681.50 247.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 695.00 247.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 721.10 247.00 Td (169,183) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 235.00 Td (Dilut) Tj ET Q q 0 0 0 rg BT 59.39 235.00 Td (ed a) Tj ET Q q 0 0 0 rg BT 73.08 235.00 Td (v) Tj ET Q q 0 0 0 rg BT 76.62 235.00 Td (er) Tj ET Q q 0 0 0 rg BT 83.22 235.00 Td (ag) Tj ET Q q 0 0 0 rg BT 90.75 235.00 Td (e shar) Tj ET Q q 0 0 0 rg BT 110.39 235.00 Td (es ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 119.31 238.81 Td (\(2\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 406.65 235.00 Td (152,983) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 468.65 235.00 Td (136,523) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 530.65 235.00 Td (130,697) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 592.65 235.00 Td (126,278) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 658.70 235.00 Td (83,217) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 720.65 235.00 Td (136,781) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 44.00 223.00 Td (Dilut) Tj ET Q q 0 0 0 rg BT 59.94 223.00 Td (ed earnings \(loss\) per c) Tj ET Q q 0 0 0 rg BT 135.96 223.00 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 177.86 223.00 Td (e) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 223.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 419.15 223.00 Td (0.38) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 443.00 223.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.15 223.00 Td (0.31) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 505.00 223.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 543.15 223.00 Td (0.30) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 567.00 223.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 605.15 223.00 Td (0.49) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 629.00 223.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 664.70 223.00 Td (\(0.02) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 681.50 223.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 695.00 223.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 733.15 223.00 Td (1.46) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 209.25 Td (\(1\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 209.25 Td (Acquisition-related ) Tj ET Q q 0 0 0 rg BT 114.89 209.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 136.25 209.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 182.40 209.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 210.52 209.25 Td (relates ) Tj ET Q q 0 0 0 rg BT 233.04 209.25 Td (to ) Tj ET Q q 0 0 0 rg BT 241.44 209.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 262.94 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 271.09 209.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 302.28 209.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 320.41 209.25 Td (that ) Tj ET Q q 0 0 0 rg BT 334.51 209.25 Td (were ) Tj ET Q q 0 0 0 rg BT 351.47 209.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 373.10 209.25 Td (to ) Tj ET Q q 0 0 0 rg BT 381.50 209.25 Td (members ) Tj ET Q q 0 0 0 rg BT 412.71 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 420.86 209.25 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 451.04 209.25 Td (management ) Tj ET Q q 0 0 0 rg BT 494.33 209.25 Td (as ) Tj ET Q q 0 0 0 rg BT 502.87 209.25 Td (a ) Tj ET Q q 0 0 0 rg BT 508.42 209.25 Td (component ) Tj ET Q q 0 0 0 rg BT 546.26 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 554.41 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 566.44 209.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 610.63 209.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 626.42 209.25 Td (to ) Tj ET Q q 0 0 0 rg BT 634.81 209.25 Td (them ) Tj ET Q q 0 0 0 rg BT 652.82 209.25 Td (for ) Tj ET Q q 0 0 0 rg BT 663.29 209.25 Td (our ) Tj ET Q q 0 0 0 rg BT 675.58 209.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 705.64 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 713.78 209.25 Td (their ) Tj ET Q q 0 0 0 rg BT 729.83 209.25 Td (interests ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 200.50 Td (in ) Tj ET Q q 0 0 0 rg BT 61.52 200.50 Td (CoreVest. ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 189.75 Td (\(2\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 189.75 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 78.97 189.75 Td (average ) Tj ET Q q 0 0 0 rg BT 106.03 189.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 127.65 189.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 155.35 189.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 176.97 189.75 Td (from ) Tj ET Q q 0 0 0 rg BT 193.39 189.75 Td (the ) Tj ET Q q 0 0 0 rg BT 205.54 189.75 Td (assumed ) Tj ET Q q 0 0 0 rg BT 235.20 189.75 Td (conversion ) Tj ET Q q 0 0 0 rg BT 270.94 189.75 Td (of ) Tj ET Q q 0 0 0 rg BT 279.20 189.75 Td (our ) Tj ET Q q 0 0 0 rg BT 291.61 189.75 Td (convertible ) Tj ET Q q 0 0 0 rg BT 328.51 189.75 Td (and/or ) Tj ET Q q 0 0 0 rg BT 351.41 189.75 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 397.16 189.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 413.96 189.75 Td (in ) Tj ET Q q 0 0 0 rg BT 421.57 189.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 444.73 189.75 Td (periods, ) Tj ET Q q 0 0 0 rg BT 472.29 189.75 Td (in ) Tj ET Q q 0 0 0 rg BT 479.90 189.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 517.73 189.75 Td (with ) Tj ET Q q 0 0 0 rg BT 532.73 189.75 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 553.83 189.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 577.90 189.75 Td (EPS ) Tj ET Q q 0 0 0 rg BT 592.00 189.75 Td (provisions. ) Tj ET Q q 0 0 0 rg BT 627.34 189.75 Td (See ) Tj ET Q q 0 0 0 rg BT 641.06 189.75 Td (Table ) Tj ET Q q 0 0 0 rg BT 659.82 189.75 Td (2 ) Tj ET Q q 0 0 0 rg BT 665.74 189.75 Td (that ) Tj ET Q q 0 0 0 rg BT 679.96 189.75 Td (follows ) Tj ET Q q 0 0 0 rg BT 703.77 189.75 Td (for ) Tj ET Q q 0 0 0 rg BT 714.36 189.75 Td (details ) Tj ET Q q 0 0 0 rg BT 736.86 189.75 Td (of ) Tj ET Q q 0 0 0 rg BT 745.12 189.75 Td (this ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 181.00 Td (calculation ) Tj ET Q q 0 0 0 rg BT 89.27 181.00 Td (for ) Tj ET Q q 0 0 0 rg BT 99.76 181.00 Td (the ) Tj ET Q q 0 0 0 rg BT 111.82 181.00 Td (current ) Tj ET Q q 0 0 0 rg BT 135.66 181.00 Td (and ) Tj ET Q q 0 0 0 rg BT 149.41 181.00 Td (prior ) Tj ET Q q 0 0 0 rg BT 166.11 181.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 190.72 181.00 Td (and ) Tj ET Q q 0 0 0 rg BT 204.47 181.00 Td (our ) Tj ET Q q 0 0 0 rg BT 216.79 181.00 Td (respective ) Tj ET Q q 0 0 0 rg BT 250.62 181.00 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 281.85 181.00 Td (Reports ) Tj ET Q q 0 0 0 rg BT 307.90 181.00 Td (on ) Tj ET Q q 0 0 0 rg BT 317.89 181.00 Td (Form ) Tj ET Q q 0 0 0 rg BT 336.29 181.00 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 354.19 181.00 Td (and ) Tj ET Q q 0 0 0 rg BT 367.94 181.00 Td (Annual ) Tj ET Q q 0 0 0 rg BT 391.67 181.00 Td (Report ) Tj ET Q q 0 0 0 rg BT 414.74 181.00 Td (on ) Tj ET Q q 0 0 0 rg BT 424.73 181.00 Td (Form ) Tj ET Q q 0 0 0 rg BT 443.13 181.00 Td (10-K.) Tj ET Q /GS0 gs q 32.00 0 0 27.95 38.00 545.07 cm /I81 Do Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F7 9.00 Tf ET q 0 0 0 rg BT 35.00 26.75 Td (THE RED) Tj ET Q q 0 0 0 rg BT 66.18 26.75 Td (W) Tj ET Q q 0 0 0 rg BT 74.09 26.75 Td (OOD REVIEW I 4TH QU) Tj ET Q q 0 0 0 rg BT 157.19 26.75 Td (AR) Tj ET Q q 0 0 0 rg BT 167.20 26.75 Td (TER 2019) Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 319.75 27.34 Td (See Appendix for details on non-GAAP measures.) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 530.25 30.75 Td ( T) Tj ET Q q 0 0 0 rg BT 542.07 30.75 Td (able 2: GAAP and Non-GAAP Cor) Tj ET Q q 0 0 0 rg BT 660.65 30.75 Td (e E) Tj ET Q q 0 0 0 rg BT 671.41 30.75 Td (arnings per Basic and ) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 653.15 21.75 Td (Dilut) Tj ET Q q 0 0 0 rg BT 670.46 21.75 Td (ed Common Shar) Tj ET Q q 0 0 0 rg BT 733.33 21.75 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 739.85 21.75 Td (28) Tj ET Q BT /F1 10.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 575.50 38.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 73.50 575.50 677.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 750.50 575.50 5.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 525.50 38.00 -23.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 73.50 525.50 428.00 -23.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 501.50 525.50 79.00 -23.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 580.50 525.50 4.00 -23.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 584.50 525.50 79.00 -23.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 663.50 525.50 4.00 -23.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 667.50 525.50 4.00 -23.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 671.50 525.50 79.00 -23.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 750.50 525.50 5.00 -23.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 35.50 329.50 466.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 501.50 329.50 79.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 580.50 329.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 584.50 329.50 79.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 663.50 329.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 667.50 329.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 671.50 329.50 79.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 329.50 5.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 35.50 314.50 466.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 501.50 314.50 79.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 580.50 314.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 584.50 314.50 79.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 663.50 314.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 667.50 314.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 671.50 314.50 79.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 314.50 5.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 35.50 120.50 466.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 501.50 120.50 79.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 580.50 120.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 584.50 120.50 79.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 663.50 120.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 667.50 120.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 671.50 120.50 79.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 120.50 5.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 35.50 105.50 466.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 501.50 105.50 79.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 580.50 105.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 584.50 105.50 79.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 663.50 105.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 667.50 105.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 671.50 105.50 79.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 105.50 5.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 35.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 73.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 540.5 m 73.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 575.5 m 501.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 540.5 m 501.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 575.5 m 580.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 540.5 m 580.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 580.5 575.5 m 584.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 580.5 540.5 m 584.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 575.5 m 663.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 540.5 m 663.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 663.5 575.5 m 667.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 663.5 540.5 m 667.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 575.5 m 671.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 540.5 m 671.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 671.5 575.5 m 750.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 671.5 540.5 m 750.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 575.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 575.5 m 755.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 540.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 35.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 73.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 502.5 m 73.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 525.5 m 501.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 502.5 m 501.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 525.5 m 580.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 502.5 m 580.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 580.5 525.5 m 584.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 580.5 502.5 m 584.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 525.5 m 663.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 502.5 m 663.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 663.5 525.5 m 667.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 663.5 502.5 m 667.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 525.5 m 667.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 525.5 m 671.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 502.5 m 671.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 671.5 525.5 m 750.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 671.5 502.5 m 750.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 525.5 m 755.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 525.5 m 755.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 502.5 m 755.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 502.5 m 35.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 502.5 m 667.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 502.5 m 755.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 487.5 m 35.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 487.5 m 667.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 487.5 m 755.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 472.5 m 35.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 457.5 m 73.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 457.5 m 501.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 457.5 m 580.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 580.5 457.5 m 584.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 457.5 m 663.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 663.5 457.5 m 667.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 472.5 m 667.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 457.5 m 671.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 671.5 457.5 m 750.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 472.5 m 755.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 457.5 m 755.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 457.5 m 35.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 457.5 m 667.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 457.5 m 755.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 442.5 m 35.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 442.5 m 667.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 442.5 m 755.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 427.5 m 35.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 412.5 m 580.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 412.5 m 663.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 427.5 m 667.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 671.5 412.5 m 750.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 427.5 m 755.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 412.5 m 35.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 412.5 m 73.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 412.5 m 501.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 412.5 m 580.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 580.5 412.5 m 584.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 412.5 m 663.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 663.5 412.5 m 667.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 412.5 m 667.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 412.5 m 671.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 671.5 412.5 m 750.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 412.5 m 755.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 412.5 m 755.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 397.5 m 35.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 397.5 m 667.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 397.5 m 755.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 393.5 m 35.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 393.5 m 667.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 393.5 m 755.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 378.5 m 35.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 378.5 m 667.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 378.5 m 755.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 363.5 m 35.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 348.5 m 580.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 580.5 348.5 m 584.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 348.5 m 663.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 663.5 348.5 m 667.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 363.5 m 667.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 348.5 m 671.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 671.5 348.5 m 750.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 363.5 m 755.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 348.5 m 755.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 348.5 m 35.5 333.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 348.5 m 73.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 348.5 m 501.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 348.5 m 580.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 348.5 m 663.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 348.5 m 667.5 333.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 671.5 348.5 m 750.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 348.5 m 755.5 333.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 333.5 m 35.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 333.5 m 667.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 333.5 m 755.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 329.5 m 35.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 329.5 m 667.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 329.5 m 755.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 314.5 m 35.5 299.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 314.5 m 667.5 299.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 314.5 m 755.5 299.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 299.5 m 35.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 299.5 m 667.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 299.5 m 755.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 293.5 m 35.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 293.5 m 667.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 293.5 m 755.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 278.5 m 35.5 263.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 278.5 m 667.5 263.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 278.5 m 755.5 263.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 263.5 m 35.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 263.5 m 667.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 263.5 m 755.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 248.5 m 35.5 233.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 248.5 m 73.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 248.5 m 501.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 248.5 m 580.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 580.5 248.5 m 584.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 248.5 m 663.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 663.5 248.5 m 667.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 248.5 m 667.5 233.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 248.5 m 671.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 671.5 248.5 m 750.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 248.5 m 755.5 233.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 248.5 m 755.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 233.5 m 35.5 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 233.5 m 667.5 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 233.5 m 755.5 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 218.5 m 35.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 203.5 m 580.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 203.5 m 663.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 663.5 203.5 m 667.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 218.5 m 667.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 203.5 m 671.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 671.5 203.5 m 750.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 218.5 m 755.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 203.5 m 35.5 188.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 203.5 m 73.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 203.5 m 501.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 203.5 m 580.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 580.5 203.5 m 584.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 203.5 m 663.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 203.5 m 667.5 188.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 671.5 203.5 m 750.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 203.5 m 755.5 188.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 203.5 m 755.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 188.5 m 35.5 184.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 188.5 m 667.5 184.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 188.5 m 755.5 184.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 184.5 m 35.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 184.5 m 667.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 184.5 m 755.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 169.5 m 35.5 154.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 169.5 m 667.5 154.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 169.5 m 755.5 154.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 154.5 m 35.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 139.5 m 580.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 580.5 139.5 m 584.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 139.5 m 663.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 663.5 139.5 m 667.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 154.5 m 667.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 139.5 m 671.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 671.5 139.5 m 750.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 154.5 m 755.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 139.5 m 35.5 124.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 139.5 m 73.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 139.5 m 501.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 139.5 m 580.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 139.5 m 663.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 139.5 m 667.5 124.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 671.5 139.5 m 750.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 139.5 m 755.5 124.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 139.5 m 755.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 124.5 m 35.5 120.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 124.5 m 667.5 120.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 124.5 m 755.5 120.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 120.5 m 35.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 120.5 m 667.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 120.5 m 755.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 105.5 m 35.5 90.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 105.5 m 667.5 90.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 105.5 m 755.5 90.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 90.5 m 35.5 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 86.5 m 73.5 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 86.5 m 501.5 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 86.5 m 580.5 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 580.5 86.5 m 584.5 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 86.5 m 663.5 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 663.5 86.5 m 667.5 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 90.5 m 667.5 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 667.5 86.5 m 671.5 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 671.5 86.5 m 750.5 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 90.5 m 755.5 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 86.5 m 755.5 86.5 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 160.10 555.50 Td (T) Tj ET Q q 1 1 1 rg BT 164.29 555.50 Td (able 2: GAAP and Non-GAAP Cor) Tj ET Q q 1 1 1 rg BT 299.02 555.50 Td (e Basic and Dilut) Tj ET Q q 1 1 1 rg BT 367.60 555.50 Td (ed E) Tj ET Q q 1 1 1 rg BT 385.01 555.50 Td (arnings ) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 1 1 1 rg BT 417.68 560.27 Td (\(1\)) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 425.02 555.50 Td ( per Common Shar) Tj ET Q q 1 1 1 rg BT 501.91 555.50 Td (e \(in thousands, e) Tj ET Q q 1 1 1 rg BT 575.34 555.50 Td (x) Tj ET Q q 1 1 1 rg BT 579.71 555.50 Td (cep) Tj ET Q q 1 1 1 rg BT 594.25 555.50 Td (t per shar) Tj ET Q q 1 1 1 rg BT 633.93 555.50 Td (e da) Tj ET Q q 1 1 1 rg BT 651.44 555.50 Td (t) Tj ET Q q 1 1 1 rg BT 654.81 555.50 Td (a\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 531.35 516.25 Td (2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 535.10 507.25 Td (Q4) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 614.35 516.25 Td (2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 618.10 507.25 Td (Q3) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 681.80 516.25 Td (T) Tj ET Q q 1 1 1 rg BT 685.99 516.25 Td (w) Tj ET Q q 1 1 1 rg BT 692.63 516.25 Td (elv) Tj ET Q q 1 1 1 rg BT 703.54 516.25 Td (e Mon) Tj ET Q q 1 1 1 rg BT 727.56 516.25 Td (ths) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 701.35 507.25 Td (2019) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 44.00 492.25 Td (GAAP E) Tj ET Q q 0 0 0 rg BT 71.80 492.25 Td (arnings per Common Shar) Tj ET Q q 0 0 0 rg BT 168.36 492.25 Td (e \("EPS"\):) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 477.25 Td (Ne) Tj ET Q q 0 0 0 rg BT 54.26 477.25 Td (t inc) Tj ET Q q 0 0 0 rg BT 69.85 477.25 Td (ome a) Tj ET Q q 0 0 0 rg BT 92.53 477.25 Td (t) Tj ET Q q 0 0 0 rg BT 95.44 477.25 Td (tribut) Tj ET Q q 0 0 0 rg BT 116.01 477.25 Td (able t) Tj ET Q q 0 0 0 rg BT 136.54 477.25 Td (o R) Tj ET Q q 0 0 0 rg BT 148.09 477.25 Td (edw) Tj ET Q q 0 0 0 rg BT 163.61 477.25 Td (ood) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 504.00 477.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 552.05 477.25 Td (49,143) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 587.00 477.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 635.05 477.25 Td (34,310) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 674.00 477.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 717.50 477.25 Td (169,183) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 462.25 Td (Less: Dividends and undis) Tj ET Q q 0 0 0 rg BT 137.22 462.25 Td (tribut) Tj ET Q q 0 0 0 rg BT 157.81 462.25 Td (ed earnings alloc) Tj ET Q q 0 0 0 rg BT 219.20 462.25 Td (a) Tj ET Q q 0 0 0 rg BT 223.43 462.25 Td (t) Tj ET Q q 0 0 0 rg BT 226.36 462.25 Td (ed t) Tj ET Q q 0 0 0 rg BT 240.52 462.25 Td (o participa) Tj ET Q q 0 0 0 rg BT 279.38 462.25 Td (ting securities) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 553.90 462.25 Td (\(1,546) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 577.15 462.25 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 643.70 462.25 Td (\(856) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 660.15 462.25 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 723.90 462.25 Td (\(4,797) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 747.15 462.25 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 44.00 447.25 Td (Ne) Tj ET Q q 0 0 0 rg BT 54.43 447.25 Td (t inc) Tj ET Q q 0 0 0 rg BT 70.34 447.25 Td (ome alloc) Tj ET Q q 0 0 0 rg BT 106.48 447.25 Td (a) Tj ET Q q 0 0 0 rg BT 110.86 447.25 Td (t) Tj ET Q q 0 0 0 rg BT 113.88 447.25 Td (ed t) Tj ET Q q 0 0 0 rg BT 128.30 447.25 Td (o c) Tj ET Q q 0 0 0 rg BT 138.87 447.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 186.04 447.25 Td (eholder) Tj ET Q q 0 0 0 rg BT 214.91 447.25 Td (s f) Tj ET Q q 0 0 0 rg BT 223.25 447.25 Td (or GAAP basic EPS) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 552.00 447.25 Td (47,597) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 635.00 447.25 Td (33,454) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 717.45 447.25 Td (164,386) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 432.25 Td (Incr) Tj ET Q q 0 0 0 rg BT 57.88 432.25 Td (emen) Tj ET Q q 0 0 0 rg BT 78.65 432.25 Td (t) Tj ET Q q 0 0 0 rg BT 81.57 432.25 Td (al adjus) Tj ET Q q 0 0 0 rg BT 109.32 432.25 Td (tmen) Tj ET Q q 0 0 0 rg BT 128.64 432.25 Td (t t) Tj ET Q q 0 0 0 rg BT 136.61 432.25 Td (o dividends and undis) Tj ET Q q 0 0 0 rg BT 216.02 432.25 Td (tribut) Tj ET Q q 0 0 0 rg BT 236.61 432.25 Td (ed earnings alloc) Tj ET Q q 0 0 0 rg BT 298.00 432.25 Td (a) Tj ET Q q 0 0 0 rg BT 302.23 432.25 Td (t) Tj ET Q q 0 0 0 rg BT 305.15 432.25 Td (ed t) Tj ET Q q 0 0 0 rg BT 319.32 432.25 Td (o participa) Tj ET Q q 0 0 0 rg BT 358.18 432.25 Td (ting securities) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 560.70 432.25 Td (\(113) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 577.15 432.25 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 643.70 432.25 Td (\(180) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 660.15 432.25 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 730.70 432.25 Td (\(476) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 747.15 432.25 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 417.25 Td (Add back: In) Tj ET Q q 0 0 0 rg BT 88.99 417.25 Td (t) Tj ET Q q 0 0 0 rg BT 91.91 417.25 Td (er) Tj ET Q q 0 0 0 rg BT 99.41 417.25 Td (es) Tj ET Q q 0 0 0 rg BT 107.30 417.25 Td (t e) Tj ET Q q 0 0 0 rg BT 116.69 417.25 Td (xpense on c) Tj ET Q q 0 0 0 rg BT 159.80 417.25 Td (on) Tj ET Q q 0 0 0 rg BT 169.13 417.25 Td (v) Tj ET Q q 0 0 0 rg BT 173.10 417.25 Td (ertible not) Tj ET Q q 0 0 0 rg BT 211.50 417.25 Td (es f) Tj ET Q q 0 0 0 rg BT 224.09 417.25 Td (or the period, ne) Tj ET Q q 0 0 0 rg BT 285.58 417.25 Td (t of t) Tj ET Q q 0 0 0 rg BT 303.07 417.25 Td (a) Tj ET Q q 0 0 0 rg BT 307.29 417.25 Td (x ) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.85 Tf ET q 0 0 0 rg BT 313.23 421.54 Td (\(2\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 556.65 417.25 Td (9,941) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 639.65 417.25 Td (8,887) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 722.05 417.25 Td (36,212) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 44.00 402.25 Td (Ne) Tj ET Q q 0 0 0 rg BT 54.43 402.25 Td (t inc) Tj ET Q q 0 0 0 rg BT 70.34 402.25 Td (ome alloc) Tj ET Q q 0 0 0 rg BT 106.48 402.25 Td (a) Tj ET Q q 0 0 0 rg BT 110.86 402.25 Td (t) Tj ET Q q 0 0 0 rg BT 113.88 402.25 Td (ed t) Tj ET Q q 0 0 0 rg BT 128.30 402.25 Td (o c) Tj ET Q q 0 0 0 rg BT 138.87 402.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 186.04 402.25 Td (eholder) Tj ET Q q 0 0 0 rg BT 214.91 402.25 Td (s f) Tj ET Q q 0 0 0 rg BT 223.25 402.25 Td (or GAAP dilut) Tj ET Q q 0 0 0 rg BT 273.87 402.25 Td (ed EPS) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 504.00 402.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 552.00 402.25 Td (57,425) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 587.00 402.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 635.00 402.25 Td (42,161) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 674.00 402.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 717.45 402.25 Td (200,122) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 383.25 Td (Basic w) Tj ET Q q 0 0 0 rg BT 71.03 383.25 Td (eigh) Tj ET Q q 0 0 0 rg BT 86.45 383.25 Td (t) Tj ET Q q 0 0 0 rg BT 89.38 383.25 Td (ed a) Tj ET Q q 0 0 0 rg BT 104.81 383.25 Td (v) Tj ET Q q 0 0 0 rg BT 108.75 383.25 Td (er) Tj ET Q q 0 0 0 rg BT 116.23 383.25 Td (ag) Tj ET Q q 0 0 0 rg BT 124.65 383.25 Td (e c) Tj ET Q q 0 0 0 rg BT 134.89 383.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 181.13 383.25 Td (es outs) Tj ET Q q 0 0 0 rg BT 207.06 383.25 Td (t) Tj ET Q q 0 0 0 rg BT 209.97 383.25 Td (anding) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 547.35 383.25 Td (112,818) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 630.35 383.25 Td (101,872) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 717.35 383.25 Td (101,147) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 368.25 Td (Ne) Tj ET Q q 0 0 0 rg BT 54.26 368.25 Td (t e) Tj ET Q q 0 0 0 rg BT 63.73 368.25 Td (f) Tj ET Q q 0 0 0 rg BT 66.39 368.25 Td (f) Tj ET Q q 0 0 0 rg BT 68.98 368.25 Td (ect of dilutiv) Tj ET Q q 0 0 0 rg BT 114.42 368.25 Td (e equity a) Tj ET Q q 0 0 0 rg BT 150.29 368.25 Td (w) Tj ET Q q 0 0 0 rg BT 156.64 368.25 Td (ar) Tj ET Q q 0 0 0 rg BT 163.98 368.25 Td (ds) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 563.45 368.25 Td (221) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 646.45 368.25 Td (363) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 733.45 368.25 Td (251) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 353.25 Td (Ne) Tj ET Q q 0 0 0 rg BT 54.24 353.25 Td (t e) Tj ET Q q 0 0 0 rg BT 63.69 353.25 Td (f) Tj ET Q q 0 0 0 rg BT 66.35 353.25 Td (f) Tj ET Q q 0 0 0 rg BT 68.87 353.25 Td (ect of assumed c) Tj ET Q q 0 0 0 rg BT 129.97 353.25 Td (on) Tj ET Q q 0 0 0 rg BT 139.30 353.25 Td (v) Tj ET Q q 0 0 0 rg BT 143.27 353.25 Td (ertible not) Tj ET Q q 0 0 0 rg BT 181.67 353.25 Td (es c) Tj ET Q q 0 0 0 rg BT 195.43 353.25 Td (on) Tj ET Q q 0 0 0 rg BT 204.76 353.25 Td (v) Tj ET Q q 0 0 0 rg BT 208.73 353.25 Td (er) Tj ET Q q 0 0 0 rg BT 216.20 353.25 Td (sion t) Tj ET Q q 0 0 0 rg BT 236.22 353.25 Td (o c) Tj ET Q q 0 0 0 rg BT 246.73 353.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 292.94 353.25 Td (es ) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.85 Tf ET q 0 0 0 rg BT 302.97 357.54 Td (\(2\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 552.05 353.25 Td (39,943) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 635.05 353.25 Td (34,288) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 722.05 353.25 Td (35,382) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 338.25 Td (Dilut) Tj ET Q q 0 0 0 rg BT 61.36 338.25 Td (ed w) Tj ET Q q 0 0 0 rg BT 78.95 338.25 Td (eigh) Tj ET Q q 0 0 0 rg BT 94.38 338.25 Td (t) Tj ET Q q 0 0 0 rg BT 97.30 338.25 Td (ed a) Tj ET Q q 0 0 0 rg BT 112.73 338.25 Td (v) Tj ET Q q 0 0 0 rg BT 116.68 338.25 Td (er) Tj ET Q q 0 0 0 rg BT 124.16 338.25 Td (ag) Tj ET Q q 0 0 0 rg BT 132.57 338.25 Td (e c) Tj ET Q q 0 0 0 rg BT 142.82 338.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 189.05 338.25 Td (es outs) Tj ET Q q 0 0 0 rg BT 214.98 338.25 Td (t) Tj ET Q q 0 0 0 rg BT 217.89 338.25 Td (anding) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 547.35 338.25 Td (152,982) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 630.35 338.25 Td (136,522) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 717.35 338.25 Td (136,780) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 44.00 319.25 Td (GAAP Basic E) Tj ET Q q 0 0 0 rg BT 92.89 319.25 Td (arnings per Common Shar) Tj ET Q q 0 0 0 rg BT 189.45 319.25 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 504.00 319.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 561.05 319.25 Td (0.42) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 587.00 319.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 644.05 319.25 Td (0.33) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 674.00 319.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 731.05 319.25 Td (1.63) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 44.00 304.25 Td (GAAP Dilut) Tj ET Q q 0 0 0 rg BT 85.46 304.25 Td (ed E) Tj ET Q q 0 0 0 rg BT 101.13 304.25 Td (arnings per Common Shar) Tj ET Q q 0 0 0 rg BT 197.69 304.25 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 504.00 304.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 561.05 304.25 Td (0.38) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 587.00 304.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 644.05 304.25 Td (0.31) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 674.00 304.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 731.05 304.25 Td (1.46) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 44.00 283.25 Td (Non-GAAP Cor) Tj ET Q q 0 0 0 rg BT 98.57 283.25 Td (e E) Tj ET Q q 0 0 0 rg BT 109.41 283.25 Td (arnings per Common Shar) Tj ET Q q 0 0 0 rg BT 205.98 283.25 Td (e:) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 268.25 Td (Non-GAAP c) Tj ET Q q 0 0 0 rg BT 88.58 268.25 Td (or) Tj ET Q q 0 0 0 rg BT 96.37 268.25 Td (e earnings) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 504.00 268.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 552.05 268.25 Td (61,233) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 587.00 268.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 635.05 268.25 Td (43,326) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 674.00 268.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 717.50 268.25 Td (185,867) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 253.25 Td (Less: Dividends and undis) Tj ET Q q 0 0 0 rg BT 137.22 253.25 Td (tribut) Tj ET Q q 0 0 0 rg BT 157.81 253.25 Td (ed earnings alloc) Tj ET Q q 0 0 0 rg BT 219.20 253.25 Td (a) Tj ET Q q 0 0 0 rg BT 223.43 253.25 Td (t) Tj ET Q q 0 0 0 rg BT 226.36 253.25 Td (ed t) Tj ET Q q 0 0 0 rg BT 240.52 253.25 Td (o participa) Tj ET Q q 0 0 0 rg BT 279.38 253.25 Td (ting securities) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 553.90 253.25 Td (\(1,908) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 577.15 253.25 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 636.90 253.25 Td (\(1,099) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 660.15 253.25 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 723.90 253.25 Td (\(5,270) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 747.15 253.25 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 44.00 238.25 Td (Non-GAAP c) Tj ET Q q 0 0 0 rg BT 89.56 238.25 Td (or) Tj ET Q q 0 0 0 rg BT 97.53 238.25 Td (e earnings alloc) Tj ET Q q 0 0 0 rg BT 155.42 238.25 Td (a) Tj ET Q q 0 0 0 rg BT 159.79 238.25 Td (t) Tj ET Q q 0 0 0 rg BT 162.82 238.25 Td (ed t) Tj ET Q q 0 0 0 rg BT 177.23 238.25 Td (o c) Tj ET Q q 0 0 0 rg BT 187.81 238.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 234.98 238.25 Td (eholder) Tj ET Q q 0 0 0 rg BT 263.84 238.25 Td (s f) Tj ET Q q 0 0 0 rg BT 272.19 238.25 Td (or c) Tj ET Q q 0 0 0 rg BT 285.94 238.25 Td (or) Tj ET Q q 0 0 0 rg BT 293.91 238.25 Td (e basic EPS) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 552.00 238.25 Td (59,325) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 635.00 238.25 Td (42,227) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 717.45 238.25 Td (180,597) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 223.25 Td (Incr) Tj ET Q q 0 0 0 rg BT 57.88 223.25 Td (emen) Tj ET Q q 0 0 0 rg BT 78.65 223.25 Td (t) Tj ET Q q 0 0 0 rg BT 81.57 223.25 Td (al adjus) Tj ET Q q 0 0 0 rg BT 109.32 223.25 Td (tmen) Tj ET Q q 0 0 0 rg BT 128.64 223.25 Td (t t) Tj ET Q q 0 0 0 rg BT 136.61 223.25 Td (o dividends and undis) Tj ET Q q 0 0 0 rg BT 216.02 223.25 Td (tribut) Tj ET Q q 0 0 0 rg BT 236.61 223.25 Td (ed earnings alloc) Tj ET Q q 0 0 0 rg BT 298.00 223.25 Td (a) Tj ET Q q 0 0 0 rg BT 302.23 223.25 Td (t) Tj ET Q q 0 0 0 rg BT 305.15 223.25 Td (ed t) Tj ET Q q 0 0 0 rg BT 319.32 223.25 Td (o participa) Tj ET Q q 0 0 0 rg BT 358.18 223.25 Td (ting securities) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 565.25 223.25 Td (\(19) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 577.15 223.25 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 643.70 223.25 Td (\(121) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 660.15 223.25 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 730.70 223.25 Td (\(356) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 747.15 223.25 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 208.25 Td (Add back: In) Tj ET Q q 0 0 0 rg BT 88.99 208.25 Td (t) Tj ET Q q 0 0 0 rg BT 91.91 208.25 Td (er) Tj ET Q q 0 0 0 rg BT 99.41 208.25 Td (es) Tj ET Q q 0 0 0 rg BT 107.30 208.25 Td (t e) Tj ET Q q 0 0 0 rg BT 116.69 208.25 Td (xpense on c) Tj ET Q q 0 0 0 rg BT 159.80 208.25 Td (on) Tj ET Q q 0 0 0 rg BT 169.13 208.25 Td (v) Tj ET Q q 0 0 0 rg BT 173.10 208.25 Td (ertible not) Tj ET Q q 0 0 0 rg BT 211.50 208.25 Td (es f) Tj ET Q q 0 0 0 rg BT 224.09 208.25 Td (or the period, ne) Tj ET Q q 0 0 0 rg BT 285.58 208.25 Td (t of t) Tj ET Q q 0 0 0 rg BT 303.07 208.25 Td (a) Tj ET Q q 0 0 0 rg BT 307.29 208.25 Td (x ) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.85 Tf ET q 0 0 0 rg BT 313.23 212.54 Td (\(2\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 556.65 208.25 Td (9,941) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 639.65 208.25 Td (8,887) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 722.05 208.25 Td (36,212) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 44.00 193.25 Td (Non-GAAP c) Tj ET Q q 0 0 0 rg BT 89.56 193.25 Td (or) Tj ET Q q 0 0 0 rg BT 97.53 193.25 Td (e earnings alloc) Tj ET Q q 0 0 0 rg BT 155.42 193.25 Td (a) Tj ET Q q 0 0 0 rg BT 159.79 193.25 Td (t) Tj ET Q q 0 0 0 rg BT 162.82 193.25 Td (ed t) Tj ET Q q 0 0 0 rg BT 177.23 193.25 Td (o c) Tj ET Q q 0 0 0 rg BT 187.81 193.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 234.98 193.25 Td (eholder) Tj ET Q q 0 0 0 rg BT 263.84 193.25 Td (s f) Tj ET Q q 0 0 0 rg BT 272.19 193.25 Td (or c) Tj ET Q q 0 0 0 rg BT 285.94 193.25 Td (or) Tj ET Q q 0 0 0 rg BT 293.91 193.25 Td (e dilut) Tj ET Q q 0 0 0 rg BT 317.57 193.25 Td (ed EPS) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 504.00 193.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 552.00 193.25 Td (69,247) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 587.00 193.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 635.00 193.25 Td (50,993) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 674.00 193.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 717.45 193.25 Td (216,453) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 174.25 Td (Basic w) Tj ET Q q 0 0 0 rg BT 71.03 174.25 Td (eigh) Tj ET Q q 0 0 0 rg BT 86.45 174.25 Td (t) Tj ET Q q 0 0 0 rg BT 89.38 174.25 Td (ed a) Tj ET Q q 0 0 0 rg BT 104.81 174.25 Td (v) Tj ET Q q 0 0 0 rg BT 108.75 174.25 Td (er) Tj ET Q q 0 0 0 rg BT 116.23 174.25 Td (ag) Tj ET Q q 0 0 0 rg BT 124.65 174.25 Td (e c) Tj ET Q q 0 0 0 rg BT 134.89 174.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 181.13 174.25 Td (es outs) Tj ET Q q 0 0 0 rg BT 207.06 174.25 Td (t) Tj ET Q q 0 0 0 rg BT 209.97 174.25 Td (anding) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 547.50 174.25 Td (112,818) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 630.50 174.25 Td (101,872) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 717.50 174.25 Td (101,147) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 159.25 Td (Ne) Tj ET Q q 0 0 0 rg BT 54.26 159.25 Td (t e) Tj ET Q q 0 0 0 rg BT 63.73 159.25 Td (f) Tj ET Q q 0 0 0 rg BT 66.39 159.25 Td (f) Tj ET Q q 0 0 0 rg BT 68.98 159.25 Td (ect of dilutiv) Tj ET Q q 0 0 0 rg BT 114.42 159.25 Td (e equity a) Tj ET Q q 0 0 0 rg BT 150.29 159.25 Td (w) Tj ET Q q 0 0 0 rg BT 156.64 159.25 Td (ar) Tj ET Q q 0 0 0 rg BT 163.98 159.25 Td (ds) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 563.45 159.25 Td (221) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 646.45 159.25 Td (363) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 733.45 159.25 Td (251) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 144.25 Td (Ne) Tj ET Q q 0 0 0 rg BT 54.24 144.25 Td (t e) Tj ET Q q 0 0 0 rg BT 63.69 144.25 Td (f) Tj ET Q q 0 0 0 rg BT 66.35 144.25 Td (f) Tj ET Q q 0 0 0 rg BT 68.87 144.25 Td (ect of assumed c) Tj ET Q q 0 0 0 rg BT 129.97 144.25 Td (on) Tj ET Q q 0 0 0 rg BT 139.30 144.25 Td (v) Tj ET Q q 0 0 0 rg BT 143.27 144.25 Td (ertible not) Tj ET Q q 0 0 0 rg BT 181.67 144.25 Td (es c) Tj ET Q q 0 0 0 rg BT 195.43 144.25 Td (on) Tj ET Q q 0 0 0 rg BT 204.76 144.25 Td (v) Tj ET Q q 0 0 0 rg BT 208.73 144.25 Td (er) Tj ET Q q 0 0 0 rg BT 216.20 144.25 Td (sion t) Tj ET Q q 0 0 0 rg BT 236.22 144.25 Td (o c) Tj ET Q q 0 0 0 rg BT 246.73 144.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 292.94 144.25 Td (es ) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.85 Tf ET q 0 0 0 rg BT 302.97 148.54 Td (\(2\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 552.05 144.25 Td (39,943) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 635.05 144.25 Td (34,288) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 722.05 144.25 Td (35,382) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 129.25 Td (Dilut) Tj ET Q q 0 0 0 rg BT 61.31 129.25 Td (ed w) Tj ET Q q 0 0 0 rg BT 78.91 129.25 Td (eigh) Tj ET Q q 0 0 0 rg BT 94.33 129.25 Td (t) Tj ET Q q 0 0 0 rg BT 97.25 129.25 Td (ed a) Tj ET Q q 0 0 0 rg BT 112.66 129.25 Td (v) Tj ET Q q 0 0 0 rg BT 116.63 129.25 Td (er) Tj ET Q q 0 0 0 rg BT 124.06 129.25 Td (ag) Tj ET Q q 0 0 0 rg BT 132.54 129.25 Td (e c) Tj ET Q q 0 0 0 rg BT 142.78 129.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 188.99 129.25 Td (es outs) Tj ET Q q 0 0 0 rg BT 214.93 129.25 Td (t) Tj ET Q q 0 0 0 rg BT 217.84 129.25 Td (anding) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 547.50 129.25 Td (152,982) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 630.50 129.25 Td (136,523) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 717.50 129.25 Td (136,780) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 44.00 110.25 Td (Non-GAAP Cor) Tj ET Q q 0 0 0 rg BT 98.57 110.25 Td (e Basic E) Tj ET Q q 0 0 0 rg BT 130.50 110.25 Td (arnings per Common Shar) Tj ET Q q 0 0 0 rg BT 227.06 110.25 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 504.00 110.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 561.05 110.25 Td (0.53) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 587.00 110.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 644.05 110.25 Td (0.41) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 674.00 110.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 731.05 110.25 Td (1.79) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 44.00 95.25 Td (Non-GAAP Cor) Tj ET Q q 0 0 0 rg BT 98.52 95.25 Td (e Dilut) Tj ET Q q 0 0 0 rg BT 123.02 95.25 Td (ed E) Tj ET Q q 0 0 0 rg BT 138.68 95.25 Td (arnings per Common Shar) Tj ET Q q 0 0 0 rg BT 235.25 95.25 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 504.00 95.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 561.05 95.25 Td (0.45) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 587.00 95.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 644.05 95.25 Td (0.37) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 674.00 95.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 731.05 95.25 Td (1.58) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 76.25 Td (\(1\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 76.25 Td (A ) Tj ET Q q 0 0 0 rg BT 60.75 76.25 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 104.31 76.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.48 76.25 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 133.49 76.25 Td (net ) Tj ET Q q 0 0 0 rg BT 145.54 76.25 Td (income ) Tj ET Q q 0 0 0 rg BT 170.44 76.25 Td (to ) Tj ET Q q 0 0 0 rg BT 178.86 76.25 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 214.14 76.25 Td (core ) Tj ET Q q 0 0 0 rg BT 229.71 76.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 258.35 76.25 Td (and ) Tj ET Q q 0 0 0 rg BT 272.10 76.25 Td (a ) Tj ET Q q 0 0 0 rg BT 277.68 76.25 Td (definition ) Tj ET Q q 0 0 0 rg BT 309.17 76.25 Td (of ) Tj ET Q q 0 0 0 rg BT 317.34 76.25 Td (core ) Tj ET Q q 0 0 0 rg BT 332.90 76.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 361.54 76.25 Td (\(which ) Tj ET Q q 0 0 0 rg BT 383.20 76.25 Td (we ) Tj ET Q q 0 0 0 rg BT 394.09 76.25 Td (updated ) Tj ET Q q 0 0 0 rg BT 422.61 76.25 Td (during ) Tj ET Q q 0 0 0 rg BT 444.90 76.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.96 76.25 Td (third ) Tj ET Q q 0 0 0 rg BT 473.28 76.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 497.90 76.25 Td (of ) Tj ET Q q 0 0 0 rg BT 506.06 76.25 Td (2019\) ) Tj ET Q q 0 0 0 rg BT 525.40 76.25 Td (is ) Tj ET Q q 0 0 0 rg BT 532.01 76.25 Td (included ) Tj ET Q q 0 0 0 rg BT 560.92 76.25 Td (in ) Tj ET Q q 0 0 0 rg BT 568.43 76.25 Td (the ) Tj ET Q q 0 0 0 rg BT 580.50 76.25 Td (Non-GAAP ) Tj ET Q q 0 0 0 rg BT 617.33 76.25 Td (Measurements ) Tj ET Q q 0 0 0 rg BT 665.05 76.25 Td (section ) Tj ET Q q 0 0 0 rg BT 689.30 76.25 Td (of ) Tj ET Q q 0 0 0 rg BT 697.46 76.25 Td (the ) Tj ET Q q 0 0 0 rg BT 709.52 76.25 Td (Appendix.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 65.50 Td (\(2\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 65.50 Td (Certain ) Tj ET Q q 0 0 0 rg BT 78.54 65.50 Td (convertible ) Tj ET Q q 0 0 0 rg BT 115.28 65.50 Td (notes ) Tj ET Q q 0 0 0 rg BT 134.39 65.50 Td (were ) Tj ET Q q 0 0 0 rg BT 151.29 65.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 189.70 65.50 Td (to ) Tj ET Q q 0 0 0 rg BT 198.04 65.50 Td (be ) Tj ET Q q 0 0 0 rg BT 208.08 65.50 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 232.76 65.50 Td (in ) Tj ET Q q 0 0 0 rg BT 240.20 65.50 Td (the ) Tj ET Q q 0 0 0 rg BT 252.18 65.50 Td (periods ) Tj ET Q q 0 0 0 rg BT 277.63 65.50 Td (presented ) Tj ET Q q 0 0 0 rg BT 311.13 65.50 Td (and ) Tj ET Q q 0 0 0 rg BT 324.80 65.50 Td (were ) Tj ET Q q 0 0 0 rg BT 341.70 65.50 Td (included ) Tj ET Q q 0 0 0 rg BT 370.53 65.50 Td (in ) Tj ET Q q 0 0 0 rg BT 377.97 65.50 Td (the ) Tj ET Q q 0 0 0 rg BT 389.96 65.50 Td (calculations ) Tj ET Q q 0 0 0 rg BT 428.13 65.50 Td (of ) Tj ET Q q 0 0 0 rg BT 436.22 65.50 Td (diluted ) Tj ET Q q 0 0 0 rg BT 460.11 65.50 Td (EPS ) Tj ET Q q 0 0 0 rg BT 474.04 65.50 Td (under ) Tj ET Q q 0 0 0 rg BT 494.19 65.50 Td (the ) Tj ET Q q 0 0 0 rg BT 506.17 65.50 Td ("if-converted" ) Tj ET Q q 0 0 0 rg BT 552.89 65.50 Td (method. ) Tj ET Q q 0 0 0 rg BT 581.21 65.50 Td (Under ) Tj ET Q q 0 0 0 rg BT 602.27 65.50 Td (this ) Tj ET Q q 0 0 0 rg BT 615.02 65.50 Td (method, ) Tj ET Q q 0 0 0 rg BT 643.34 65.50 Td (the ) Tj ET Q q 0 0 0 rg BT 655.33 65.50 Td (periodic ) Tj ET Q q 0 0 0 rg BT 682.86 65.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 707.91 65.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 735.98 65.50 Td (\(net ) Tj ET Q q 0 0 0 rg BT 749.77 65.50 Td (of ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 56.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 88.36 56.75 Td (taxes\) ) Tj ET Q q 0 0 0 rg BT 108.33 56.75 Td (for ) Tj ET Q q 0 0 0 rg BT 118.82 56.75 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 143.58 56.75 Td (notes ) Tj ET Q q 0 0 0 rg BT 162.77 56.75 Td (is ) Tj ET Q q 0 0 0 rg BT 169.37 56.75 Td (added ) Tj ET Q q 0 0 0 rg BT 191.67 56.75 Td (back ) Tj ET Q q 0 0 0 rg BT 208.28 56.75 Td (to ) Tj ET Q q 0 0 0 rg BT 216.70 56.75 Td (the ) Tj ET Q q 0 0 0 rg BT 228.76 56.75 Td (numerator ) Tj ET Q q 0 0 0 rg BT 263.10 56.75 Td (and ) Tj ET Q q 0 0 0 rg BT 276.85 56.75 Td (the ) Tj ET Q q 0 0 0 rg BT 288.91 56.75 Td (number ) Tj ET Q q 0 0 0 rg BT 315.10 56.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.27 56.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 344.79 56.75 Td (that ) Tj ET Q q 0 0 0 rg BT 358.92 56.75 Td (the ) Tj ET Q q 0 0 0 rg BT 370.98 56.75 Td (notes ) Tj ET Q q 0 0 0 rg BT 390.17 56.75 Td (are ) Tj ET Q q 0 0 0 rg BT 401.83 56.75 Td (entitled ) Tj ET Q q 0 0 0 rg BT 427.76 56.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.18 56.75 Td (\(if ) Tj ET Q q 0 0 0 rg BT 443.69 56.75 Td (converted, ) Tj ET Q q 0 0 0 rg BT 479.09 56.75 Td (regardless ) Tj ET Q q 0 0 0 rg BT 513.05 56.75 Td (of ) Tj ET Q q 0 0 0 rg BT 521.22 56.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 548.44 56.75 Td (they ) Tj ET Q q 0 0 0 rg BT 563.88 56.75 Td (are ) Tj ET Q q 0 0 0 rg BT 575.55 56.75 Td (in ) Tj ET Q q 0 0 0 rg BT 583.06 56.75 Td (or ) Tj ET Q q 0 0 0 rg BT 591.49 56.75 Td (out ) Tj ET Q q 0 0 0 rg BT 603.80 56.75 Td (of ) Tj ET Q q 0 0 0 rg BT 611.97 56.75 Td (the ) Tj ET Q q 0 0 0 rg BT 624.03 56.75 Td (money\) ) Tj ET Q q 0 0 0 rg BT 649.07 56.75 Td (are ) Tj ET Q q 0 0 0 rg BT 660.74 56.75 Td (included ) Tj ET Q q 0 0 0 rg BT 689.65 56.75 Td (in ) Tj ET Q q 0 0 0 rg BT 697.16 56.75 Td (the ) Tj ET Q q 0 0 0 rg BT 709.23 56.75 Td (denominator.) Tj ET Q /GS0 gs q 32.00 0 0 27.95 38.00 545.07 cm /I82 Do Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F7 9.00 Tf ET q 0 0 0 rg BT 38.00 26.75 Td (THE RED) Tj ET Q q 0 0 0 rg BT 69.18 26.75 Td (W) Tj ET Q q 0 0 0 rg BT 77.09 26.75 Td (OOD REVIEW I 4TH QU) Tj ET Q q 0 0 0 rg BT 160.19 26.75 Td (AR) Tj ET Q q 0 0 0 rg BT 170.20 26.75 Td (TER 2019) Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 322.75 27.34 Td (See Appendix for details on non-GAAP measures.) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 567.55 30.75 Td (T) Tj ET Q q 0 0 0 rg BT 571.23 30.75 Td (able 3: T) Tj ET Q q 0 0 0 rg BT 601.54 30.75 Td (a) Tj ET Q q 0 0 0 rg BT 605.76 30.75 Td (x) Tj ET Q q 0 0 0 rg BT 609.50 30.75 Td (able and GAAP Inc) Tj ET Q q 0 0 0 rg BT 676.42 30.75 Td (ome Dif) Tj ET Q q 0 0 0 rg BT 705.13 30.75 Td (f) Tj ET Q q 0 0 0 rg BT 707.66 30.75 Td (er) Tj ET Q q 0 0 0 rg BT 715.15 30.75 Td (ences and ) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 702.85 21.75 Td (Dividends) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 742.84 21.75 Td (29) Tj ET Q BT /F1 10.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 36.50 575.50 37.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 73.50 575.50 677.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 750.50 575.50 6.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 36.50 525.50 37.00 -17.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 73.50 525.50 198.00 -17.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 271.50 525.50 157.00 -17.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 428.50 525.50 4.00 -17.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 432.50 525.50 157.00 -17.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 589.50 525.50 4.00 -17.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 593.50 525.50 157.00 -17.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 750.50 525.50 6.00 -17.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 508.50 50.00 -21.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 508.50 50.00 -21.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 508.50 50.00 -21.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 487.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 487.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 487.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 474.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 474.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 474.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 461.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 461.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 461.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 448.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 448.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 448.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 435.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 435.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 435.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 422.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 422.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 422.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 409.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 409.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 409.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 396.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 396.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 396.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 383.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 383.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 383.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 370.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 370.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 370.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 357.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 357.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 357.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 344.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 344.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 344.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 331.50 50.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 331.50 50.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 331.50 50.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 317.50 50.00 -5.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 317.50 50.00 -5.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 317.50 50.00 -5.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 312.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 312.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 312.50 50.00 -13.00 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0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 268.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 268.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 268.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 255.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 255.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 255.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 242.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 242.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 242.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 229.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 229.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 229.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 216.50 50.00 -5.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 216.50 50.00 -5.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 216.50 50.00 -5.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 211.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 211.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 211.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 198.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 198.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 198.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 185.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 185.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 185.50 50.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 575.5 m 36.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 575.5 m 73.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 540.5 m 73.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 575.5 m 271.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 540.5 m 271.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 575.5 m 321.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 540.5 m 321.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 575.5 m 325.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 540.5 m 325.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 575.5 m 375.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 540.5 m 375.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 575.5 m 379.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 540.5 m 379.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 575.5 m 428.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 540.5 m 428.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 575.5 m 432.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 540.5 m 432.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 575.5 m 482.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 540.5 m 482.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 575.5 m 486.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 540.5 m 486.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 575.5 m 536.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 540.5 m 536.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 575.5 m 540.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 540.5 m 540.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 575.5 m 589.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 540.5 m 589.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 589.5 575.5 m 593.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 589.5 540.5 m 593.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 575.5 m 643.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 540.5 m 643.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 575.5 m 647.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 540.5 m 647.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 575.5 m 696.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 540.5 m 696.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 575.5 m 700.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 540.5 m 700.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 575.5 m 750.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 540.5 m 750.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 575.5 m 756.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 575.5 m 756.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 540.5 m 756.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 525.5 m 750.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 525.5 m 36.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 525.5 m 73.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 525.5 m 271.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 525.5 m 271.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 525.5 m 321.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 508.5 m 321.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 525.5 m 325.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 508.5 m 325.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 525.5 m 375.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 508.5 m 375.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 525.5 m 379.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 508.5 m 379.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 525.5 m 428.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 508.5 m 428.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 525.5 m 432.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 508.5 m 432.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 525.5 m 432.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 525.5 m 482.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 508.5 m 482.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 525.5 m 486.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 508.5 m 486.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 525.5 m 536.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 508.5 m 536.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 525.5 m 540.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 508.5 m 540.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 525.5 m 589.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 508.5 m 589.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 589.5 525.5 m 593.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 589.5 508.5 m 593.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 525.5 m 593.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 525.5 m 643.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 508.5 m 643.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 525.5 m 647.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 508.5 m 647.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 525.5 m 696.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 508.5 m 696.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 525.5 m 700.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 508.5 m 700.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 525.5 m 750.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 508.5 m 750.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 525.5 m 756.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 525.5 m 756.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 508.5 m 756.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 508.5 m 36.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 487.5 m 73.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 487.5 m 271.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 508.5 m 271.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 508.5 m 321.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 487.5 m 321.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 508.5 m 325.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 487.5 m 325.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 508.5 m 375.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 487.5 m 375.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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593.5 487.5 m 643.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 487.5 m 647.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 487.5 m 696.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 487.5 m 700.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 487.5 m 750.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 508.5 m 756.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 487.5 m 756.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 487.5 m 36.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 487.5 m 271.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 487.5 m 432.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 487.5 m 593.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 487.5 m 756.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 474.5 m 36.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 474.5 m 271.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 474.5 m 432.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 474.5 m 593.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 474.5 m 756.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 461.5 m 36.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 448.5 m 73.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 448.5 m 271.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 461.5 m 271.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 448.5 m 321.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 448.5 m 325.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 448.5 m 375.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 448.5 m 379.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 448.5 m 428.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 448.5 m 432.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 461.5 m 432.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 448.5 m 482.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 448.5 m 486.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 448.5 m 536.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 448.5 m 540.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 448.5 m 589.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 589.5 448.5 m 593.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 461.5 m 593.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 448.5 m 643.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 448.5 m 647.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 448.5 m 696.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 448.5 m 700.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 448.5 m 750.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 461.5 m 756.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 448.5 m 756.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 448.5 m 36.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 448.5 m 271.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 448.5 m 321.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 448.5 m 325.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 448.5 m 375.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 448.5 m 379.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 448.5 m 432.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 448.5 m 482.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 448.5 m 486.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 448.5 m 536.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 448.5 m 540.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 448.5 m 593.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 448.5 m 643.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 448.5 m 647.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 448.5 m 696.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 448.5 m 700.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 448.5 m 756.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 435.5 m 36.5 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 435.5 m 271.5 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 435.5 m 432.5 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 435.5 m 593.5 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 435.5 m 756.5 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 422.5 m 36.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 422.5 m 271.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 422.5 m 432.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 422.5 m 593.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 422.5 m 756.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 409.5 m 36.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 409.5 m 271.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 409.5 m 271.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 409.5 m 432.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 409.5 m 593.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 409.5 m 756.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 396.5 m 36.5 383.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 396.5 m 271.5 383.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 396.5 m 432.5 383.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 396.5 m 593.5 383.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 396.5 m 756.5 383.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 383.5 m 36.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 383.5 m 271.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 383.5 m 432.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 383.5 m 593.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 383.5 m 756.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 370.5 m 36.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 370.5 m 271.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 370.5 m 432.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 370.5 m 593.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 370.5 m 756.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 357.5 m 36.5 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 357.5 m 271.5 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 357.5 m 432.5 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 357.5 m 593.5 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 357.5 m 756.5 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 344.5 m 36.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 344.5 m 271.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 344.5 m 432.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 344.5 m 593.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 344.5 m 756.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 331.5 m 36.5 317.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 331.5 m 73.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 318.5 m 73.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 316.5 m 73.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 331.5 m 271.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 318.5 m 271.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 316.5 m 271.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 331.5 m 271.5 317.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 331.5 m 321.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 318.5 m 321.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 316.5 m 321.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 331.5 m 325.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 318.5 m 325.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 316.5 m 325.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 331.5 m 375.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 318.5 m 375.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 316.5 m 375.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 331.5 m 379.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 318.5 m 379.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 316.5 m 379.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 331.5 m 428.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 318.5 m 428.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 316.5 m 428.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 331.5 m 432.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 318.5 m 432.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 316.5 m 432.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 331.5 m 432.5 317.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 331.5 m 482.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 318.5 m 482.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 316.5 m 482.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 331.5 m 486.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 318.5 m 486.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 316.5 m 486.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 331.5 m 536.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 318.5 m 536.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 316.5 m 536.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 331.5 m 540.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 318.5 m 540.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 316.5 m 540.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 331.5 m 589.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 318.5 m 589.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 316.5 m 589.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 589.5 331.5 m 593.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 589.5 318.5 m 593.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 589.5 316.5 m 593.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 331.5 m 593.5 317.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 331.5 m 643.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 318.5 m 643.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 316.5 m 643.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 331.5 m 647.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 318.5 m 647.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 316.5 m 647.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 331.5 m 696.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 318.5 m 696.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 316.5 m 696.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 331.5 m 700.5 331.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 318.5 m 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492.00 Td (Diff) Tj ET Q q 0 0 0 rg BT 718.13 492.00 Td (er) Tj ET Q q 0 0 0 rg BT 724.91 492.00 Td (ences) Tj ET Q BT /F4 8.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 39 477.9375 m 165.00390625 477.9375 l s q 0 0 0 rg BT 39.00 479.00 Td (T) Tj ET Q q 0 0 0 rg BT 42.66 479.00 Td (a) Tj ET Q q 0 0 0 rg BT 46.27 479.00 Td (x) Tj ET Q q 0 0 0 rg BT 49.84 479.00 Td (able and GAAP Inc) Tj ET Q q 0 0 0 rg BT 110.78 479.00 Td (ome Diff) Tj ET Q q 0 0 0 rg BT 139.41 479.00 Td (er) Tj ET Q q 0 0 0 rg BT 146.16 479.00 Td (ences) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 466.00 Td (In) Tj ET Q q 0 0 0 rg BT 51.18 466.00 Td (t) Tj ET Q q 0 0 0 rg BT 53.78 466.00 Td (er) Tj ET Q q 0 0 0 rg BT 60.46 466.00 Td (es) Tj ET Q q 0 0 0 rg BT 67.47 466.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 81.30 466.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 466.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 292.20 466.00 Td (320,480) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 324.00 466.00 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BT 646.00 466.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 650.00 466.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 667.20 466.00 Td (248,057) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 703.00 466.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.85 466.00 Td (\(22,978) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.55 466.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 453.00 Td (In) Tj ET Q q 0 0 0 rg BT 51.18 453.00 Td (t) Tj ET Q q 0 0 0 rg BT 53.78 453.00 Td (er) Tj ET Q q 0 0 0 rg BT 60.46 453.00 Td (es) Tj ET Q q 0 0 0 rg BT 67.47 453.00 Td (t e) Tj ET Q q 0 0 0 rg BT 75.83 453.00 Td (xpense) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 289.75 453.00 Td (\(183,550) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 318.55 453.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 343.75 453.00 Td (\(479,808) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 372.55 453.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 399.20 453.00 Td (296,258) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 450.75 453.00 Td (\(139,147) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 479.55 453.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 504.75 453.00 Td (\(239,039) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 533.55 453.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 564.25 453.00 Td (99,892) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 615.85 453.00 Td (\(89,662) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 640.55 453.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 664.75 453.00 Td (\(108,816) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 693.55 453.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 725.25 453.00 Td (19,154) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 440.00 Td (Ne) Tj ET Q q 0 0 0 rg BT 54.12 440.00 Td (t in) Tj ET Q q 0 0 0 rg BT 64.59 440.00 Td (t) Tj ET Q q 0 0 0 rg BT 67.19 440.00 Td (er) Tj ET Q q 0 0 0 rg BT 73.87 440.00 Td (es) Tj ET Q q 0 0 0 rg BT 80.88 440.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 94.71 440.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 292.20 440.00 Td (136,930) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 346.20 440.00 Td (142,473) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 404.90 440.00 Td (\(5,543) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 425.55 440.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 453.20 440.00 Td (126,253) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 507.20 440.00 Td (139,678) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 561.85 440.00 Td (\(13,425) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 586.55 440.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 614.20 440.00 Td (135,417) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 667.20 440.00 Td (139,241) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 726.90 440.00 Td (\(3,824) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.55 440.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 427.00 Td (R) Tj ET Q q 0 0 0 rg BT 49.27 427.00 Td (ealiz) Tj ET Q q 0 0 0 rg BT 63.76 427.00 Td (ed cr) Tj ET Q q 0 0 0 rg BT 79.78 427.00 Td (edit losses) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 303.95 427.00 Td (\(534) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 318.55 427.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 365.30 427.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 410.95 427.00 Td (\(534) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 425.55 427.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 458.90 427.00 Td (\(1,738) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 479.55 427.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 526.30 427.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 565.90 427.00 Td (\(1,738) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 586.55 427.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 619.90 427.00 Td (\(3,442) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 640.55 427.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 686.30 427.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 726.90 427.00 Td (\(3,442) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.55 427.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 414.00 Td (Mortg) Tj ET Q q 0 0 0 rg BT 65.22 414.00 Td (ag) Tj ET Q q 0 0 0 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54.66 401.00 Td (es) Tj ET Q q 0 0 0 rg BT 61.69 401.00 Td (tmen) Tj ET Q q 0 0 0 rg BT 78.86 401.00 Td (t f) Tj ET Q q 0 0 0 rg BT 85.67 401.00 Td (air v) Tj ET Q q 0 0 0 rg BT 99.41 401.00 Td (alue chang) Tj ET Q q 0 0 0 rg BT 134.37 401.00 Td (es, ne) Tj ET Q q 0 0 0 rg BT 153.41 401.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 300.30 401.00 Td (4,307) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 350.25 401.00 Td (35,500) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 400.85 401.00 Td (\(31,193) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 425.55 401.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 461.30 401.00 Td (4,927) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 508.85 401.00 Td (\(25,689) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 533.55 401.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 564.25 401.00 Td (30,616) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 615.85 401.00 Td (\(11,191) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 640.55 401.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 671.25 401.00 Td (10,374) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.85 401.00 Td (\(21,565) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.55 401.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 388.00 Td (Gener) Tj ET Q q 0 0 0 rg BT 64.92 388.00 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 111.74 388.00 Td (tr) Tj ET Q q 0 0 0 rg BT 117.09 388.00 Td (a) Tj ET Q q 0 0 0 rg BT 120.80 388.00 Td (tiv) Tj ET Q q 0 0 0 rg BT 128.85 388.00 Td (e e) Tj ET Q q 0 0 0 rg BT 138.52 388.00 Td (xpenses) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 289.75 388.00 Td (\(109,737) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 318.55 388.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 343.75 388.00 Td (\(118,672) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 372.55 388.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 407.30 388.00 Td (8,935) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 454.85 388.00 Td (\(78,022) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 479.55 388.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 508.85 388.00 Td (\(82,782) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 533.55 388.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 568.30 388.00 Td (4,760) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 615.85 388.00 Td (\(73,203) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 640.55 388.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 668.85 388.00 Td (\(77,156) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 693.55 388.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 729.30 388.00 Td (3,953) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 375.00 Td (Other inc) Tj ET Q q 0 0 0 rg BT 75.15 375.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 296.25 375.00 Td (23,397) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 350.25 375.00 Td (19,257) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 407.30 375.00 Td (4,140) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 457.25 375.00 Td (17,584) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 511.25 375.00 Td (13,070) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 568.30 375.00 Td (4,514) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 618.25 375.00 Td (31,325) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 671.25 375.00 Td (12,436) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 725.25 375.00 Td (18,889) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 362.00 Td (R) Tj ET Q q 0 0 0 rg BT 49.27 362.00 Td (ealiz) Tj ET Q q 0 0 0 rg BT 63.76 362.00 Td (ed g) Tj ET Q q 0 0 0 rg BT 77.35 362.00 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 102.24 362.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 296.25 362.00 Td (62,613) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 350.25 362.00 Td (23,821) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 403.25 362.00 Td (38,792) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 457.25 362.00 Td (43,099) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 511.25 362.00 Td (27,041) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 564.25 362.00 Td (16,058) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 625.95 362.00 Td (\(736) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 640.55 362.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 671.25 362.00 Td (13,355) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.85 362.00 Td (\(14,091) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.55 362.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 349.00 Td (Other e) Tj ET Q q 0 0 0 rg BT 69.68 349.00 Td (xpenses) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 297.90 349.00 Td (\(3,351) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 318.55 349.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 347.85 349.00 Td (\(13,022) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 372.55 349.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 407.30 349.00 Td (9,671) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 469.00 349.00 Td (\(65) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 479.55 349.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 518.95 349.00 Td (\(196) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 533.55 349.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 574.35 349.00 Td (131) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 633.30 349.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 686.30 349.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 740.30 349.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 336.00 Td (\(Pr) Tj ET Q q 0 0 0 rg BT 54.28 336.00 Td (o) Tj ET Q q 0 0 0 rg BT 58.42 336.00 Td (vision f) Tj ET Q q 0 0 0 rg BT 81.40 336.00 Td (or\) bene) Tj ET Q q 0 0 0 rg BT 108.89 336.00 Td (fit fr) Tj ET Q q 0 0 0 rg BT 122.79 336.00 Td (om inc) Tj ET Q q 0 0 0 rg BT 144.53 336.00 Td (ome t) Tj ET Q q 0 0 0 rg BT 163.53 336.00 Td (a) Tj ET Q q 0 0 0 rg BT 167.28 336.00 Td (x) Tj ET Q q 0 0 0 rg BT 170.60 336.00 Td (es) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 303.95 336.00 Td (\(866) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 318.55 336.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 351.90 336.00 Td (\(7,440) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 372.55 336.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 407.30 336.00 Td (6,574) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 464.95 336.00 Td (\(538) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 479.55 336.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 508.85 336.00 Td (\(11,088) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 533.55 336.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 564.25 336.00 Td (10,550) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 625.95 336.00 Td (\(516) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 640.55 336.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 668.85 336.00 Td (\(11,752) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 693.55 336.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 725.25 336.00 Td (11,236) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 322.00 Td (Inc) Tj ET Q q 0 0 0 rg BT 54.57 322.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 322.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 292.20 322.00 Td (192,905) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 328.00 322.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 346.20 322.00 Td (169,183) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 382.00 322.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 403.25 322.00 Td (23,722) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 322.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 453.20 322.00 Td (168,712) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 489.00 322.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 507.20 322.00 Td (119,600) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 543.00 322.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 564.25 322.00 Td (49,112) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 322.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 614.20 322.00 Td (121,797) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 650.00 322.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 667.20 322.00 Td (140,406) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 703.00 322.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.85 322.00 Td (\(18,609) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.55 322.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 304.00 Td (REIT t) Tj ET Q q 0 0 0 rg BT 63.60 304.00 Td (a) Tj ET Q q 0 0 0 rg BT 67.35 304.00 Td (x) Tj ET Q q 0 0 0 rg BT 70.71 304.00 Td (able inc) Tj ET Q q 0 0 0 rg BT 95.68 304.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 304.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 292.20 304.00 Td (136,255) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 304.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 453.20 304.00 Td (110,161) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 304.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 618.25 304.00 Td (90,122) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 291.00 Td (T) Tj ET Q q 0 0 0 rg BT 48.59 291.00 Td (a) Tj ET Q q 0 0 0 rg BT 52.07 291.00 Td (x) Tj ET Q q 0 0 0 rg BT 55.42 291.00 Td (able inc) Tj ET Q q 0 0 0 rg BT 80.40 291.00 Td (ome a) Tj ET Q q 0 0 0 rg BT 100.56 291.00 Td (t t) Tj ET Q q 0 0 0 rg BT 107.64 291.00 Td (a) Tj ET Q q 0 0 0 rg BT 111.39 291.00 Td (x) Tj ET Q q 0 0 0 rg BT 114.74 291.00 Td (able sub) Tj ET Q q 0 0 0 rg BT 141.85 291.00 Td (sidiaries) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 296.25 291.00 Td (56,650) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 457.25 291.00 Td (58,551) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 618.25 291.00 Td (31,675) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 278.00 Td (T) Tj ET Q q 0 0 0 rg BT 48.59 278.00 Td (a) Tj ET Q q 0 0 0 rg BT 52.07 278.00 Td (x) Tj ET Q q 0 0 0 rg BT 55.42 278.00 Td (able inc) Tj ET Q q 0 0 0 rg BT 80.40 278.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 278.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 292.20 278.00 Td (192,905) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 278.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 453.20 278.00 Td (168,712) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 278.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 614.20 278.00 Td (121,797) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 260.00 Td (Shar) Tj ET Q q 0 0 0 rg BT 59.45 260.00 Td (es used f) Tj ET Q q 0 0 0 rg BT 87.99 260.00 Td (or t) Tj ET Q q 0 0 0 rg BT 99.36 260.00 Td (a) Tj ET Q q 0 0 0 rg BT 103.10 260.00 Td (x) Tj ET Q q 0 0 0 rg BT 106.46 260.00 Td (able EPS c) Tj ET Q q 0 0 0 rg BT 138.92 260.00 Td (alcula) Tj ET Q q 0 0 0 rg BT 157.77 260.00 Td (tion) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 292.20 260.00 Td (114,353) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 457.25 260.00 Td (84,884) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 618.25 260.00 Td (76,600) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 247.00 Td (REIT t) Tj ET Q q 0 0 0 rg BT 63.60 247.00 Td (a) Tj ET Q q 0 0 0 rg BT 67.35 247.00 Td (x) Tj ET Q q 0 0 0 rg BT 70.71 247.00 Td (able inc) Tj ET Q q 0 0 0 rg BT 95.68 247.00 Td (ome per shar) Tj ET Q q 0 0 0 rg BT 138.73 247.00 Td (e) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 247.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 304.35 247.00 Td (1.28) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 247.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 465.35 247.00 Td (1.38) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 247.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.35 247.00 Td (1.17) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 234.00 Td (T) Tj ET Q q 0 0 0 rg BT 48.59 234.00 Td (a) Tj ET Q q 0 0 0 rg BT 52.07 234.00 Td (x) Tj ET Q q 0 0 0 rg BT 55.42 234.00 Td (able inc) Tj ET Q q 0 0 0 rg BT 80.40 234.00 Td (ome per shar) Tj ET Q q 0 0 0 rg BT 123.45 234.00 Td (e a) Tj ET Q q 0 0 0 rg BT 132.98 234.00 Td (t t) Tj ET Q q 0 0 0 rg BT 140.06 234.00 Td (a) Tj ET Q q 0 0 0 rg BT 143.81 234.00 Td (x) Tj ET Q q 0 0 0 rg BT 147.16 234.00 Td (able sub) Tj ET Q q 0 0 0 rg BT 174.27 234.00 Td (sidiaries) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 234.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 304.35 234.00 Td (0.54) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 234.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 465.35 234.00 Td (0.75) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 234.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.35 234.00 Td (0.42) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 221.00 Td (T) Tj ET Q q 0 0 0 rg BT 48.27 221.00 Td (a) Tj ET Q q 0 0 0 rg BT 52.03 221.00 Td (x) Tj ET Q q 0 0 0 rg BT 55.35 221.00 Td (able inc) Tj ET Q q 0 0 0 rg BT 80.37 221.00 Td (ome per shar) Tj ET Q q 0 0 0 rg BT 123.39 221.00 Td (e ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 129.18 224.81 Td (\(3\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 221.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 304.35 221.00 Td (1.82) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 221.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 465.35 221.00 Td (2.13) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 221.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.35 221.00 Td (1.59) Tj ET Q BT /F4 8.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 39 201.9375 m 71.85546875 201.9375 l s q 0 0 0 rg BT 39.00 203.00 Td (Dividends) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 190.00 Td (Dividends declar) Tj ET Q q 0 0 0 rg BT 98.65 190.00 Td (ed) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 190.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 292.20 190.00 Td (126,139) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 190.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 457.25 190.00 Td (94,134) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 190.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 618.25 190.00 Td (86,271) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 177.00 Td (Dividends per shar) Tj ET Q q 0 0 0 rg BT 105.36 177.00 Td (e ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 111.15 180.81 Td (\(4\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 177.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 304.35 177.00 Td (1.20) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 177.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 465.35 177.00 Td (1.18) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 177.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.35 177.00 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 162.25 Td (\(1\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 162.25 Td (Taxable ) Tj ET Q q 0 0 0 rg BT 79.67 162.25 Td (income ) Tj ET Q q 0 0 0 rg BT 104.57 162.25 Td (for ) Tj ET Q q 0 0 0 rg BT 115.06 162.25 Td (2019 ) Tj ET Q q 0 0 0 rg BT 132.57 162.25 Td (is ) Tj ET Q q 0 0 0 rg BT 139.17 162.25 Td (an ) Tj ET Q q 0 0 0 rg BT 148.64 162.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 177.28 162.25 Td (until ) Tj ET Q q 0 0 0 rg BT 192.70 162.25 Td (we ) Tj ET Q q 0 0 0 rg BT 203.59 162.25 Td (file ) Tj ET Q q 0 0 0 rg BT 214.86 162.25 Td (our ) Tj ET Q q 0 0 0 rg BT 227.17 162.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 238.44 162.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 262.02 162.25 Td (for ) Tj ET Q q 0 0 0 rg BT 272.51 162.25 Td (2019. ) Tj ET Q q 0 0 0 rg BT 291.96 162.25 Td (To ) Tj ET Q q 0 0 0 rg BT 301.30 162.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.36 162.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 335.00 162.25 Td (we ) Tj ET Q q 0 0 0 rg BT 345.89 162.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 368.96 162.25 Td (to ) Tj ET Q q 0 0 0 rg BT 377.38 162.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 390.61 162.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 401.88 162.25 Td (at ) Tj ET Q q 0 0 0 rg BT 409.78 162.25 Td (the ) Tj ET Q q 0 0 0 rg BT 421.84 162.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 454.23 162.25 Td (level ) Tj ET Q q 0 0 0 rg BT 470.69 162.25 Td (\(generally ) Tj ET Q q 0 0 0 rg BT 503.11 162.25 Td (as ) Tj ET Q q 0 0 0 rg BT 511.67 162.25 Td (a ) Tj ET Q q 0 0 0 rg BT 517.24 162.25 Td (result ) Tj ET Q q 0 0 0 rg BT 536.16 162.25 Td (of ) Tj ET Q q 0 0 0 rg BT 544.33 162.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 568.04 162.25 Td (at ) Tj ET Q q 0 0 0 rg BT 575.94 162.25 Td (our ) Tj ET Q q 0 0 0 rg BT 588.25 162.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 613.00 162.25 Td (REIT ) Tj ET Q q 0 0 0 rg BT 629.12 162.25 Td (subsidiaries\), ) Tj ET Q q 0 0 0 rg BT 671.11 162.25 Td (we ) Tj ET Q q 0 0 0 rg BT 682.00 162.25 Td (are ) Tj ET Q q 0 0 0 rg BT 693.67 162.25 Td (required ) Tj ET Q q 0 0 0 rg BT 721.92 162.25 Td (to ) Tj ET Q q 0 0 0 rg BT 730.33 162.25 Td (record ) Tj ET Q q 0 0 0 rg BT 752.37 162.25 Td (a ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 153.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.29 153.50 Td (provision ) Tj ET Q q 0 0 0 rg BT 95.64 153.50 Td (for ) Tj ET Q q 0 0 0 rg BT 106.15 153.50 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 127.18 153.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 158.17 153.50 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 190.85 153.50 Td (Any ) Tj ET Q q 0 0 0 rg BT 204.88 153.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 216.18 153.50 Td (provision ) Tj ET Q q 0 0 0 rg BT 246.53 153.50 Td (\(or ) Tj ET Q q 0 0 0 rg BT 256.78 153.50 Td (benefit\) ) Tj ET Q q 0 0 0 rg BT 282.60 153.50 Td (is ) Tj ET Q q 0 0 0 rg BT 289.22 153.50 Td (not ) Tj ET Q q 0 0 0 rg BT 301.55 153.50 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 337.22 153.50 Td (the ) Tj ET Q q 0 0 0 rg BT 349.30 153.50 Td (actual ) Tj ET Q q 0 0 0 rg BT 369.80 153.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 395.62 153.50 Td (of ) Tj ET Q q 0 0 0 rg BT 403.80 153.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 415.09 153.50 Td (currently ) Tj ET Q q 0 0 0 rg BT 444.02 153.50 Td (due ) Tj ET Q q 0 0 0 rg BT 458.04 153.50 Td (\(or ) Tj ET Q q 0 0 0 rg BT 468.30 153.50 Td (receivable ) Tj ET Q q 0 0 0 rg BT 502.15 153.50 Td (as ) Tj ET Q q 0 0 0 rg BT 510.73 153.50 Td (a ) Tj ET Q q 0 0 0 rg BT 516.33 153.50 Td (refund\) ) Tj ET Q q 0 0 0 rg BT 540.33 153.50 Td (as ) Tj ET Q q 0 0 0 rg BT 548.91 153.50 Td (a ) Tj ET Q q 0 0 0 rg BT 554.51 153.50 Td (portion ) Tj ET Q q 0 0 0 rg BT 579.27 153.50 Td (of ) Tj ET Q q 0 0 0 rg BT 587.46 153.50 Td (our ) Tj ET Q q 0 0 0 rg BT 599.79 153.50 Td (provision ) Tj ET Q q 0 0 0 rg BT 630.14 153.50 Td (\(or ) Tj ET Q q 0 0 0 rg BT 640.40 153.50 Td (benefit\) ) Tj ET Q q 0 0 0 rg BT 666.21 153.50 Td (is ) Tj ET Q q 0 0 0 rg BT 672.83 153.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 701.62 153.50 Td (in ) Tj ET Q q 0 0 0 rg BT 709.16 153.50 Td (nature. ) Tj ET Q q 0 0 0 rg BT 732.90 153.50 Td (It ) Tj ET Q q 0 0 0 rg BT 739.03 153.50 Td (is ) Tj ET Q q 0 0 0 rg BT 745.66 153.50 Td (our ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 144.75 Td (intention ) Tj ET Q q 0 0 0 rg BT 83.68 144.75 Td (to ) Tj ET Q q 0 0 0 rg BT 92.10 144.75 Td (retain ) Tj ET Q q 0 0 0 rg BT 111.67 144.75 Td (any ) Tj ET Q q 0 0 0 rg BT 124.51 144.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 146.95 144.75 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 176.12 144.75 Td (income ) Tj ET Q q 0 0 0 rg BT 201.02 144.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 235.37 144.75 Td (in ) Tj ET Q q 0 0 0 rg BT 242.89 144.75 Td (2019 ) Tj ET Q q 0 0 0 rg BT 260.40 144.75 Td (at ) Tj ET Q q 0 0 0 rg BT 268.31 144.75 Td (our ) Tj ET Q q 0 0 0 rg BT 280.62 144.75 Td (TRS ) Tj ET Q q 0 0 0 rg BT 294.63 144.75 Td (and ) Tj ET Q q 0 0 0 rg BT 308.37 144.75 Td (not ) Tj ET Q q 0 0 0 rg BT 320.69 144.75 Td (pass ) Tj ET Q q 0 0 0 rg BT 336.51 144.75 Td (it ) Tj ET Q q 0 0 0 rg BT 342.46 144.75 Td (through ) Tj ET Q q 0 0 0 rg BT 369.04 144.75 Td (to ) Tj ET Q q 0 0 0 rg BT 377.46 144.75 Td (our ) Tj ET Q q 0 0 0 rg BT 389.77 144.75 Td (shareholders. ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 134.00 Td (\(2\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 134.00 Td (Reconciliation ) Tj ET Q q 0 0 0 rg BT 99.51 134.00 Td (of ) Tj ET Q q 0 0 0 rg BT 107.68 134.00 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 128.70 134.00 Td (income ) Tj ET Q q 0 0 0 rg BT 153.59 134.00 Td (to ) Tj ET Q q 0 0 0 rg BT 162.02 134.00 Td (taxable ) Tj ET Q q 0 0 0 rg BT 186.77 134.00 Td (income ) Tj ET Q q 0 0 0 rg BT 211.67 134.00 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 229.05 134.00 Td (for ) Tj ET Q q 0 0 0 rg BT 239.55 134.00 Td (prior ) Tj ET Q q 0 0 0 rg BT 256.25 134.00 Td (quarters ) Tj ET Q q 0 0 0 rg BT 283.84 134.00 Td (is ) Tj ET Q q 0 0 0 rg BT 290.45 134.00 Td (provided ) Tj ET Q q 0 0 0 rg BT 320.52 134.00 Td (in ) Tj ET Q q 0 0 0 rg BT 328.04 134.00 Td (the ) Tj ET Q q 0 0 0 rg BT 340.10 134.00 Td (respective ) Tj ET Q q 0 0 0 rg BT 373.94 134.00 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 405.84 134.00 Td (Reviews ) Tj ET Q q 0 0 0 rg BT 432.81 134.00 Td (for ) Tj ET Q q 0 0 0 rg BT 443.30 134.00 Td (those ) Tj ET Q q 0 0 0 rg BT 462.50 134.00 Td (quarters. ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 123.25 Td (\(3\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 123.25 Td (Taxable ) Tj ET Q q 0 0 0 rg BT 79.68 123.25 Td (income ) Tj ET Q q 0 0 0 rg BT 104.57 123.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 121.96 123.25 Td (per ) Tj ET Q q 0 0 0 rg BT 134.39 123.25 Td (share ) Tj ET Q q 0 0 0 rg BT 152.94 123.25 Td (is ) Tj ET Q q 0 0 0 rg BT 159.54 123.25 Td (based ) Tj ET Q q 0 0 0 rg BT 180.55 123.25 Td (on ) Tj ET Q q 0 0 0 rg BT 190.54 123.25 Td (the ) Tj ET Q q 0 0 0 rg BT 202.60 123.25 Td (number ) Tj ET Q q 0 0 0 rg BT 228.79 123.25 Td (of ) Tj ET Q q 0 0 0 rg BT 236.96 123.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 258.48 123.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 297.76 123.25 Td (at ) Tj ET Q q 0 0 0 rg BT 305.66 123.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.72 123.25 Td (end ) Tj ET Q q 0 0 0 rg BT 331.73 123.25 Td (of ) Tj ET Q q 0 0 0 rg BT 339.90 123.25 Td (each ) Tj ET Q q 0 0 0 rg BT 356.63 123.25 Td (quarter. ) Tj ET Q q 0 0 0 rg BT 382.55 123.25 Td (The ) Tj ET Q q 0 0 0 rg BT 396.30 123.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 418.86 123.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 443.62 123.25 Td (income ) Tj ET Q q 0 0 0 rg BT 468.52 123.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 485.90 123.25 Td (per ) Tj ET Q q 0 0 0 rg BT 498.34 123.25 Td (share ) Tj ET Q q 0 0 0 rg BT 516.88 123.25 Td (is ) Tj ET Q q 0 0 0 rg BT 523.49 123.25 Td (the ) Tj ET Q q 0 0 0 rg BT 535.55 123.25 Td (sum ) Tj ET Q q 0 0 0 rg BT 550.34 123.25 Td (of ) Tj ET Q q 0 0 0 rg BT 558.51 123.25 Td (the ) Tj ET Q q 0 0 0 rg BT 570.57 123.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 600.23 123.25 Td (per ) Tj ET Q q 0 0 0 rg BT 612.67 123.25 Td (share ) Tj ET Q q 0 0 0 rg BT 631.22 123.25 Td (estimates. ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 112.50 Td (\(4\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 112.50 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 87.54 112.50 Td (in ) Tj ET Q q 0 0 0 rg BT 95.40 112.50 Td (2019 ) Tj ET Q q 0 0 0 rg BT 113.27 112.50 Td (are ) Tj ET Q q 0 0 0 rg BT 125.28 112.50 Td (expected ) Tj ET Q q 0 0 0 rg BT 156.88 112.50 Td (to ) Tj ET Q q 0 0 0 rg BT 165.65 112.50 Td (be ) Tj ET Q q 0 0 0 rg BT 176.11 112.50 Td (characterized ) Tj ET Q q 0 0 0 rg BT 220.01 112.50 Td (as ) Tj ET Q q 0 0 0 rg BT 228.92 112.50 Td (73% ) Tj ET Q q 0 0 0 rg BT 244.83 112.50 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 272.66 112.50 Td (dividend ) Tj ET Q q 0 0 0 rg BT 302.31 112.50 Td (income ) Tj ET Q q 0 0 0 rg BT 327.56 112.50 Td (\(or ) Tj ET Q q 0 0 0 rg BT 338.15 112.50 Td ($92 ) Tj ET Q q 0 0 0 rg BT 352.12 112.50 Td (million\) ) Tj ET Q q 0 0 0 rg BT 376.97 112.50 Td (and ) Tj ET Q q 0 0 0 rg BT 391.07 112.50 Td (27% ) Tj ET Q q 0 0 0 rg BT 406.98 112.50 Td (long-term ) Tj ET Q q 0 0 0 rg BT 440.23 112.50 Td (capital ) Tj ET Q q 0 0 0 rg BT 463.13 112.50 Td (gain ) Tj ET Q q 0 0 0 rg BT 478.91 112.50 Td (dividend ) Tj ET Q q 0 0 0 rg BT 508.56 112.50 Td (income ) Tj ET Q q 0 0 0 rg BT 533.80 112.50 Td (\(or ) Tj ET Q q 0 0 0 rg BT 544.39 112.50 Td ($34 ) Tj ET Q q 0 0 0 rg BT 558.36 112.50 Td (million\). ) Tj ET Q q 0 0 0 rg BT 585.17 112.50 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 618.70 112.50 Td (in ) Tj ET Q q 0 0 0 rg BT 626.57 112.50 Td (2018 ) Tj ET Q q 0 0 0 rg BT 644.43 112.50 Td (were ) Tj ET Q q 0 0 0 rg BT 661.76 112.50 Td (characterized ) Tj ET Q q 0 0 0 rg BT 705.66 112.50 Td (as ) Tj ET Q q 0 0 0 rg BT 714.57 112.50 Td (69% ) Tj ET Q q 0 0 0 rg BT 730.48 112.50 Td (ordinary ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 103.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 83.33 103.75 Td (income ) Tj ET Q q 0 0 0 rg BT 108.26 103.75 Td (\(or ) Tj ET Q q 0 0 0 rg BT 118.53 103.75 Td ($65 ) Tj ET Q q 0 0 0 rg BT 132.18 103.75 Td (million\) ) Tj ET Q q 0 0 0 rg BT 156.72 103.75 Td (and ) Tj ET Q q 0 0 0 rg BT 170.49 103.75 Td (31% ) Tj ET Q q 0 0 0 rg BT 186.08 103.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 219.02 103.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 241.60 103.75 Td (gain ) Tj ET Q q 0 0 0 rg BT 257.05 103.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 286.39 103.75 Td (income ) Tj ET Q q 0 0 0 rg BT 311.31 103.75 Td (\(or ) Tj ET Q q 0 0 0 rg BT 321.58 103.75 Td ($29 ) Tj ET Q q 0 0 0 rg BT 335.24 103.75 Td (million\). ) Tj ET Q q 0 0 0 rg BT 361.72 103.75 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 394.93 103.75 Td (in ) Tj ET Q q 0 0 0 rg BT 402.48 103.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 420.02 103.75 Td (were ) Tj ET Q q 0 0 0 rg BT 437.04 103.75 Td (characterized ) Tj ET Q q 0 0 0 rg BT 480.61 103.75 Td (as ) Tj ET Q q 0 0 0 rg BT 489.20 103.75 Td (71% ) Tj ET Q q 0 0 0 rg BT 504.79 103.75 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 532.30 103.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 561.64 103.75 Td (income ) Tj ET Q q 0 0 0 rg BT 586.56 103.75 Td (\(or ) Tj ET Q q 0 0 0 rg BT 596.83 103.75 Td ($61 ) Tj ET Q q 0 0 0 rg BT 610.49 103.75 Td (million\) ) Tj ET Q q 0 0 0 rg BT 635.02 103.75 Td (and ) Tj ET Q q 0 0 0 rg BT 648.80 103.75 Td (29% ) Tj ET Q q 0 0 0 rg BT 664.39 103.75 Td (qualified ) Tj ET Q q 0 0 0 rg BT 693.45 103.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 722.79 103.75 Td (income ) Tj ET Q q 0 0 0 rg BT 747.71 103.75 Td (\(or ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 95.00 Td ($25 ) Tj ET Q q 0 0 0 rg BT 67.62 95.00 Td (million\). ) Tj ET Q /GS0 gs q 33.20 0 0 29.00 39.00 544.02 cm /I83 Do Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F7 9.00 Tf ET q 0 0 0 rg BT 38.00 29.25 Td (THE RED) Tj ET Q q 0 0 0 rg BT 69.18 29.25 Td (W) Tj ET Q q 0 0 0 rg BT 77.09 29.25 Td (OOD REVIEW I 4TH QU) Tj ET Q q 0 0 0 rg BT 160.19 29.25 Td (AR) Tj ET Q q 0 0 0 rg BT 170.20 29.25 Td (TER 2019) Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 326.75 29.84 Td (See Appendix for details on non-GAAP measures.) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 601.25 30.75 Td (T) Tj ET Q q 0 0 0 rg BT 604.93 30.75 Td (able 4: Financial Ra) Tj ET Q q 0 0 0 rg BT 674.92 30.75 Td (tios and Book V) Tj ET Q q 0 0 0 rg BT 731.22 30.75 Td (alue) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 750.88 30.75 Td (30) Tj ET Q BT /F1 10.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 575.50 37.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 575.50 679.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 751.50 575.50 4.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 525.50 37.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 525.50 311.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 383.50 525.50 58.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 441.50 525.50 4.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 445.50 525.50 58.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 503.50 525.50 4.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 507.50 525.50 58.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 565.50 525.50 4.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 569.50 525.50 58.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 627.50 525.50 4.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 631.50 525.50 58.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 689.50 525.50 4.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 693.50 525.50 58.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 751.50 525.50 4.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 493.50 348.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 383.50 493.50 58.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 441.50 493.50 4.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 445.50 493.50 58.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 503.50 493.50 4.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 507.50 493.50 58.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 565.50 493.50 4.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 569.50 493.50 58.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 627.50 493.50 4.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 631.50 493.50 58.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 689.50 493.50 4.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 693.50 493.50 58.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 751.50 493.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 693.50 480.50 58.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 480.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 693.50 467.50 58.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 467.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 693.50 454.50 58.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 454.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 693.50 441.50 58.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 441.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 693.50 428.50 58.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 428.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 693.50 415.50 58.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 415.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 693.50 402.50 58.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 402.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 693.50 389.50 58.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 389.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 693.50 376.50 58.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 376.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 693.50 363.50 58.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 363.50 4.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 359.50 348.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 383.50 359.50 58.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 441.50 359.50 4.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 445.50 359.50 58.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 503.50 359.50 4.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 507.50 359.50 58.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 565.50 359.50 4.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 569.50 359.50 58.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 627.50 359.50 4.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 631.50 359.50 58.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 689.50 359.50 4.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 35.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 72.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 540.5 m 72.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 575.5 m 383.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 540.5 m 383.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 575.5 m 441.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 540.5 m 441.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 575.5 m 445.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 540.5 m 445.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 575.5 m 503.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 540.5 m 503.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 575.5 m 507.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 540.5 m 507.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 575.5 m 565.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 540.5 m 565.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 565.5 575.5 m 569.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 565.5 540.5 m 569.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 569.5 575.5 m 627.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 569.5 540.5 m 627.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 627.5 575.5 m 631.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 627.5 540.5 m 631.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 575.5 m 689.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 540.5 m 689.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 689.5 575.5 m 693.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 689.5 540.5 m 693.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 575.5 m 751.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 540.5 m 751.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 575.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 575.5 m 755.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 540.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 35.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 72.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 493.5 m 72.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 525.5 m 383.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 493.5 m 383.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 525.5 m 441.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 493.5 m 441.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 525.5 m 445.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 493.5 m 445.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 525.5 m 503.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 493.5 m 503.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 525.5 m 507.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 493.5 m 507.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 525.5 m 565.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 493.5 m 565.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 565.5 525.5 m 569.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 565.5 493.5 m 569.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 569.5 525.5 m 627.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 569.5 493.5 m 627.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 525.5 m 631.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 627.5 525.5 m 631.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 627.5 493.5 m 631.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 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[] 0 d 0 J 0 j 3 M 35.5 441.5 m 35.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 441.5 m 631.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 441.5 m 693.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 441.5 m 755.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 428.5 m 35.5 415.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 428.5 m 631.5 415.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 428.5 m 693.5 415.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 428.5 m 755.5 415.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 415.5 m 35.5 402.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 415.5 m 631.5 402.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 415.5 m 693.5 402.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 415.5 m 755.5 402.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 402.5 m 35.5 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 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j 3 M 441.5 359.5 m 445.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 359.5 m 503.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 359.5 m 507.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 359.5 m 565.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 565.5 359.5 m 569.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 569.5 359.5 m 627.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 363.5 m 631.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 627.5 359.5 m 631.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 359.5 m 689.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 363.5 m 693.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 359.5 m 751.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 363.5 m 755.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 359.5 m 755.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 359.5 m 35.5 338.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 359.5 m 72.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 359.5 m 383.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 569.5 359.5 m 627.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 359.5 m 631.5 338.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 689.5 359.5 m 693.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 359.5 m 693.5 338.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 338.5 m 35.5 325.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 338.5 m 631.5 325.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 338.5 m 693.5 325.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 325.5 m 35.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 312.5 m 72.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 312.5 m 383.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 312.5 m 441.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 312.5 m 445.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 312.5 m 503.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 312.5 m 507.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 312.5 m 565.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 565.5 312.5 m 569.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 569.5 312.5 m 627.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 325.5 m 631.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 627.5 312.5 m 631.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 312.5 m 689.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 689.5 312.5 m 693.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 325.5 m 693.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 312.5 m 35.5 299.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 312.5 m 631.5 299.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 312.5 m 693.5 299.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 299.5 m 35.5 286.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 299.5 m 631.5 286.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 299.5 m 693.5 286.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 286.5 m 35.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 286.5 m 631.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 286.5 m 693.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 273.5 m 35.5 260.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 260.5 m 72.5 260.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 260.5 m 383.5 260.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 273.5 m 631.5 260.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 273.5 m 693.5 260.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 689.5 260.5 m 693.5 260.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 273.5 m 693.5 260.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 260.5 m 35.5 247.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 247.5 m 72.5 247.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 247.5 m 383.5 247.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 260.5 m 441.5 260.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 247.5 m 441.5 247.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 260.5 m 445.5 260.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 247.5 m 445.5 247.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 260.5 m 503.5 260.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 247.5 m 503.5 247.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 260.5 m 507.5 260.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 247.5 m 507.5 247.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 260.5 m 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182.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 195.5 m 693.5 182.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 182.5 m 35.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 182.5 m 631.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 182.5 m 693.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 169.5 m 35.5 156.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 169.5 m 631.5 156.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 169.5 m 693.5 156.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 156.5 m 35.5 143.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 156.5 m 631.5 143.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 156.5 m 693.5 143.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 143.5 m 35.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 139.5 m 72.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 139.5 m 383.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 139.5 m 441.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 139.5 m 445.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 139.5 m 503.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 139.5 m 507.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 139.5 m 565.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 565.5 139.5 m 569.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 569.5 139.5 m 627.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 143.5 m 631.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 627.5 139.5 m 631.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 139.5 m 689.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 689.5 139.5 m 693.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 143.5 m 693.5 139.5 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 245.80 555.50 Td ( T) Tj ET Q q 1 1 1 rg BT 252.26 555.50 Td (able 4: Financial Ra) Tj ET Q q 1 1 1 rg BT 331.88 555.50 Td (tios and Book V) Tj ET Q q 1 1 1 rg BT 396.14 555.50 Td (alue \($ in thousands, e) Tj ET Q q 1 1 1 rg BT 489.66 555.50 Td (x) Tj ET Q q 1 1 1 rg BT 494.02 555.50 Td (cep) Tj ET Q q 1 1 1 rg BT 508.57 555.50 Td (t per shar) Tj ET Q q 1 1 1 rg BT 548.25 555.50 Td (e da) Tj ET Q q 1 1 1 rg BT 565.75 555.50 Td (t) Tj ET Q q 1 1 1 rg BT 569.12 555.50 Td (a\)) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 402.85 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 402.85 507.25 Td (2019) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 406.60 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 406.60 498.25 Td (Q4) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 464.85 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 464.85 507.25 Td (2019) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 468.60 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 468.60 498.25 Td (Q3) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 526.85 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 526.85 507.25 Td (2019) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 530.60 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 530.60 498.25 Td (Q2) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 588.85 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 588.85 507.25 Td (2019) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 592.60 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 592.60 498.25 Td (Q1) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 650.85 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 650.85 507.25 Td (2018) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 654.60 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 654.60 498.25 Td (Q4) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 708.85 514.00 26.27 -9.00 re f /GS0 gs q 1 1 1 rg BT 708.85 507.25 Td (T) Tj ET Q q 1 1 1 rg BT 713.04 507.25 Td (w) Tj ET Q q 1 1 1 rg BT 719.68 507.25 Td (elv) Tj ET Q q 1 1 1 rg BT 730.59 507.25 Td (e) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 697.35 505.00 49.27 -9.00 re f /GS0 gs q 1 1 1 rg BT 697.35 498.25 Td (Mon) Tj ET Q q 1 1 1 rg BT 714.80 498.25 Td (ths 2019) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 38.00 485.00 Td (Financial perf) Tj ET Q q 1 1 1 rg BT 82.84 485.00 Td (ormance r) Tj ET Q q 1 1 1 rg BT 116.62 485.00 Td (a) Tj ET Q q 1 1 1 rg BT 120.44 485.00 Td (tios) Tj ET Q BT /F7 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 38.00 472.00 Td (Ne) Tj ET Q q 0 0 0 rg BT 47.12 472.00 Td (t in) Tj ET Q q 0 0 0 rg BT 57.59 472.00 Td (t) Tj ET Q q 0 0 0 rg BT 60.19 472.00 Td (er) Tj ET Q q 0 0 0 rg BT 66.87 472.00 Td (es) Tj ET Q q 0 0 0 rg BT 73.88 472.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 87.71 472.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 386.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 412.95 472.00 Td (44,873) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 448.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 474.95 472.00 Td (33,513) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 536.95 472.00 Td (32,322) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 598.95 472.00 Td (31,765) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 634.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 658.55 472.00 Td (34,764) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 696.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 718.90 472.00 Td (142,473) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 459.00 Td (Corpor) Tj ET Q q 0 0 0 rg BT 60.40 459.00 Td (a) Tj ET Q q 0 0 0 rg BT 64.12 459.00 Td (t) Tj ET Q q 0 0 0 rg BT 66.71 459.00 Td (e g) Tj ET Q q 0 0 0 rg BT 76.19 459.00 Td (ener) Tj ET Q q 0 0 0 rg BT 91.03 459.00 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 137.86 459.00 Td (tr) Tj ET Q q 0 0 0 rg BT 143.20 459.00 Td (a) Tj ET Q q 0 0 0 rg BT 146.91 459.00 Td (tiv) Tj ET Q q 0 0 0 rg BT 154.96 459.00 Td (e e) Tj ET Q q 0 0 0 rg BT 164.63 459.00 Td (xpenses) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 386.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 410.55 459.00 Td (\(15,436) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 448.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 472.55 459.00 Td (\(12,727) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 497.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 534.55 459.00 Td (\(12,448) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.55 459.00 Td (\(12,394) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 621.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 634.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 660.20 459.00 Td (\(8,188) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 680.85 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 696.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 720.55 459.00 Td (\(53,005) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 446.00 Td (T) Tj ET Q q 0 0 0 rg BT 41.54 446.00 Td (ot) Tj ET Q q 0 0 0 rg BT 48.04 446.00 Td (al g) Tj ET Q q 0 0 0 rg BT 59.20 446.00 Td (ener) Tj ET Q q 0 0 0 rg BT 74.04 446.00 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 120.86 446.00 Td (tr) Tj ET Q q 0 0 0 rg BT 126.20 446.00 Td (a) Tj ET Q q 0 0 0 rg BT 129.92 446.00 Td (tiv) Tj ET Q q 0 0 0 rg BT 137.97 446.00 Td (e e) Tj ET Q q 0 0 0 rg BT 147.64 446.00 Td (xpenses) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 386.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 410.55 446.00 Td (\(42,443) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.25 446.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 448.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 472.55 446.00 Td (\(26,815) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 497.25 446.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 534.55 446.00 Td (\(26,255) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.25 446.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.55 446.00 Td (\(23,159) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 621.25 446.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 634.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 656.15 446.00 Td (\(19,253) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 680.85 446.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 696.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 716.50 446.00 Td (\(118,672) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 446.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 433.00 Td (GAAP ne) Tj ET Q q 0 0 0 rg BT 66.41 433.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 80.26 433.00 Td (ome \(loss\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 386.00 433.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 412.95 433.00 Td (49,143) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 448.00 433.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 474.95 433.00 Td (34,310) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.00 433.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 536.95 433.00 Td (31,266) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.00 433.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 598.95 433.00 Td (54,464) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 634.00 433.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 666.25 433.00 Td (\(913) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 680.85 433.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 696.00 433.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 718.90 433.00 Td (169,183) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 420.00 Td (A) Tj ET Q q 0 0 0 rg BT 42.55 420.00 Td (v) Tj ET Q q 0 0 0 rg BT 46.05 420.00 Td (er) Tj ET Q q 0 0 0 rg BT 52.70 420.00 Td (ag) Tj ET Q q 0 0 0 rg BT 60.19 420.00 Td (e t) Tj ET Q q 0 0 0 rg BT 68.58 420.00 Td (ot) Tj ET Q q 0 0 0 rg BT 75.39 420.00 Td (al asse) Tj ET Q q 0 0 0 rg BT 96.87 420.00 Td (ts) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 386.00 420.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 398.80 420.00 Td (17,551,586) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 448.00 420.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 460.80 420.00 Td (14,017,627) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.00 420.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 522.80 420.00 Td (13,596,337) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.00 420.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 584.80 420.00 Td (11,795,343) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 634.00 420.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 644.40 420.00 Td (10,163,283) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 696.00 420.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 708.80 420.00 Td (14,255,384) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 407.00 Td (A) Tj ET Q q 0 0 0 rg BT 42.55 407.00 Td (v) Tj ET Q q 0 0 0 rg BT 46.05 407.00 Td (er) Tj ET Q q 0 0 0 rg BT 52.70 407.00 Td (ag) Tj ET Q q 0 0 0 rg BT 60.19 407.00 Td (e t) Tj ET Q q 0 0 0 rg BT 68.58 407.00 Td (ot) Tj ET Q q 0 0 0 rg BT 75.39 407.00 Td (al equity) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 386.00 407.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 402.85 407.00 Td (1,800,390) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 448.00 407.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 464.85 407.00 Td (1,591,792) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.00 407.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 526.85 407.00 Td (1,556,850) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.00 407.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 588.85 407.00 Td (1,452,282) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 634.00 407.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 648.45 407.00 Td (1,342,967) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 696.00 407.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 712.85 407.00 Td (1,601,259) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 394.00 Td (Corpor) Tj ET Q q 0 0 0 rg BT 60.40 394.00 Td (a) Tj ET Q q 0 0 0 rg BT 64.12 394.00 Td (t) Tj ET Q q 0 0 0 rg BT 66.71 394.00 Td (e g) Tj ET Q q 0 0 0 rg BT 76.19 394.00 Td (ener) Tj ET Q q 0 0 0 rg BT 91.03 394.00 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 137.86 394.00 Td (tr) Tj ET Q q 0 0 0 rg BT 143.20 394.00 Td (a) Tj ET Q q 0 0 0 rg BT 146.91 394.00 Td (tiv) Tj ET Q q 0 0 0 rg BT 154.96 394.00 Td (e e) Tj ET Q q 0 0 0 rg BT 164.63 394.00 Td (xpenses / a) Tj ET Q q 0 0 0 rg BT 201.14 394.00 Td (v) Tj ET Q q 0 0 0 rg BT 204.64 394.00 Td (er) Tj ET Q q 0 0 0 rg BT 211.29 394.00 Td (ag) Tj ET Q q 0 0 0 rg BT 218.78 394.00 Td (e t) Tj ET Q q 0 0 0 rg BT 227.17 394.00 Td (ot) Tj ET Q q 0 0 0 rg BT 233.98 394.00 Td (al equity) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 421.05 394.00 Td (3.43) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.25 394.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 483.05 394.00 Td (3.20) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 497.25 394.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 545.05 394.00 Td (3.20) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.25 394.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 607.05 394.00 Td (3.41) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 621.25 394.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 666.65 394.00 Td (2.44) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 683.25 394.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 731.05 394.00 Td (3.31) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 394.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 381.00 Td (T) Tj ET Q q 0 0 0 rg BT 41.54 381.00 Td (ot) Tj ET Q q 0 0 0 rg BT 48.04 381.00 Td (al g) Tj ET Q q 0 0 0 rg BT 59.20 381.00 Td (ener) Tj ET Q q 0 0 0 rg BT 74.04 381.00 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 120.86 381.00 Td (tr) Tj ET Q q 0 0 0 rg BT 126.20 381.00 Td (a) Tj ET Q q 0 0 0 rg BT 129.92 381.00 Td (tiv) Tj ET Q q 0 0 0 rg BT 137.97 381.00 Td (e e) Tj ET Q q 0 0 0 rg BT 147.64 381.00 Td (xpenses / a) Tj ET Q q 0 0 0 rg BT 184.14 381.00 Td (v) Tj ET Q q 0 0 0 rg BT 187.65 381.00 Td (er) Tj ET Q q 0 0 0 rg BT 194.30 381.00 Td (ag) Tj ET Q q 0 0 0 rg BT 201.78 381.00 Td (e t) Tj ET Q q 0 0 0 rg BT 210.18 381.00 Td (ot) Tj ET Q q 0 0 0 rg BT 216.99 381.00 Td (al equity) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 421.05 381.00 Td (9.43) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.25 381.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 483.05 381.00 Td (6.74) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 497.25 381.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 545.05 381.00 Td (6.75) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.25 381.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 607.05 381.00 Td (6.38) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 621.25 381.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 666.65 381.00 Td (5.73) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 683.25 381.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 731.05 381.00 Td (7.41) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 381.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 368.00 Td (GAAP ne) Tj ET Q q 0 0 0 rg BT 66.41 368.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 80.26 368.00 Td (ome / a) Tj ET Q q 0 0 0 rg BT 105.29 368.00 Td (v) Tj ET Q q 0 0 0 rg BT 108.80 368.00 Td (er) Tj ET Q q 0 0 0 rg BT 115.45 368.00 Td (ag) Tj ET Q q 0 0 0 rg BT 122.93 368.00 Td (e equity \(GAAP R) Tj ET Q q 0 0 0 rg BT 178.00 368.00 Td (OE\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 417.00 368.00 Td (10.92) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.25 368.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 483.05 368.00 Td (8.62) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 497.25 368.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 545.05 368.00 Td (8.03) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.25 368.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 603.00 368.00 Td (15.00) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 621.25 368.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 664.20 368.00 Td (\(0.27) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 680.85 368.00 Td (\)%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 727.00 368.00 Td (10.57) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 368.00 Td (%) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 38.00 343.00 Td (Le) Tj ET Q q 1 1 1 rg BT 45.37 343.00 Td (v) Tj ET Q q 1 1 1 rg BT 49.08 343.00 Td (er) Tj ET Q q 1 1 1 rg BT 55.78 343.00 Td (ag) Tj ET Q q 1 1 1 rg BT 63.43 343.00 Td (e r) Tj ET Q q 1 1 1 rg BT 71.94 343.00 Td (a) Tj ET Q q 1 1 1 rg BT 75.81 343.00 Td (tios and book v) Tj ET Q q 1 1 1 rg BT 126.41 343.00 Td (alue per shar) Tj ET Q q 1 1 1 rg BT 169.61 343.00 Td (e) Tj ET Q BT /F7 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 38.00 330.00 Td (Short) Tj ET Q q 0 0 0 rg BT 55.44 330.00 Td (-t) Tj ET Q q 0 0 0 rg BT 60.41 330.00 Td (erm deb) Tj ET Q q 0 0 0 rg BT 87.70 330.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 386.00 330.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 402.85 330.00 Td (2,176,591) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 448.00 330.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 464.85 330.00 Td (1,789,827) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.00 330.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 526.85 330.00 Td (2,227,183) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.00 330.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 588.85 330.00 Td (1,914,514) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 634.00 330.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 648.45 330.00 Td (2,138,686) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 317.00 Td (Long-t) Tj ET Q q 0 0 0 rg BT 58.64 317.00 Td (erm deb) Tj ET Q q 0 0 0 rg BT 85.93 317.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 402.85 317.00 Td (2,970,415) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 464.85 317.00 Td (2,971,552) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 526.85 317.00 Td (2,584,499) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 588.85 317.00 Td (2,584,499) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 648.45 317.00 Td (2,584,499) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 304.00 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 304.00 Td (ot) Tj ET Q q 0 0 0 rg BT 47.99 304.00 Td (al deb) Tj ET Q q 0 0 0 rg BT 67.82 304.00 Td (t a) Tj ET Q q 0 0 0 rg BT 76.06 304.00 Td (t R) Tj ET Q q 0 0 0 rg BT 84.75 304.00 Td (edw) Tj ET Q q 0 0 0 rg BT 98.58 304.00 Td (ood) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 111.22 307.81 Td ( ) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 386.00 304.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 402.85 304.00 Td (5,147,006) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 448.00 304.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 464.85 304.00 Td (4,761,379) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.00 304.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 526.85 304.00 Td (4,811,682) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.00 304.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 588.85 304.00 Td (4,499,013) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 634.00 304.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 648.45 304.00 Td (4,723,185) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 291.00 Td (A) Tj ET Q q 0 0 0 rg BT 42.53 291.00 Td (t c) Tj ET Q q 0 0 0 rg BT 50.26 291.00 Td (onsolida) Tj ET Q q 0 0 0 rg BT 77.67 291.00 Td (t) Tj ET Q q 0 0 0 rg BT 80.27 291.00 Td (ed securitiz) Tj ET Q q 0 0 0 rg BT 117.15 291.00 Td (a) Tj ET Q q 0 0 0 rg BT 120.88 291.00 Td (tion en) Tj ET Q q 0 0 0 rg BT 143.73 291.00 Td (tities) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 50.00 278.00 Td (ABS issued) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 398.80 278.00 Td (10,515,475) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 464.85 278.00 Td (8,346,051) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 526.85 278.00 Td (6,913,129) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 588.85 278.00 Td (5,637,644) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 648.45 278.00 Td (5,410,073) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 50.00 265.00 Td (Non-r) Tj ET Q q 0 0 0 rg BT 68.72 265.00 Td (ec) Tj ET Q q 0 0 0 rg BT 76.02 265.00 Td (our) Tj ET Q q 0 0 0 rg BT 87.09 265.00 Td (se short) Tj ET Q q 0 0 0 rg BT 112.78 265.00 Td (-t) Tj ET Q q 0 0 0 rg BT 117.82 265.00 Td (erm deb) Tj ET Q q 0 0 0 rg BT 145.14 265.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 408.90 265.00 Td (153,696) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 470.90 265.00 Td (191,556) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 532.90 265.00 Td (237,363) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 594.90 265.00 Td (251,875) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 654.50 265.00 Td (265,637) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 252.00 Td (T) Tj ET Q q 0 0 0 rg BT 41.54 252.00 Td (ot) Tj ET Q q 0 0 0 rg BT 48.04 252.00 Td (al ABS and non-r) Tj ET Q q 0 0 0 rg BT 101.79 252.00 Td (ec) Tj ET Q q 0 0 0 rg BT 109.06 252.00 Td (our) Tj ET Q q 0 0 0 rg BT 120.17 252.00 Td (se short) Tj ET Q q 0 0 0 rg BT 145.92 252.00 Td (-t) Tj ET Q q 0 0 0 rg BT 150.88 252.00 Td (erm deb) Tj ET Q q 0 0 0 rg BT 178.18 252.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 386.00 252.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 398.80 252.00 Td (10,669,171) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 448.00 252.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 464.85 252.00 Td (8,537,607) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.00 252.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 526.85 252.00 Td (7,150,492) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.00 252.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 588.85 252.00 Td (5,889,519) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 634.00 252.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 648.45 252.00 Td (5,675,710) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 239.00 Td (Consolida) Tj ET Q q 0 0 0 rg BT 69.67 239.00 Td (t) Tj ET Q q 0 0 0 rg BT 72.26 239.00 Td (ed deb) Tj ET Q q 0 0 0 rg BT 94.61 239.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 97.29 242.81 Td ( \(1\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 386.00 239.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 398.80 239.00 Td (15,816,177) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 448.00 239.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 460.80 239.00 Td (13,298,986) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.00 239.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 522.80 239.00 Td (11,962,174) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.00 239.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 584.80 239.00 Td (10,388,532) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 634.00 239.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 644.40 239.00 Td (10,398,895) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 226.00 Td (T) Tj ET Q q 0 0 0 rg BT 41.27 226.00 Td (angible s) Tj ET Q q 0 0 0 rg BT 69.78 226.00 Td (t) Tj ET Q q 0 0 0 rg BT 72.38 226.00 Td (ockholder) Tj ET Q q 0 0 0 rg BT 104.71 226.00 Td (s' equity ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 133.75 229.81 Td (\(2\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 386.00 226.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 402.85 226.00 Td (1,665,767) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 448.00 226.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 464.85 226.00 Td (1,735,938) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.00 226.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 526.85 226.00 Td (1,513,033) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.00 226.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 588.85 226.00 Td (1,497,032) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 634.00 226.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 648.45 226.00 Td (1,348,794) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 213.00 Td (T) Tj ET Q q 0 0 0 rg BT 41.54 213.00 Td (ot) Tj ET Q q 0 0 0 rg BT 48.04 213.00 Td (al s) Tj ET Q q 0 0 0 rg BT 58.55 213.00 Td (t) Tj ET Q q 0 0 0 rg BT 61.14 213.00 Td (ockholder) Tj ET Q q 0 0 0 rg BT 93.51 213.00 Td (s' equity) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 386.00 213.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 402.85 213.00 Td (1,827,231) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 448.00 213.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 464.85 213.00 Td (1,785,059) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.00 213.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 526.85 213.00 Td (1,564,032) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.00 213.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 588.85 213.00 Td (1,549,927) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 634.00 213.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 648.45 213.00 Td (1,348,794) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 200.00 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 200.00 Td (ot) Tj ET Q q 0 0 0 rg BT 47.99 200.00 Td (al c) Tj ET Q q 0 0 0 rg BT 58.78 200.00 Td (apit) Tj ET Q q 0 0 0 rg BT 71.23 200.00 Td (al ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 78.71 203.81 Td (\(3\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 386.00 200.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 402.85 200.00 Td (2,596,984) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 448.00 200.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 464.85 200.00 Td (2,554,118) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.00 200.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 526.85 200.00 Td (2,337,442) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.00 200.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 588.85 200.00 Td (2,322,515) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 634.00 200.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 648.45 200.00 Td (2,120,572) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 187.00 Td (R) Tj ET Q q 0 0 0 rg BT 42.20 187.00 Td (ec) Tj ET Q q 0 0 0 rg BT 49.50 187.00 Td (our) Tj ET Q q 0 0 0 rg BT 60.57 187.00 Td (se le) Tj ET Q q 0 0 0 rg BT 75.27 187.00 Td (v) Tj ET Q q 0 0 0 rg BT 78.80 187.00 Td (er) Tj ET Q q 0 0 0 rg BT 85.41 187.00 Td (ag) Tj ET Q q 0 0 0 rg BT 92.94 187.00 Td (e r) Tj ET Q q 0 0 0 rg BT 101.36 187.00 Td (a) Tj ET Q q 0 0 0 rg BT 105.11 187.00 Td (tio \(r) Tj ET Q q 0 0 0 rg BT 120.77 187.00 Td (ec) Tj ET Q q 0 0 0 rg BT 128.06 187.00 Td (our) Tj ET Q q 0 0 0 rg BT 139.14 187.00 Td (se deb) Tj ET Q q 0 0 0 rg BT 160.41 187.00 Td (t a) Tj ET Q q 0 0 0 rg BT 168.65 187.00 Td (t R) Tj ET Q q 0 0 0 rg BT 177.34 187.00 Td (edw) Tj ET Q q 0 0 0 rg BT 191.17 187.00 Td (ood t) Tj ET Q q 0 0 0 rg BT 208.22 187.00 Td (o t) Tj ET Q q 0 0 0 rg BT 216.83 187.00 Td (angible s) Tj ET Q q 0 0 0 rg BT 245.34 187.00 Td (t) Tj ET Q q 0 0 0 rg BT 247.94 187.00 Td (ockholder) Tj ET Q q 0 0 0 rg BT 280.27 187.00 Td (s' equity\)) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 309.92 190.81 Td (\(4\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 424.40 187.00 Td (3.1x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 486.40 187.00 Td (2.7x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 548.40 187.00 Td (3.2x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 610.40 187.00 Td (3.0x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 672.40 187.00 Td (3.5x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 174.00 Td (Consolida) Tj ET Q q 0 0 0 rg BT 69.71 174.00 Td (t) Tj ET Q q 0 0 0 rg BT 72.30 174.00 Td (ed deb) Tj ET Q q 0 0 0 rg BT 94.62 174.00 Td (t t) Tj ET Q q 0 0 0 rg BT 101.73 174.00 Td (o t) Tj ET Q q 0 0 0 rg BT 110.35 174.00 Td (angible s) Tj ET Q q 0 0 0 rg BT 138.85 174.00 Td (t) Tj ET Q q 0 0 0 rg BT 141.45 174.00 Td (ockholder) Tj ET Q q 0 0 0 rg BT 173.81 174.00 Td (s' equity) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 424.40 174.00 Td (9.5x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 486.40 174.00 Td (7.7x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 548.40 174.00 Td (7.9x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 610.40 174.00 Td (6.9x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 672.40 174.00 Td (7.7x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 161.00 Td (Shar) Tj ET Q q 0 0 0 rg BT 52.45 161.00 Td (es outs) Tj ET Q q 0 0 0 rg BT 75.50 161.00 Td (t) Tj ET Q q 0 0 0 rg BT 78.08 161.00 Td (anding a) Tj ET Q q 0 0 0 rg BT 105.68 161.00 Td (t period end \(in thousands\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 408.90 161.00 Td (114,353) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 470.90 161.00 Td (112,102) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 536.95 161.00 Td (97,715) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 598.95 161.00 Td (96,866) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 658.55 161.00 Td (84,884) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 148.00 Td (Book v) Tj ET Q q 0 0 0 rg BT 59.73 148.00 Td (alue per shar) Tj ET Q q 0 0 0 rg BT 102.02 148.00 Td (e) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 386.00 148.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 417.00 148.00 Td (15.98) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 448.00 148.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 479.00 148.00 Td (15.92) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.00 148.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 541.00 148.00 Td (16.01) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.00 148.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 603.00 148.00 Td (16.00) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 634.00 148.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 662.60 148.00 Td (15.89) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 129.25 Td (\(1\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 129.25 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 83.95 129.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 117.52 129.25 Td (in ) Tj ET Q q 0 0 0 rg BT 125.04 129.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 168.86 129.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 185.58 129.25 Td (above ) Tj ET Q q 0 0 0 rg BT 206.85 129.25 Td (do ) Tj ET Q q 0 0 0 rg BT 217.22 129.25 Td (not ) Tj ET Q q 0 0 0 rg BT 229.54 129.25 Td (include ) Tj ET Q q 0 0 0 rg BT 254.17 129.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 282.94 129.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 311.21 129.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 328.97 129.25 Td (or ) Tj ET Q q 0 0 0 rg BT 337.39 129.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 354.11 129.25 Td (discounts.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 118.50 Td (\(2\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 118.50 Td (At ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 63.07 118.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 109.49 118.50 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 125.06 118.50 Td (, ) Tj ET Q q 0 0 0 rg BT 128.95 118.50 Td (September ) Tj ET Q q 0 0 0 rg BT 165.63 118.50 Td (30, ) Tj ET Q q 0 0 0 rg BT 177.30 118.50 Td (2019, ) Tj ET Q q 0 0 0 rg BT 196.76 118.50 Td (June ) Tj ET Q q 0 0 0 rg BT 213.75 118.50 Td (30, ) Tj ET Q q 0 0 0 rg BT 225.43 118.50 Td (2019, ) Tj ET Q q 0 0 0 rg BT 244.89 118.50 Td (March ) Tj ET Q q 0 0 0 rg BT 266.16 118.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 277.83 118.50 Td (2019, ) Tj ET Q q 0 0 0 rg BT 297.29 118.50 Td (and ) Tj ET Q q 0 0 0 rg BT 311.03 118.50 Td (December ) Tj ET Q q 0 0 0 rg BT 345.78 118.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 357.45 118.50 Td (2018, ) Tj ET Q q 0 0 0 rg BT 376.91 118.50 Td (tangible ) Tj ET Q q 0 0 0 rg BT 404.51 118.50 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 447.68 118.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 469.06 118.50 Td (excluded ) Tj ET Q q 0 0 0 rg BT 499.66 118.50 Td ($161 ) Tj ET Q q 0 0 0 rg BT 517.18 118.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 541.81 118.50 Td ($49 ) Tj ET Q q 0 0 0 rg BT 555.43 118.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 580.06 118.50 Td ($51 ) Tj ET Q q 0 0 0 rg BT 593.68 118.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 618.31 118.50 Td ($53 ) Tj ET Q q 0 0 0 rg BT 631.93 118.50 Td (million ) Tj ET Q q 0 0 0 rg BT 654.61 118.50 Td (and ) Tj ET Q q 0 0 0 rg BT 668.36 118.50 Td ($0, ) Tj ET Q q 0 0 0 rg BT 680.03 118.50 Td (respectively, ) Tj ET Q q 0 0 0 rg BT 720.87 118.50 Td (of ) Tj ET Q q 0 0 0 rg BT 729.04 118.50 Td (goodwill ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 109.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.75 109.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 100.92 109.75 Td (assets. ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 99.00 Td (\(3\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 99.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.00 99.00 Td (total ) Tj ET Q q 0 0 0 rg BT 84.06 99.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 106.60 99.00 Td (of ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 114.77 99.00 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 130.34 99.00 Td (billion) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 149.40 99.00 Td ( ) Tj ET Q q 0 0 0 rg BT 151.34 99.00 Td (at ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 159.24 99.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 205.67 99.00 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 221.24 99.00 Td ( ) Tj ET Q q 0 0 0 rg BT 223.18 99.00 Td (included ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 252.09 99.00 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 267.66 99.00 Td (billion) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 286.71 99.00 Td ( ) Tj ET Q q 0 0 0 rg BT 288.66 99.00 Td (of ) Tj ET Q q 0 0 0 rg BT 296.83 99.00 Td (equity ) Tj ET Q q 0 0 0 rg BT 318.21 99.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 340.76 99.00 Td (and ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 354.51 99.00 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 370.08 99.00 Td (billion) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 389.13 99.00 Td ( ) Tj ET Q q 0 0 0 rg BT 391.08 99.00 Td (of ) Tj ET Q q 0 0 0 rg BT 399.24 99.00 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 433.48 99.00 Td (corporate ) Tj ET Q q 0 0 0 rg BT 465.88 99.00 Td (debt.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 88.25 Td (\(4\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 88.25 Td (Excludes ) Tj ET Q q 0 0 0 rg BT 83.57 88.25 Td (ABS ) Tj ET Q q 0 0 0 rg BT 98.62 88.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 120.27 88.25 Td (and ) Tj ET Q q 0 0 0 rg BT 134.02 88.25 Td (non-recourse ) Tj ET Q q 0 0 0 rg BT 176.93 88.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 193.65 88.25 Td (at ) Tj ET Q q 0 0 0 rg BT 201.55 88.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 243.82 88.25 Td (entities. ) Tj ET Q q 0 0 0 rg BT 270.39 88.25 Td (See ) Tj ET Q q 0 0 0 rg BT 284.01 88.25 Td (Table ) Tj ET Q q 0 0 0 rg BT 302.68 88.25 Td (5 ) Tj ET Q q 0 0 0 rg BT 308.52 88.25 Td (for ) Tj ET Q q 0 0 0 rg BT 319.01 88.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 352.20 88.25 Td (detail ) Tj ET Q q 0 0 0 rg BT 371.63 88.25 Td (on ) Tj ET Q q 0 0 0 rg BT 381.62 88.25 Td (our ) Tj ET Q q 0 0 0 rg BT 393.93 88.25 Td (ABS ) Tj ET Q q 0 0 0 rg BT 408.98 88.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 430.63 88.25 Td (and ) Tj ET Q q 0 0 0 rg BT 444.38 88.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 478.96 88.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 495.68 88.25 Td (at ) Tj ET Q q 0 0 0 rg BT 503.58 88.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 545.85 88.25 Td (entities. ) Tj ET Q /GS0 gs q 33.20 0 0 29.00 38.00 544.02 cm /I84 Do Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F7 9.00 Tf ET q 0 0 0 rg BT 38.00 29.25 Td (THE RED) Tj ET Q q 0 0 0 rg BT 69.18 29.25 Td (W) Tj ET Q q 0 0 0 rg BT 77.09 29.25 Td (OOD REVIEW I 4TH QU) Tj ET Q q 0 0 0 rg BT 160.19 29.25 Td (AR) Tj ET Q q 0 0 0 rg BT 170.20 29.25 Td (TER 2019) Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 322.75 29.84 Td (See Appendix for details on non-GAAP measures.) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 605.35 29.25 Td (T) Tj ET Q q 0 0 0 rg BT 609.03 29.25 Td (able 5: Consolida) Tj ET Q q 0 0 0 rg BT 671.28 29.25 Td (ting Balance Shee) Tj ET Q q 0 0 0 rg BT 735.76 29.25 Td (t) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 742.85 29.25 Td (31) Tj ET Q BT /F1 10.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 575.50 34.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 69.50 575.50 682.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 751.50 575.50 4.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 525.50 72.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 107.50 525.50 320.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 427.50 525.50 4.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 431.50 525.50 320.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 751.50 525.50 4.00 -13.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 512.50 72.00 -15.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 107.50 512.50 42.00 -15.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 149.50 512.50 230.00 -15.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 379.50 512.50 4.00 -15.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 383.50 512.50 44.00 -15.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 427.50 512.50 4.00 -15.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 431.50 512.50 42.00 -15.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 473.50 512.50 230.00 -15.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 703.50 512.50 4.00 -15.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 707.50 512.50 44.00 -15.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 751.50 512.50 4.00 -15.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 497.50 72.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 107.50 497.50 42.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 149.50 497.50 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 153.50 497.50 42.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 195.50 497.50 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 199.50 497.50 42.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 241.50 497.50 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 245.50 497.50 42.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 287.50 497.50 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 291.50 497.50 42.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 333.50 497.50 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 337.50 497.50 42.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 379.50 497.50 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 383.50 497.50 44.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 427.50 497.50 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 431.50 497.50 42.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 473.50 497.50 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 477.50 497.50 42.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 519.50 497.50 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 523.50 497.50 42.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 565.50 497.50 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 569.50 497.50 42.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 611.50 497.50 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 615.50 497.50 42.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 657.50 497.50 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 661.50 497.50 42.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 703.50 497.50 4.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 707.50 497.50 44.00 -38.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 751.50 497.50 4.00 -38.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 459.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 459.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 446.50 42.00 -19.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 446.50 42.00 -19.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 427.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 427.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 414.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 414.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 401.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 401.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 389.50 42.00 -19.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 389.50 42.00 -19.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 370.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 370.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 357.50 42.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 357.50 42.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 342.50 42.00 -17.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 342.50 42.00 -17.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 325.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 325.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 312.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 312.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 299.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 299.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 286.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 286.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 273.50 42.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 273.50 42.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 269.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 269.50 42.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 256.50 42.00 -20.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 256.50 42.00 -20.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 107.50 236.50 42.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 431.50 236.50 42.00 -4.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 35.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 69.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 540.5 m 69.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 69.5 575.5 m 107.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 69.5 540.5 m 107.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 575.5 m 149.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 575.5 m 153.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 575.5 m 195.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 575.5 m 199.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 575.5 m 241.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 575.5 m 245.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 575.5 m 287.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 575.5 m 291.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 540.5 m 291.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 575.5 m 333.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 540.5 m 333.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 575.5 m 337.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 575.5 m 379.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 540.5 m 379.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 575.5 m 383.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 540.5 m 383.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 575.5 m 427.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 575.5 m 431.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 575.5 m 473.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 575.5 m 477.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 575.5 m 519.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 575.5 m 523.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 575.5 m 565.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 565.5 575.5 m 569.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 569.5 575.5 m 611.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 611.5 575.5 m 615.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 611.5 540.5 m 615.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 615.5 575.5 m 657.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 615.5 540.5 m 657.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 575.5 m 661.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 661.5 575.5 m 703.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 661.5 540.5 m 703.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 703.5 575.5 m 707.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 703.5 540.5 m 707.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 707.5 575.5 m 751.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 575.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 575.5 m 755.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 540.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 540.5 m 69.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 69.5 540.5 m 107.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 540.5 m 149.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 540.5 m 153.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 540.5 m 195.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 540.5 m 199.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 540.5 m 241.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 540.5 m 245.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 540.5 m 287.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 540.5 m 291.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 540.5 m 333.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 540.5 m 337.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 540.5 m 379.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 540.5 m 383.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 540.5 m 427.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 540.5 m 431.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 525.5 m 431.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 540.5 m 473.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 540.5 m 477.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 540.5 m 519.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 540.5 m 523.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 540.5 m 565.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 565.5 540.5 m 569.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 569.5 540.5 m 611.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 611.5 540.5 m 615.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 615.5 540.5 m 657.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 540.5 m 661.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 661.5 540.5 m 703.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 703.5 540.5 m 707.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 707.5 540.5 m 751.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 35.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 69.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 525.5 m 107.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 69.5 525.5 m 107.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 525.5 m 149.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 512.5 m 149.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 525.5 m 153.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 512.5 m 153.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 525.5 m 195.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 512.5 m 195.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 525.5 m 199.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 512.5 m 199.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 525.5 m 241.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 512.5 m 241.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 525.5 m 245.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 512.5 m 245.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 525.5 m 287.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 512.5 m 287.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 525.5 m 291.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 512.5 m 291.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 525.5 m 333.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 512.5 m 333.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 525.5 m 337.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 512.5 m 337.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 525.5 m 379.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 512.5 m 379.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 525.5 m 383.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 512.5 m 383.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 525.5 m 427.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 512.5 m 427.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 525.5 m 431.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 525.5 m 431.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 525.5 m 473.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 512.5 m 473.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 525.5 m 477.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 512.5 m 477.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 525.5 m 519.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 512.5 m 519.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 525.5 m 523.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 512.5 m 523.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 525.5 m 565.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 512.5 m 565.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 565.5 525.5 m 569.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 565.5 512.5 m 569.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 569.5 525.5 m 611.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 569.5 512.5 m 611.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 611.5 525.5 m 615.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 611.5 512.5 m 615.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 615.5 525.5 m 657.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 615.5 512.5 m 657.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 525.5 m 661.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 512.5 m 661.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 661.5 525.5 m 703.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 661.5 512.5 m 703.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 703.5 525.5 m 707.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 703.5 512.5 m 707.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 707.5 525.5 m 751.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 707.5 512.5 m 751.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 525.5 m 755.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 525.5 m 755.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 512.5 m 755.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 512.5 m 35.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 512.5 m 107.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 512.5 m 153.5 512.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 497.5 m 153.5 497.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 497.5 m 195.5 497.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 497.5 m 199.5 497.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 497.5 m 241.5 497.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 497.5 m 245.5 497.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 497.5 m 287.5 497.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 497.5 m 291.5 497.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 497.5 m 333.5 497.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 497.5 m 337.5 497.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 497.5 m 379.5 497.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 497.5 m 383.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 512.5 m 431.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 512.5 m 431.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 512.5 m 431.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 512.5 m 477.5 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512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 497.5 m 35.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 459.5 m 69.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 497.5 m 107.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 69.5 459.5 m 107.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 459.5 m 149.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 459.5 m 153.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 459.5 m 195.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 459.5 m 199.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 459.5 m 241.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 459.5 m 245.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 459.5 m 287.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 459.5 m 291.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 459.5 m 333.5 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459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 459.5 m 195.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 459.5 m 199.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 459.5 m 241.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 459.5 m 245.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 459.5 m 287.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 459.5 m 291.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 459.5 m 333.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 459.5 m 337.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 459.5 m 379.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 459.5 m 383.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 459.5 m 427.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 459.5 m 431.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 459.5 m 431.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 459.5 m 473.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 459.5 m 477.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 459.5 m 519.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 459.5 m 523.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 459.5 m 565.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 565.5 459.5 m 569.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 569.5 459.5 m 611.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 611.5 459.5 m 615.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 615.5 459.5 m 657.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 459.5 m 661.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 661.5 459.5 m 703.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 703.5 459.5 m 707.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 707.5 459.5 m 751.5 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l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 414.5 m 431.5 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 414.5 m 431.5 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 414.5 m 755.5 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 401.5 m 35.5 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 401.5 m 107.5 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 401.5 m 431.5 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 401.5 m 431.5 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 401.5 m 755.5 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 389.5 m 35.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 389.5 m 107.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 389.5 m 431.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 389.5 m 431.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 389.5 m 755.5 370.5 l s 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d 0 J 0 j 3 M 477.5 232.5 m 519.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 232.5 m 523.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 232.5 m 565.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 565.5 232.5 m 569.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 569.5 232.5 m 611.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 611.5 232.5 m 615.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 615.5 232.5 m 657.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 232.5 m 661.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 661.5 232.5 m 703.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 703.5 232.5 m 707.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 707.5 232.5 m 751.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 236.5 m 755.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 232.5 m 755.5 232.5 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 298.55 555.50 Td ( T) Tj ET Q q 1 1 1 rg BT 305.01 555.50 Td (able 5: Consolida) Tj ET Q q 1 1 1 rg BT 375.67 555.50 Td (ting Balance Shee) Tj ET Q q 1 1 1 rg BT 448.83 555.50 Td (t \($ in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 234.90 517.00 Td (December 31, 2019) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 557.75 517.00 Td (Sep) Tj ET Q q 1 1 1 rg BT 569.82 517.00 Td (t) Tj ET Q q 1 1 1 rg BT 572.50 517.00 Td (ember 30, 2019) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 230.55 502.00 Td (Consolida) Tj ET Q q 1 1 1 rg BT 262.97 502.00 Td (t) Tj ET Q q 1 1 1 rg BT 265.64 502.00 Td (ed VIEs ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 291.54 505.81 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 554.55 502.00 Td (Consolida) Tj ET Q q 1 1 1 rg BT 586.97 502.00 Td (t) Tj ET Q q 1 1 1 rg BT 589.64 502.00 Td (ed VIEs ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 615.54 505.81 Td (\(1\)) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 124.75 470.75 Td (A) Tj ET Q q 1 1 1 rg BT 128.78 470.75 Td (t ) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 110.85 463.75 Td (R) Tj ET Q q 1 1 1 rg BT 114.69 463.75 Td (edw) Tj ET Q q 1 1 1 rg BT 127.13 463.75 Td (ood ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 139.99 467.09 Td (\(1\)) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 162.35 470.75 Td (Sequoia) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 164.30 463.75 Td (Choice) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 202.00 470.75 Td (Fr) Tj ET Q q 1 1 1 rg BT 207.66 470.75 Td (eddie Mac) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 213.50 463.75 Td (SLS) Tj ET Q q 1 1 1 rg BT 223.04 463.75 Td (T) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 248.00 470.75 Td (Fr) Tj ET Q q 1 1 1 rg BT 253.62 470.75 Td (eddie Mac) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 254.40 463.75 Td (K) Tj ET Q q 1 1 1 rg BT 258.09 463.75 Td (-Series) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 304.90 463.75 Td (CAFL) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 346.45 463.75 Td (Other) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 363.38 467.09 Td ( \(2\)) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 391.20 470.75 Td (R) Tj ET Q q 1 1 1 rg BT 395.04 470.75 Td (edw) Tj ET Q q 1 1 1 rg BT 407.48 470.75 Td (ood) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 386.00 463.75 Td (Consolida) Tj ET Q q 1 1 1 rg BT 414.37 463.75 Td (t) Tj ET Q q 1 1 1 rg BT 416.71 463.75 Td (ed) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 448.75 470.75 Td (A) Tj ET Q q 1 1 1 rg BT 452.78 470.75 Td (t ) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 435.10 463.75 Td (R) Tj ET Q q 1 1 1 rg BT 438.94 463.75 Td (edw) Tj ET Q q 1 1 1 rg BT 451.38 463.75 Td (ood) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 462.66 467.09 Td ( \(1\)) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 486.35 470.75 Td (Sequoia) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 488.30 463.75 Td (Choice) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 526.00 470.75 Td (Fr) Tj ET Q q 1 1 1 rg BT 531.66 470.75 Td (eddie Mac) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 537.50 463.75 Td (SLS) Tj ET Q q 1 1 1 rg BT 547.04 463.75 Td (T) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 572.00 470.75 Td (Fr) Tj ET Q q 1 1 1 rg BT 577.62 470.75 Td (eddie Mac) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 578.40 463.75 Td (K) Tj ET Q q 1 1 1 rg BT 582.09 463.75 Td (-Series) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 628.90 463.75 Td (CAFL) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 670.15 463.75 Td (Other ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 688.66 467.09 Td (\(2\)) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 715.20 470.75 Td (R) Tj ET Q q 1 1 1 rg BT 719.04 470.75 Td (edw) Tj ET Q q 1 1 1 rg BT 731.48 470.75 Td (ood) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 710.00 463.75 Td (Consolida) Tj ET Q q 1 1 1 rg BT 738.37 463.75 Td (t) Tj ET Q q 1 1 1 rg BT 740.71 463.75 Td (ed) Tj ET Q BT /F7 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 38.00 450.75 Td (R) Tj ET Q q 0 0 0 rg BT 41.74 450.75 Td (esiden) Tj ET Q q 0 0 0 rg BT 60.31 450.75 Td (tial loans) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 110.00 450.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 118.35 450.75 Td (2,648,282) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 156.00 450.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 164.35 450.75 Td (2,291,463) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 202.00 450.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 210.35 450.75 Td (2,367,215) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 248.00 450.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 278.35 450.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 294.00 450.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 324.35 450.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 340.00 450.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 353.65 450.75 Td (407,890) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 386.00 450.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 396.35 450.75 Td (7,714,850) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 434.00 450.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 442.35 450.75 Td (3,193,105) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 480.00 450.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 488.35 450.75 Td (2,618,316) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 526.00 450.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 534.35 450.75 Td (2,441,223) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 572.00 450.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 602.30 450.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 618.00 450.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 648.30 450.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 664.00 450.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 677.65 450.75 Td (429,159) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 710.00 450.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 720.30 450.75 Td (8,681,803) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 438.75 Td (Business purpose) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 431.75 Td (r) Tj ET Q q 0 0 0 rg BT 40.39 431.75 Td (esiden) Tj ET Q q 0 0 0 rg BT 58.98 431.75 Td (tial loans) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 118.35 431.75 Td (1,314,191) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 186.35 431.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 232.35 431.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 278.35 431.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 302.35 431.75 Td (2,192,552) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 370.35 431.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 396.35 431.75 Td (3,506,743) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 447.65 431.75 Td (336,035) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 510.35 431.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 556.35 431.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 602.30 431.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 648.30 431.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 694.30 431.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 725.65 431.75 Td (336,035) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 418.75 Td (Multif) Tj ET Q q 0 0 0 rg BT 55.29 418.75 Td (amily loans) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 140.35 418.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 186.35 418.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 232.35 418.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 256.35 418.75 Td (4,408,524) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 324.35 418.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 370.35 418.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 396.35 418.75 Td (4,408,524) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 464.35 418.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 510.35 418.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 556.35 418.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 580.30 418.75 Td (3,791,622) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 648.30 418.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 694.30 418.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 720.30 418.75 Td (3,791,622) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 405.75 Td (R) Tj ET Q q 0 0 0 rg BT 41.74 405.75 Td (eal es) Tj ET Q q 0 0 0 rg BT 57.88 405.75 Td (t) Tj ET Q q 0 0 0 rg BT 60.15 405.75 Td (a) Tj ET Q q 0 0 0 rg BT 63.42 405.75 Td (t) Tj ET Q q 0 0 0 rg BT 65.70 405.75 Td (e securities) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 118.35 405.75 Td (1,099,874) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 186.35 405.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 232.35 405.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 278.35 405.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 324.35 405.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 370.35 405.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 396.35 405.75 Td (1,099,874) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 442.35 405.75 Td (1,285,426) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 510.35 405.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 556.35 405.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 602.30 405.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 648.30 405.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 694.30 405.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 720.30 405.75 Td (1,285,426) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 393.75 Td (Other in) Tj ET Q q 0 0 0 rg BT 61.39 393.75 Td (v) Tj ET Q q 0 0 0 rg BT 64.46 393.75 Td (es) Tj ET Q q 0 0 0 rg BT 70.61 393.75 Td (tmen) Tj ET Q q 0 0 0 rg BT 85.63 393.75 Td (ts) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 123.60 393.75 Td (173,328) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 186.35 393.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 232.35 393.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 324.35 393.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 353.65 393.75 Td (184,802) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 401.65 393.75 Td (358,130) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 447.65 393.75 Td (109,391) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 510.35 393.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 556.35 393.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 648.30 393.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 677.65 393.75 Td (238,316) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 725.65 393.75 Td (347,707) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 381.75 Td (Cash and c) Tj ET Q q 0 0 0 rg BT 68.31 381.75 Td (ash) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 374.75 Td (equiv) Tj ET Q q 0 0 0 rg BT 53.56 374.75 Td (alen) Tj ET Q q 0 0 0 rg BT 65.59 374.75 Td (ts) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 123.60 374.75 Td (187,951) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 186.35 374.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 232.35 374.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 278.35 374.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 324.35 374.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 360.75 374.75 Td (9,015) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 401.65 374.75 Td (196,966) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 447.65 374.75 Td (373,388) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 510.35 374.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 556.35 374.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 602.30 374.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 648.30 374.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 681.15 374.75 Td (21,240) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 725.65 374.75 Td (394,628) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 361.75 Td (Other asse) Tj ET Q q 0 0 0 rg BT 68.44 361.75 Td (ts ) Tj ET Q BT /F7 7.00 Tf ET BT /F7 4.55 Tf ET q 0 0 0 rg BT 75.10 365.09 Td (\(3\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 123.60 361.75 Td (639,945) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 176.75 361.75 Td (9,851) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 222.75 361.75 Td (7,758) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 265.20 361.75 Td (13,539) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 311.20 361.75 Td (11,367) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 357.20 361.75 Td (27,893) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 401.65 361.75 Td (710,353) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 447.65 361.75 Td (582,401) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 497.20 361.75 Td (10,821) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 546.75 361.75 Td (7,299) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 589.15 361.75 Td (11,300) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 648.30 361.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 681.15 361.75 Td (27,241) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 725.65 361.75 Td (639,062) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 38.00 346.75 Td (T) Tj ET Q q 0 0 0 rg BT 41.16 346.75 Td (ot) Tj ET Q q 0 0 0 rg BT 47.02 346.75 Td (al asse) Tj ET Q q 0 0 0 rg BT 66.28 346.75 Td (ts) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 110.00 346.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 118.35 346.75 Td (6,063,571) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 156.00 346.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 164.35 346.75 Td (2,301,314) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 202.00 346.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 210.35 346.75 Td (2,374,973) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 248.00 346.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 256.35 346.75 Td (4,422,063) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 294.00 346.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 302.35 346.75 Td (2,203,919) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 340.00 346.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 353.65 346.75 Td (629,600) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 386.00 346.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 392.80 346.75 Td (17,995,440) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 434.00 346.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 442.35 346.75 Td (5,879,746) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 480.00 346.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 488.35 346.75 Td (2,629,137) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 526.00 346.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 534.35 346.75 Td (2,448,522) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 572.00 346.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 580.30 346.75 Td (3,802,922) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 618.00 346.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 648.30 346.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 664.00 346.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 677.65 346.75 Td (715,956) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 710.00 346.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 716.80 346.75 Td (15,476,283) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 329.75 Td (Short) Tj ET Q q 0 0 0 rg BT 53.26 329.75 Td (-t) Tj ET Q q 0 0 0 rg BT 57.61 329.75 Td (erm deb) Tj ET Q q 0 0 0 rg BT 81.49 329.75 Td (t) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 110.00 329.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 118.35 329.75 Td (2,176,591) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 156.00 329.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 186.35 329.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 202.00 329.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 232.35 329.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 248.00 329.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 278.35 329.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 294.00 329.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 324.35 329.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 340.00 329.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 353.65 329.75 Td (152,554) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 386.00 329.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 396.35 329.75 Td (2,329,145) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 434.00 329.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 442.35 329.75 Td (1,789,614) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 480.00 329.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 510.35 329.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 526.00 329.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 556.35 329.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 572.00 329.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 602.30 329.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 618.00 329.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 648.30 329.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 664.00 329.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 677.65 329.75 Td (191,203) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 710.00 329.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 720.30 329.75 Td (1,980,817) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 316.75 Td (Other liabilities) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 123.60 316.75 Td (321,274) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 176.75 316.75 Td (7,759) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 222.75 316.75 Td (5,374) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 265.20 316.75 Td (12,887) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 314.75 316.75 Td (7,485) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 357.20 316.75 Td (15,538) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 401.65 316.75 Td (370,317) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 447.65 316.75 Td (365,293) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 500.75 316.75 Td (8,964) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 546.75 316.75 Td (5,498) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 589.15 316.75 Td (10,805) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 648.30 316.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 681.15 316.75 Td (20,074) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 725.65 316.75 Td (410,634) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 303.75 Td (ABS issued) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 140.35 303.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 164.35 303.75 Td (2,037,198) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 210.35 303.75 Td (1,918,322) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 256.35 303.75 Td (4,156,239) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 302.35 303.75 Td (2,001,251) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 353.65 303.75 Td (402,465) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 392.80 303.75 Td (10,515,475) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 464.35 303.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 488.35 303.75 Td (2,361,111) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 534.35 303.75 Td (1,987,473) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 580.30 303.75 Td (3,577,577) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 648.30 303.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 677.65 303.75 Td (419,890) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 720.30 303.75 Td (8,346,051) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 290.75 Td (Long-t) Tj ET Q q 0 0 0 rg BT 56.06 290.75 Td (erm deb) Tj ET Q q 0 0 0 rg BT 79.94 290.75 Td (t, ne) Tj ET Q q 0 0 0 rg BT 92.74 290.75 Td (t) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 118.35 290.75 Td (2,953,272) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 186.35 290.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 232.35 290.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 278.35 290.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 324.35 290.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 370.35 290.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 396.35 290.75 Td (2,953,272) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 442.35 290.75 Td (2,953,722) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 510.35 290.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 556.35 290.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 602.30 290.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 648.30 290.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 694.30 290.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 720.30 290.75 Td (2,953,722) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 277.75 Td (T) Tj ET Q q 0 0 0 rg BT 41.10 277.75 Td (ot) Tj ET Q q 0 0 0 rg BT 46.78 277.75 Td (al liabilities) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 118.35 277.75 Td (5,451,137) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 164.35 277.75 Td (2,044,957) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 210.35 277.75 Td (1,923,696) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 256.35 277.75 Td (4,169,126) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 302.35 277.75 Td (2,008,736) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 353.65 277.75 Td (570,557) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 392.80 277.75 Td (16,168,209) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 442.35 277.75 Td (5,108,629) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 488.35 277.75 Td (2,370,075) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 534.35 277.75 Td (1,992,971) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 580.30 277.75 Td (3,588,382) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 648.30 277.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 677.65 277.75 Td (631,167) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 716.80 277.75 Td (13,691,224) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 260.75 Td (E) Tj ET Q q 0 0 0 rg BT 41.32 260.75 Td (quity) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 123.60 260.75 Td (612,434) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 169.65 260.75 Td (256,357) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 215.65 260.75 Td (451,277) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 261.65 260.75 Td (252,937) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 307.65 260.75 Td (195,183) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 357.20 260.75 Td (59,043) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 396.35 260.75 Td (1,827,231) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 447.65 260.75 Td (771,117) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 493.65 260.75 Td (259,062) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 539.65 260.75 Td (455,551) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 585.65 260.75 Td (214,540) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 648.30 260.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 681.15 260.75 Td (84,789) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 720.30 260.75 Td (1,785,059) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 38.00 247.75 Td (T) Tj ET Q q 0 0 0 rg BT 40.86 247.75 Td (ot) Tj ET Q q 0 0 0 rg BT 46.98 247.75 Td (al liabilities and) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 38.00 240.75 Td (equity) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 110.00 240.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 118.35 240.75 Td (6,063,571) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 156.00 240.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 164.35 240.75 Td (2,301,314) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 202.00 240.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 210.35 240.75 Td (2,374,973) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 248.00 240.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 256.35 240.75 Td (4,422,063) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 294.00 240.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 302.35 240.75 Td (2,203,919) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 340.00 240.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 353.65 240.75 Td (629,600) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 386.00 240.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 392.80 240.75 Td (17,995,440) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 434.00 240.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 442.35 240.75 Td (5,879,746) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 480.00 240.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 488.35 240.75 Td (2,629,137) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 526.00 240.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 534.35 240.75 Td (2,448,522) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 572.00 240.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 580.30 240.75 Td (3,802,922) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 618.00 240.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 648.30 240.75 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 664.00 240.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 677.65 240.75 Td (715,956) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 710.00 240.75 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 716.80 240.75 Td (15,476,283) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 222.25 Td (\(1\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 222.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.87 222.25 Td (format ) Tj ET Q q 0 0 0 rg BT 90.53 222.25 Td (of ) Tj ET Q q 0 0 0 rg BT 98.82 222.25 Td (this ) Tj ET Q q 0 0 0 rg BT 111.77 222.25 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 155.85 222.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 182.30 222.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 201.35 222.25 Td (is ) Tj ET Q q 0 0 0 rg BT 208.08 222.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 238.27 222.25 Td (to ) Tj ET Q q 0 0 0 rg BT 246.81 222.25 Td (more ) Tj ET Q q 0 0 0 rg BT 265.08 222.25 Td (clearly ) Tj ET Q q 0 0 0 rg BT 287.11 222.25 Td (delineate ) Tj ET Q q 0 0 0 rg BT 318.35 222.25 Td (between ) Tj ET Q q 0 0 0 rg BT 347.64 222.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.82 222.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 380.68 222.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.55 222.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 423.83 222.25 Td (belonging ) Tj ET Q q 0 0 0 rg BT 457.91 222.25 Td (to ) Tj ET Q q 0 0 0 rg BT 466.46 222.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 509.35 222.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 534.10 222.25 Td (\(Consolidated ) Tj ET Q q 0 0 0 rg BT 579.86 222.25 Td (VIEs\) ) Tj ET Q q 0 0 0 rg BT 597.00 222.25 Td (that ) Tj ET Q q 0 0 0 rg BT 611.25 222.25 Td (we ) Tj ET Q q 0 0 0 rg BT 622.26 222.25 Td (are ) Tj ET Q q 0 0 0 rg BT 634.05 222.25 Td (required ) Tj ET Q q 0 0 0 rg BT 662.43 222.25 Td (to ) Tj ET Q q 0 0 0 rg BT 670.97 222.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 709.08 222.25 Td (on ) Tj ET Q q 0 0 0 rg BT 719.19 222.25 Td (our ) Tj ET Q q 0 0 0 rg BT 731.63 222.25 Td (balance ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 213.50 Td (sheet ) Tj ET Q q 0 0 0 rg BT 72.92 213.50 Td (in ) Tj ET Q q 0 0 0 rg BT 80.42 213.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 118.15 213.50 Td (with ) Tj ET Q q 0 0 0 rg BT 133.04 213.50 Td (GAAP, ) Tj ET Q q 0 0 0 rg BT 154.92 213.50 Td (and ) Tj ET Q q 0 0 0 rg BT 168.65 213.50 Td (the ) Tj ET Q q 0 0 0 rg BT 180.70 213.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 201.42 213.50 Td (that ) Tj ET Q q 0 0 0 rg BT 215.54 213.50 Td (are ) Tj ET Q q 0 0 0 rg BT 227.19 213.50 Td (legally ) Tj ET Q q 0 0 0 rg BT 249.35 213.50 Td (ours ) Tj ET Q q 0 0 0 rg BT 264.63 213.50 Td (and ) Tj ET Q q 0 0 0 rg BT 278.37 213.50 Td (the ) Tj ET Q q 0 0 0 rg BT 290.41 213.50 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 319.56 213.50 Td (of ) Tj ET Q q 0 0 0 rg BT 327.71 213.50 Td (ours ) Tj ET Q q 0 0 0 rg BT 342.99 213.50 Td (for ) Tj ET Q q 0 0 0 rg BT 353.47 213.50 Td (which ) Tj ET Q q 0 0 0 rg BT 373.30 213.50 Td (there ) Tj ET Q q 0 0 0 rg BT 391.44 213.50 Td (is ) Tj ET Q q 0 0 0 rg BT 398.03 213.50 Td (recourse ) Tj ET Q q 0 0 0 rg BT 426.67 213.50 Td (to ) Tj ET Q q 0 0 0 rg BT 435.08 213.50 Td (us. ) Tj ET Q q 0 0 0 rg BT 445.83 213.50 Td (Each ) Tj ET Q q 0 0 0 rg BT 462.81 213.50 Td (of ) Tj ET Q q 0 0 0 rg BT 470.97 213.50 Td (these ) Tj ET Q q 0 0 0 rg BT 489.89 213.50 Td (entities ) Tj ET Q q 0 0 0 rg BT 514.50 213.50 Td (is ) Tj ET Q q 0 0 0 rg BT 521.10 213.50 Td (independent ) Tj ET Q q 0 0 0 rg BT 563.22 213.50 Td (of ) Tj ET Q q 0 0 0 rg BT 571.37 213.50 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 603.26 213.50 Td (and ) Tj ET Q q 0 0 0 rg BT 616.99 213.50 Td (of ) Tj ET Q q 0 0 0 rg BT 625.15 213.50 Td (each ) Tj ET Q q 0 0 0 rg BT 641.87 213.50 Td (other ) Tj ET Q q 0 0 0 rg BT 660.39 213.50 Td (and ) Tj ET Q q 0 0 0 rg BT 674.13 213.50 Td (the ) Tj ET Q q 0 0 0 rg BT 686.17 213.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 706.90 213.50 Td (and ) Tj ET Q q 0 0 0 rg BT 720.64 213.50 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 749.78 213.50 Td (of ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 204.75 Td (these ) Tj ET Q q 0 0 0 rg BT 72.88 204.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 97.44 204.75 Td (are ) Tj ET Q q 0 0 0 rg BT 109.05 204.75 Td (not ) Tj ET Q q 0 0 0 rg BT 121.31 204.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 144.46 204.75 Td (by ) Tj ET Q q 0 0 0 rg BT 154.00 204.75 Td (and ) Tj ET Q q 0 0 0 rg BT 167.69 204.75 Td (are ) Tj ET Q q 0 0 0 rg BT 179.30 204.75 Td (not ) Tj ET Q q 0 0 0 rg BT 191.55 204.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 208.60 204.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 245.23 204.75 Td (of ) Tj ET Q q 0 0 0 rg BT 253.34 204.75 Td (ours. ) Tj ET Q q 0 0 0 rg BT 270.52 204.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 284.46 204.75 Td (exposure ) Tj ET Q q 0 0 0 rg BT 315.00 204.75 Td (to ) Tj ET Q q 0 0 0 rg BT 323.36 204.75 Td (these ) Tj ET Q q 0 0 0 rg BT 342.24 204.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 366.81 204.75 Td (is ) Tj ET Q q 0 0 0 rg BT 373.36 204.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 402.18 204.75 Td (through ) Tj ET Q q 0 0 0 rg BT 428.70 204.75 Td (the ) Tj ET Q q 0 0 0 rg BT 440.70 204.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 468.13 204.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 496.18 204.75 Td (we ) Tj ET Q q 0 0 0 rg BT 507.01 204.75 Td (have ) Tj ET Q q 0 0 0 rg BT 523.69 204.75 Td (retained ) Tj ET Q q 0 0 0 rg BT 551.36 204.75 Td (or ) Tj ET Q q 0 0 0 rg BT 559.73 204.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 588.84 204.75 Td (in ) Tj ET Q q 0 0 0 rg BT 596.30 204.75 Td (these ) Tj ET Q q 0 0 0 rg BT 615.17 204.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 639.74 204.75 Td (\(generally ) Tj ET Q q 0 0 0 rg BT 672.10 204.75 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 711.19 204.75 Td (securities\), ) Tj ET Q q 0 0 0 rg BT 745.87 204.75 Td (the ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 196.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.65 196.00 Td (value ) Tj ET Q q 0 0 0 rg BT 84.07 196.00 Td (of ) Tj ET Q q 0 0 0 rg BT 92.24 196.00 Td (which ) Tj ET Q q 0 0 0 rg BT 112.08 196.00 Td (is ) Tj ET Q q 0 0 0 rg BT 118.69 196.00 Td (represented ) Tj ET Q q 0 0 0 rg BT 158.35 196.00 Td (by ) Tj ET Q q 0 0 0 rg BT 167.95 196.00 Td (our ) Tj ET Q q 0 0 0 rg BT 180.26 196.00 Td (equity ) Tj ET Q q 0 0 0 rg BT 201.64 196.00 Td (in ) Tj ET Q q 0 0 0 rg BT 209.16 196.00 Td (each ) Tj ET Q q 0 0 0 rg BT 225.90 196.00 Td (entity, ) Tj ET Q q 0 0 0 rg BT 247.28 196.00 Td (as ) Tj ET Q q 0 0 0 rg BT 255.84 196.00 Td (presented ) Tj ET Q q 0 0 0 rg BT 289.42 196.00 Td (in ) Tj ET Q q 0 0 0 rg BT 296.94 196.00 Td (this ) Tj ET Q q 0 0 0 rg BT 309.77 196.00 Td (table.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 185.25 Td (\(2\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 185.25 Td (Includes ) Tj ET Q q 0 0 0 rg BT 81.59 185.25 Td (our ) Tj ET Q q 0 0 0 rg BT 93.71 185.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 135.78 185.25 Td (Legacy ) Tj ET Q q 0 0 0 rg BT 159.58 185.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 186.75 185.25 Td (and ) Tj ET Q q 0 0 0 rg BT 200.30 185.25 Td (Servicing ) Tj ET Q q 0 0 0 rg BT 230.44 185.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 266.58 185.25 Td (entities. ) Tj ET Q q 0 0 0 rg BT 292.96 185.25 Td (At ) Tj ET Q q 0 0 0 rg BT 301.84 185.25 Td (December ) Tj ET Q q 0 0 0 rg BT 336.39 185.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 347.87 185.25 Td (2019, ) Tj ET Q q 0 0 0 rg BT 367.14 185.25 Td (our ) Tj ET Q q 0 0 0 rg BT 379.26 185.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 400.45 185.25 Td (in ) Tj ET Q q 0 0 0 rg BT 407.77 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.64 185.25 Td (Legacy ) Tj ET Q q 0 0 0 rg BT 443.44 185.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 470.61 185.25 Td (and ) Tj ET Q q 0 0 0 rg BT 484.16 185.25 Td (Servicing ) Tj ET Q q 0 0 0 rg BT 514.30 185.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 550.44 185.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 574.87 185.25 Td (was ) Tj ET Q q 0 0 0 rg BT 588.29 185.25 Td ($6 ) Tj ET Q q 0 0 0 rg BT 597.83 185.25 Td (million ) Tj ET Q q 0 0 0 rg BT 620.32 185.25 Td (and ) Tj ET Q q 0 0 0 rg BT 633.88 185.25 Td ($53 ) Tj ET Q q 0 0 0 rg BT 647.30 185.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 671.74 185.25 Td (respectively. ) Tj ET Q q 0 0 0 rg BT 712.39 185.25 Td (At ) Tj ET Q q 0 0 0 rg BT 721.26 185.25 Td (September ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 176.50 Td (30, ) Tj ET Q q 0 0 0 rg BT 65.68 176.50 Td (2019, ) Tj ET Q q 0 0 0 rg BT 85.14 176.50 Td (our ) Tj ET Q q 0 0 0 rg BT 97.45 176.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 118.83 176.50 Td (in ) Tj ET Q q 0 0 0 rg BT 126.35 176.50 Td (the ) Tj ET Q q 0 0 0 rg BT 138.41 176.50 Td (Legacy ) Tj ET Q q 0 0 0 rg BT 162.41 176.50 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 189.77 176.50 Td (and ) Tj ET Q q 0 0 0 rg BT 203.52 176.50 Td (Servicing ) Tj ET Q q 0 0 0 rg BT 233.85 176.50 Td (Investment ) Tj ET Q q 0 0 0 rg BT 270.18 176.50 Td (entities ) Tj ET Q q 0 0 0 rg BT 294.81 176.50 Td (was ) Tj ET Q q 0 0 0 rg BT 308.42 176.50 Td ($10 ) Tj ET Q q 0 0 0 rg BT 322.04 176.50 Td (million ) Tj ET Q q 0 0 0 rg BT 344.73 176.50 Td (and ) Tj ET Q q 0 0 0 rg BT 358.48 176.50 Td ($75 ) Tj ET Q q 0 0 0 rg BT 372.10 176.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 396.73 176.50 Td (respectively. ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 165.75 Td (\(3\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 165.75 Td (At ) Tj ET Q q 0 0 0 rg BT 63.03 165.75 Td (both ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 79.59 165.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 125.98 165.75 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 141.55 165.75 Td ( ) Tj ET Q q 0 0 0 rg BT 143.45 165.75 Td (and ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 157.16 165.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 205.48 165.75 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 221.05 165.75 Td (, ) Tj ET Q q 0 0 0 rg BT 224.90 165.75 Td (other ) Tj ET Q q 0 0 0 rg BT 243.40 165.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 264.10 165.75 Td (at ) Tj ET Q q 0 0 0 rg BT 271.97 165.75 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 303.83 165.75 Td (included ) Tj ET Q q 0 0 0 rg BT 332.70 165.75 Td (a ) Tj ET Q q 0 0 0 rg BT 338.24 165.75 Td (total ) Tj ET Q q 0 0 0 rg BT 354.26 165.75 Td (of ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.39 165.75 Td ($33 ) Tj ET Q q 0 0 0 rg BT 375.98 165.75 Td (million) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 396.72 165.75 Td ( ) Tj ET Q q 0 0 0 rg BT 398.63 165.75 Td (of ) Tj ET Q q 0 0 0 rg BT 406.76 165.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 427.46 165.75 Td (held ) Tj ET Q q 0 0 0 rg BT 443.11 165.75 Td (by ) Tj ET Q q 0 0 0 rg BT 452.67 165.75 Td (third-party ) Tj ET Q q 0 0 0 rg BT 487.21 165.75 Td (custodians ) Tj ET Q q 0 0 0 rg BT 522.32 165.75 Td (and ) Tj ET Q q 0 0 0 rg BT 536.03 165.75 Td (pledged ) Tj ET Q q 0 0 0 rg BT 564.51 165.75 Td (as ) Tj ET Q q 0 0 0 rg BT 573.03 165.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 603.31 165.75 Td (to ) Tj ET Q q 0 0 0 rg BT 611.70 165.75 Td (the ) Tj ET Q q 0 0 0 rg BT 623.72 165.75 Td (GSEs ) Tj ET Q q 0 0 0 rg BT 642.10 165.75 Td (in ) Tj ET Q q 0 0 0 rg BT 649.58 165.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 686.12 165.75 Td (with ) Tj ET Q q 0 0 0 rg BT 700.98 165.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 720.64 165.75 Td (risk-sharing ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 157.00 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 100.92 157.00 Td (These ) Tj ET Q q 0 0 0 rg BT 121.54 157.00 Td (pledged ) Tj ET Q q 0 0 0 rg BT 150.06 157.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 170.80 157.00 Td (can ) Tj ET Q q 0 0 0 rg BT 183.65 157.00 Td (only ) Tj ET Q q 0 0 0 rg BT 198.69 157.00 Td (be ) Tj ET Q q 0 0 0 rg BT 208.80 157.00 Td (used ) Tj ET Q q 0 0 0 rg BT 225.79 157.00 Td (to ) Tj ET Q q 0 0 0 rg BT 234.21 157.00 Td (settle ) Tj ET Q q 0 0 0 rg BT 253.26 157.00 Td (obligations ) Tj ET Q q 0 0 0 rg BT 289.95 157.00 Td (to ) Tj ET Q q 0 0 0 rg BT 298.37 157.00 Td (the ) Tj ET Q q 0 0 0 rg BT 310.43 157.00 Td (GSEs ) Tj ET Q q 0 0 0 rg BT 328.85 157.00 Td (under ) Tj ET Q q 0 0 0 rg BT 349.07 157.00 Td (these ) Tj ET Q q 0 0 0 rg BT 368.00 157.00 Td (risk-sharing ) Tj ET Q q 0 0 0 rg BT 405.32 157.00 Td (arrangements.) Tj ET Q /GS0 gs q 33.20 0 0 29.00 35.35 544.02 cm /I85 Do Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream /GS0 gs q 612.00 0 0 791.85 0.00 0.18 cm /I86 Do Q BT /F1 10.00 Tf ET endstream endobj 69 0 obj <> endobj 70 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 215.50 736.44 Td (C O R E V E S T A C Q U I S I T I O N) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (33) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Cor) Tj ET Q q 0 0 0 rg BT 93.96 702.30 Td (eV) Tj ET Q q 0 0 0 rg BT 108.12 702.30 Td (est ) Tj ET Q q 0 0 0 rg BT 126.98 702.30 Td (Acquisition) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 680.65 Td (On ) Tj ET Q q 0 0 0 rg BT 91.18 680.65 Td (October ) Tj ET Q q 0 0 0 rg BT 136.20 680.65 Td (15, ) Tj ET Q q 0 0 0 rg BT 155.38 680.65 Td (2019, ) Tj ET Q q 0 0 0 rg BT 186.79 680.65 Td (we ) Tj ET Q q 0 0 0 rg BT 204.73 680.65 Td (acquired ) Tj ET Q q 0 0 0 rg BT 251.40 680.65 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 299.70 680.65 Td (American ) Tj ET Q q 0 0 0 rg BT 350.04 680.65 Td (Finance ) Tj ET Q q 0 0 0 rg BT 392.04 680.65 Td (Lender, ) Tj ET Q q 0 0 0 rg BT 432.19 680.65 Td (LLC ) Tj ET Q q 0 0 0 rg BT 454.82 680.65 Td (and ) Tj ET Q q 0 0 0 rg BT 477.26 680.65 Td (several ) Tj ET Q q 0 0 0 rg BT 515.36 680.65 Td (of ) Tj ET Q q 0 0 0 rg BT 529.03 680.65 Td (its ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 665.05 Td (affiliates ) Tj ET Q q 0 0 0 rg BT 116.96 665.05 Td (\("CoreVest"\). ) Tj ET Q q 0 0 0 rg BT 186.41 665.05 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 235.66 665.05 Td (is ) Tj ET Q q 0 0 0 rg BT 247.83 665.05 Td (a ) Tj ET Q q 0 0 0 rg BT 258.38 665.05 Td (leading ) Tj ET Q q 0 0 0 rg BT 299.90 665.05 Td (nationwide ) Tj ET Q q 0 0 0 rg BT 358.94 665.05 Td (originator ) Tj ET Q q 0 0 0 rg BT 411.61 665.05 Td (and ) Tj ET Q q 0 0 0 rg BT 435.00 665.05 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 481.98 665.05 Td (manager ) Tj ET Q q 0 0 0 rg BT 530.22 665.05 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 649.40 Td (business ) Tj ET Q q 0 0 0 rg BT 115.98 649.40 Td (purpose ) Tj ET Q q 0 0 0 rg BT 158.73 649.40 Td (residential ) Tj ET Q q 0 0 0 rg BT 211.45 649.40 Td (loans. ) Tj ET Q q 0 0 0 rg BT 242.40 649.40 Td (The ) Tj ET Q q 0 0 0 rg BT 263.16 649.40 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 318.13 649.40 Td (included ) Tj ET Q q 0 0 0 rg BT 362.72 649.40 Td (the ) Tj ET Q q 0 0 0 rg BT 380.83 649.40 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 427.45 649.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 477.52 649.40 Td (platform ) Tj ET Q q 0 0 0 rg BT 521.46 649.40 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 633.80 Td (over ) Tj ET Q q 0 0 0 rg BT 97.03 633.80 Td ($900 ) Tj ET Q q 0 0 0 rg BT 124.92 633.80 Td (million ) Tj ET Q q 0 0 0 rg BT 160.95 633.80 Td (of ) Tj ET Q q 0 0 0 rg BT 174.16 633.80 Td (related ) Tj ET Q q 0 0 0 rg BT 212.00 633.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 255.57 633.80 Td (assets.Total ) Tj ET Q q 0 0 0 rg BT 318.27 633.80 Td (purchase ) Tj ET Q q 0 0 0 rg BT 365.92 633.80 Td (consideration ) Tj ET Q q 0 0 0 rg BT 435.76 633.80 Td (was ) Tj ET Q q 0 0 0 rg BT 457.53 633.80 Td ($492 ) Tj ET Q q 0 0 0 rg BT 485.43 633.80 Td (million ) Tj ET Q q 0 0 0 rg BT 521.46 633.80 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 618.20 Td (included ) Tj ET Q q 0 0 0 rg BT 118.54 618.20 Td ($482 ) Tj ET Q q 0 0 0 rg BT 147.16 618.20 Td (million ) Tj ET Q q 0 0 0 rg BT 183.92 618.20 Td (of ) Tj ET Q q 0 0 0 rg BT 197.86 618.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 223.84 618.20 Td (and ) Tj ET Q q 0 0 0 rg BT 246.55 618.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 320.57 618.20 Td ($10 ) Tj ET Q q 0 0 0 rg BT 343.08 618.20 Td (million ) Tj ET Q q 0 0 0 rg BT 379.84 618.20 Td (of ) Tj ET Q q 0 0 0 rg BT 393.78 618.20 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 445.01 618.20 Td (stock ) Tj ET Q q 0 0 0 rg BT 474.64 618.20 Td (issued ) Tj ET Q q 0 0 0 rg BT 509.77 618.20 Td (to ) Tj ET Q q 0 0 0 rg BT 524.11 618.20 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 602.55 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 118.12 602.55 Td (management ) Tj ET Q q 0 0 0 rg BT 184.84 602.55 Td (team, ) Tj ET Q q 0 0 0 rg BT 214.46 602.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 251.41 602.55 Td (to ) Tj ET Q q 0 0 0 rg BT 263.29 602.55 Td (a ) Tj ET Q q 0 0 0 rg BT 270.72 602.55 Td (two-year ) Tj ET Q q 0 0 0 rg BT 314.99 602.55 Td (holding ) Tj ET Q q 0 0 0 rg BT 354.19 602.55 Td (period. ) Tj ET Q q 0 0 0 rg BT 391.34 602.55 Td (This ) Tj ET Q q 0 0 0 rg BT 412.81 602.55 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 473.61 602.55 Td (consideration ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 586.95 Td (is ) Tj ET Q q 0 0 0 rg BT 82.38 586.95 Td (treated ) Tj ET Q q 0 0 0 rg BT 120.86 586.95 Td (as ) Tj ET Q q 0 0 0 rg BT 134.32 586.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 206.86 586.95 Td (for ) Tj ET Q q 0 0 0 rg BT 223.35 586.95 Td (GAAP, ) Tj ET Q q 0 0 0 rg BT 257.75 586.95 Td (and ) Tj ET Q q 0 0 0 rg BT 279.35 586.95 Td (therefore ) Tj ET Q q 0 0 0 rg BT 327.23 586.95 Td (not ) Tj ET Q q 0 0 0 rg BT 346.57 586.95 Td (included ) Tj ET Q q 0 0 0 rg BT 392.01 586.95 Td (in ) Tj ET Q q 0 0 0 rg BT 403.82 586.95 Td (the ) Tj ET Q q 0 0 0 rg BT 422.77 586.95 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 455.80 586.95 Td (purchase ) Tj ET Q q 0 0 0 rg BT 503.07 586.95 Td (price.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 565.30 Td (The ) Tj ET Q q 0 0 0 rg BT 93.38 565.30 Td (following ) Tj ET Q q 0 0 0 rg BT 141.22 565.30 Td (table ) Tj ET Q q 0 0 0 rg BT 168.89 565.30 Td (presents ) Tj ET Q q 0 0 0 rg BT 213.26 565.30 Td (the ) Tj ET Q q 0 0 0 rg BT 231.99 565.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 250.07 565.30 Td (value ) Tj ET Q q 0 0 0 rg BT 278.79 565.30 Td (of ) Tj ET Q q 0 0 0 rg BT 291.40 565.30 Td (the ) Tj ET Q q 0 0 0 rg BT 310.12 565.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 342.49 565.30 Td (acquired ) Tj ET Q q 0 0 0 rg BT 388.10 565.30 Td (and ) Tj ET Q q 0 0 0 rg BT 409.47 565.30 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 455.06 565.30 Td (assumed ) Tj ET Q q 0 0 0 rg BT 501.29 565.30 Td (through ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 549.70 Td (our ) Tj ET Q q 0 0 0 rg BT 91.35 549.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 147.16 549.70 Td (of ) Tj ET Q q 0 0 0 rg BT 160.00 549.70 Td (CoreVest.) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 533.20 468.00 -10.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 523.20 468.00 -15.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 508.20 468.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 71.50 301.20 367.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 438.50 301.20 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 442.50 301.20 93.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 535.50 301.20 4.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 533.2 m 71.5 523.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 533.2 m 438.5 533.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 533.2 m 442.5 533.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 533.2 m 535.5 533.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 533.2 m 539.5 523.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 533.2 m 539.5 533.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 523.2 m 71.5 508.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 523.2 m 539.5 508.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 508.2 m 71.5 493.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 508.2 m 539.5 493.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 493.2 m 71.5 489.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 493.2 m 539.5 489.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 489.2 m 71.5 474.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 489.2 m 539.5 474.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 474.2 m 71.5 459.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 474.2 m 539.5 459.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 459.2 m 71.5 444.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 459.2 m 539.5 444.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 444.2 m 71.5 429.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 444.2 m 539.5 429.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 429.2 m 71.5 414.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 429.2 m 539.5 414.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 414.2 m 71.5 399.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 414.2 m 539.5 399.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 399.2 m 71.5 384.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 399.2 m 539.5 384.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 384.2 m 71.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 369.2 m 438.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 369.2 m 442.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 369.2 m 535.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 384.2 m 539.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 369.2 m 539.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 369.2 m 71.5 354.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 369.2 m 539.5 354.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 354.2 m 71.5 350.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 354.2 m 539.5 350.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 350.2 m 71.5 335.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 350.2 m 539.5 335.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 335.2 m 71.5 320.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 320.2 m 438.5 320.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 320.2 m 442.5 320.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 320.2 m 535.5 320.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 335.2 m 539.5 320.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 320.2 m 539.5 320.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 320.2 m 71.5 305.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 320.2 m 539.5 305.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 305.2 m 71.5 301.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 305.2 m 539.5 301.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 301.2 m 71.5 286.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 301.2 m 438.5 301.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 287.2 m 438.5 287.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 285.2 m 438.5 285.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 301.2 m 442.5 301.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 287.2 m 442.5 287.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 285.2 m 442.5 285.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 301.2 m 535.5 301.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 287.2 m 535.5 287.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 285.2 m 535.5 285.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 301.2 m 539.5 286.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 301.2 m 539.5 301.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 287.2 m 539.5 287.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 285.2 m 539.5 285.2 l s BT /F4 13.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 210.85 510.95 Td (Ne) Tj ET Q q 1 1 1 rg BT 225.87 510.95 Td (t Asse) Tj ET Q q 1 1 1 rg BT 258.02 510.95 Td (ts Acquir) Tj ET Q q 1 1 1 rg BT 305.59 510.95 Td (ed fr) Tj ET Q q 1 1 1 rg BT 330.62 510.95 Td (om Cor) Tj ET Q q 1 1 1 rg BT 369.47 510.95 Td (eV) Tj ET Q q 1 1 1 rg BT 383.04 510.95 Td (es) Tj ET Q q 1 1 1 rg BT 394.62 510.95 Td (t) Tj ET Q BT /F7 8.50 Tf ET q 1 1 1 rg BT 277.15 499.32 Td (\($ in thousands\)) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 84.00 479.20 Td (Single-) Tj ET Q q 0 0 0 rg BT 111.14 479.20 Td (f) Tj ET Q q 0 0 0 rg BT 114.05 479.20 Td (amily r) Tj ET Q q 0 0 0 rg BT 141.53 479.20 Td (en) Tj ET Q q 0 0 0 rg BT 151.64 479.20 Td (t) Tj ET Q q 0 0 0 rg BT 154.89 479.20 Td (al loans held-) Tj ET Q q 0 0 0 rg BT 208.75 479.20 Td (f) Tj ET Q q 0 0 0 rg BT 211.65 479.20 Td (or) Tj ET Q q 0 0 0 rg BT 220.16 479.20 Td (-sale) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 445.00 479.20 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 498.70 479.20 Td (406,550) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 464.20 Td (Business purpose bridg) Tj ET Q q 0 0 0 rg BT 177.84 464.20 Td (e loans held-) Tj ET Q q 0 0 0 rg BT 229.61 464.20 Td (f) Tj ET Q q 0 0 0 rg BT 232.51 464.20 Td (or) Tj ET Q q 0 0 0 rg BT 241.02 464.20 Td (-in) Tj ET Q q 0 0 0 rg BT 251.40 464.20 Td (v) Tj ET Q q 0 0 0 rg BT 255.79 464.20 Td (es) Tj ET Q q 0 0 0 rg BT 264.57 464.20 Td (tmen) Tj ET Q q 0 0 0 rg BT 286.03 464.20 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 498.70 464.20 Td (374,691) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 449.20 Td (R) Tj ET Q q 0 0 0 rg BT 89.34 449.20 Td (eal es) Tj ET Q q 0 0 0 rg BT 112.41 449.20 Td (t) Tj ET Q q 0 0 0 rg BT 115.64 449.20 Td (a) Tj ET Q q 0 0 0 rg BT 120.32 449.20 Td (t) Tj ET Q q 0 0 0 rg BT 123.57 449.20 Td (e securities \(r) Tj ET Q q 0 0 0 rg BT 178.15 449.20 Td (e) Tj ET Q q 0 0 0 rg BT 183.03 449.20 Td (t) Tj ET Q q 0 0 0 rg BT 186.29 449.20 Td (ained fr) Tj ET Q q 0 0 0 rg BT 217.52 449.20 Td (om CAFL\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 498.70 449.20 Td (173,226) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 434.20 Td (Cash and c) Tj ET Q q 0 0 0 rg BT 127.29 434.20 Td (ash equiv) Tj ET Q q 0 0 0 rg BT 165.69 434.20 Td (alen) Tj ET Q q 0 0 0 rg BT 182.88 434.20 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 503.80 434.20 Td (30,685) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 419.20 Td (Other asse) Tj ET Q q 0 0 0 rg BT 127.51 419.20 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 503.80 419.20 Td (67,420) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 404.20 Td (Goodwill) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 503.80 404.20 Td (59,928) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 389.20 Td (In) Tj ET Q q 0 0 0 rg BT 91.73 389.20 Td (t) Tj ET Q q 0 0 0 rg BT 94.97 389.20 Td (angible asse) Tj ET Q q 0 0 0 rg BT 144.30 389.20 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 503.80 389.20 Td (56,500) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 374.20 Td (De) Tj ET Q q 0 0 0 rg BT 95.08 374.20 Td (f) Tj ET Q q 0 0 0 rg BT 97.97 374.20 Td (err) Tj ET Q q 0 0 0 rg BT 109.73 374.20 Td (ed t) Tj ET Q q 0 0 0 rg BT 125.44 374.20 Td (a) Tj ET Q q 0 0 0 rg BT 130.12 374.20 Td (x asse) Tj ET Q q 0 0 0 rg BT 154.23 374.20 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 508.85 374.20 Td (2,577) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 90.00 359.20 Td (T) Tj ET Q q 0 0 0 rg BT 94.43 359.20 Td (ot) Tj ET Q q 0 0 0 rg BT 102.55 359.20 Td (al asse) Tj ET Q q 0 0 0 rg BT 129.39 359.20 Td (ts acquir) Tj ET Q q 0 0 0 rg BT 164.13 359.20 Td (ed) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 491.15 359.20 Td (1,171,577) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 340.20 Td (Short) Tj ET Q q 0 0 0 rg BT 105.80 340.20 Td (-t) Tj ET Q q 0 0 0 rg BT 112.01 340.20 Td (erm deb) Tj ET Q q 0 0 0 rg BT 146.13 340.20 Td (t, ne) Tj ET Q q 0 0 0 rg BT 164.41 340.20 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 498.70 340.20 Td (663,275) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 325.20 Td (Accrued e) Tj ET Q q 0 0 0 rg BT 124.30 325.20 Td (xpenses and other liabilities) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 503.80 325.20 Td (25,991) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 90.00 310.20 Td (T) Tj ET Q q 0 0 0 rg BT 93.98 310.20 Td (ot) Tj ET Q q 0 0 0 rg BT 102.49 310.20 Td (al liabilities assumed) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 498.70 310.20 Td (689,266) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 80.00 291.07 Td (T) Tj ET Q q 0 0 0 rg BT 83.88 291.07 Td (ot) Tj ET Q q 0 0 0 rg BT 92.19 291.07 Td (al ne) Tj ET Q q 0 0 0 rg BT 111.18 291.07 Td (t asse) Tj ET Q q 0 0 0 rg BT 133.61 291.07 Td (ts acquir) Tj ET Q q 0 0 0 rg BT 167.30 291.07 Td (ed) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 445.00 291.20 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 498.65 291.20 Td (482,311) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 8.91 0 0 12.00 72.00 252.42 cm /I87 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 252.42 cm /I88 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 255.10 Td (We ) Tj ET Q q 0 0 0 rg BT 109.84 255.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 135.17 255.10 Td ($452 ) Tj ET Q q 0 0 0 rg BT 163.18 255.10 Td (million ) Tj ET Q q 0 0 0 rg BT 199.31 255.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.63 255.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 237.98 255.10 Td (on ) Tj ET Q q 0 0 0 rg BT 254.16 255.10 Td (a ) Tj ET Q q 0 0 0 rg BT 263.40 255.10 Td (net ) Tj ET Q q 0 0 0 rg BT 282.83 255.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 313.87 255.10 Td (after ) Tj ET Q q 0 0 0 rg BT 339.79 255.10 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 388.35 255.10 Td (for ) Tj ET Q q 0 0 0 rg BT 405.32 255.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.76 255.10 Td ($31 ) Tj ET Q q 0 0 0 rg BT 446.65 255.10 Td (million ) Tj ET Q q 0 0 0 rg BT 482.78 255.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.10 255.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 521.45 255.10 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 239.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 114.87 239.45 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 173.74 239.45 Td (on ) Tj ET Q q 0 0 0 rg BT 189.44 239.45 Td (balance ) Tj ET Q q 0 0 0 rg BT 230.81 239.45 Td (sheet ) Tj ET Q q 0 0 0 rg BT 260.56 239.45 Td (at ) Tj ET Q q 0 0 0 rg BT 272.98 239.45 Td (acquisition. ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 212.17 cm /I89 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 212.17 cm /I90 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 214.85 Td (In ) Tj ET Q q 0 0 0 rg BT 101.30 214.85 Td (November ) Tj ET Q q 0 0 0 rg BT 155.94 214.85 Td (2019, ) Tj ET Q q 0 0 0 rg BT 185.75 214.85 Td (we ) Tj ET Q q 0 0 0 rg BT 202.09 214.85 Td (securitized ) Tj ET Q q 0 0 0 rg BT 256.71 214.85 Td (the ) Tj ET Q q 0 0 0 rg BT 274.89 214.85 Td (majority ) Tj ET Q q 0 0 0 rg BT 316.66 214.85 Td (of ) Tj ET Q q 0 0 0 rg BT 328.72 214.85 Td (the ) Tj ET Q q 0 0 0 rg BT 346.90 214.85 Td ($407 ) Tj ET Q q 0 0 0 rg BT 373.64 214.85 Td (million ) Tj ET Q q 0 0 0 rg BT 408.52 214.85 Td (of ) Tj ET Q q 0 0 0 rg BT 420.58 214.85 Td (single-family ) Tj ET Q q 0 0 0 rg BT 484.36 214.85 Td (rental ) Tj ET Q q 0 0 0 rg BT 514.33 214.85 Td (loans ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 199.20 Td (that ) Tj ET Q q 0 0 0 rg BT 112.20 199.20 Td (were ) Tj ET Q q 0 0 0 rg BT 138.88 199.20 Td (on ) Tj ET Q q 0 0 0 rg BT 154.58 199.20 Td (balance ) Tj ET Q q 0 0 0 rg BT 195.95 199.20 Td (sheet ) Tj ET Q q 0 0 0 rg BT 225.70 199.20 Td (at ) Tj ET Q q 0 0 0 rg BT 238.12 199.20 Td (acquisition.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 171.92 cm /I91 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 171.92 cm /I92 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 174.60 Td (Business ) Tj ET Q q 0 0 0 rg BT 133.97 174.60 Td (purpose ) Tj ET Q q 0 0 0 rg BT 176.49 174.60 Td (bridge ) Tj ET Q q 0 0 0 rg BT 211.06 174.60 Td (loans ) Tj ET Q q 0 0 0 rg BT 238.72 174.60 Td (and ) Tj ET Q q 0 0 0 rg BT 259.26 174.60 Td (real ) Tj ET Q q 0 0 0 rg BT 279.17 174.60 Td (estate ) Tj ET Q q 0 0 0 rg BT 311.09 174.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 358.70 174.60 Td (were ) Tj ET Q q 0 0 0 rg BT 384.31 174.60 Td (acquired ) Tj ET Q q 0 0 0 rg BT 429.08 174.60 Td (with ) Tj ET Q q 0 0 0 rg BT 451.44 174.60 Td (in-place ) Tj ET Q q 0 0 0 rg BT 492.33 174.60 Td (financing. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 159.00 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 151.57 159.00 Td (to ) Tj ET Q q 0 0 0 rg BT 164.85 159.00 Td (the ) Tj ET Q q 0 0 0 rg BT 183.84 159.00 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 242.75 159.00 Td (we ) Tj ET Q q 0 0 0 rg BT 259.91 159.00 Td (restructured ) Tj ET Q q 0 0 0 rg BT 322.04 159.00 Td (and ) Tj ET Q q 0 0 0 rg BT 343.69 159.00 Td (improved ) Tj ET Q q 0 0 0 rg BT 393.63 159.00 Td (the ) Tj ET Q q 0 0 0 rg BT 412.62 159.00 Td (terms ) Tj ET Q q 0 0 0 rg BT 443.40 159.00 Td (for ) Tj ET Q q 0 0 0 rg BT 459.93 159.00 Td (these ) Tj ET Q q 0 0 0 rg BT 489.72 159.00 Td (borrowing ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 143.35 Td (facilities.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 116.07 cm /I93 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 116.07 cm /I94 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 118.75 Td (The ) Tj ET Q q 0 0 0 rg BT 111.28 118.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 156.80 118.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 208.60 118.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 240.88 118.75 Td (of ) Tj ET Q q 0 0 0 rg BT 253.39 118.75 Td ($57 ) Tj ET Q q 0 0 0 rg BT 274.47 118.75 Td (million ) Tj ET Q q 0 0 0 rg BT 309.80 118.75 Td (have ) Tj ET Q q 0 0 0 rg BT 335.78 118.75 Td (useful ) Tj ET Q q 0 0 0 rg BT 367.45 118.75 Td (lives ) Tj ET Q q 0 0 0 rg BT 391.58 118.75 Td (of ) Tj ET Q q 0 0 0 rg BT 404.09 118.75 Td (up ) Tj ET Q q 0 0 0 rg BT 419.66 118.75 Td (to ) Tj ET Q q 0 0 0 rg BT 432.57 118.75 Td (7 ) Tj ET Q q 0 0 0 rg BT 441.43 118.75 Td (years ) Tj ET Q q 0 0 0 rg BT 469.63 118.75 Td (for ) Tj ET Q q 0 0 0 rg BT 485.79 118.75 Td (accounting ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 103.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 139.05 103.10 Td (and ) Tj ET Q q 0 0 0 rg BT 161.42 103.10 Td (we ) Tj ET Q q 0 0 0 rg BT 179.30 103.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 216.33 103.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.33 103.10 Td (record ) Tj ET Q q 0 0 0 rg BT 265.73 103.10 Td ($0.02 ) Tj ET Q q 0 0 0 rg BT 297.07 103.10 Td (per ) Tj ET Q q 0 0 0 rg BT 317.39 103.10 Td (share ) Tj ET Q q 0 0 0 rg BT 347.29 103.10 Td (of ) Tj ET Q q 0 0 0 rg BT 360.90 103.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 413.79 103.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 478.51 103.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 523.51 103.10 Td (per ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 87.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 128.68 87.50 Td (in ) Tj ET Q q 0 0 0 rg BT 140.49 87.50 Td (2021, ) Tj ET Q q 0 0 0 rg BT 171.07 87.50 Td (related ) Tj ET Q q 0 0 0 rg BT 208.54 87.50 Td (to ) Tj ET Q q 0 0 0 rg BT 221.77 87.50 Td (these ) Tj ET Q q 0 0 0 rg BT 251.53 87.50 Td (assets.) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 215.50 736.44 Td (C O R E V E S T A C Q U I S I T I O N) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (34) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (The ) Tj ET Q q 0 0 0 rg BT 92.95 702.70 Td (following ) Tj ET Q q 0 0 0 rg BT 140.36 702.70 Td (table ) Tj ET Q q 0 0 0 rg BT 167.60 702.70 Td (presents ) Tj ET Q q 0 0 0 rg BT 211.54 702.70 Td (CoreVest's ) Tj ET Q q 0 0 0 rg BT 265.90 702.70 Td (stand-alone ) Tj ET Q q 0 0 0 rg BT 325.95 702.70 Td (net ) Tj ET Q q 0 0 0 rg BT 344.23 702.70 Td (income ) Tj ET Q q 0 0 0 rg BT 382.70 702.70 Td (and ) Tj ET Q q 0 0 0 rg BT 403.65 702.70 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 458.43 702.70 Td (core ) Tj ET Q q 0 0 0 rg BT 482.22 702.70 Td (earnings ) Tj ET Q q 0 0 0 rg BT 526.58 702.70 Td (for ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.10 Td (the ) Tj ET Q q 0 0 0 rg BT 90.95 687.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 123.34 687.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 162.01 687.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.85 687.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 205.43 687.10 Td (which ) Tj ET Q q 0 0 0 rg BT 236.61 687.10 Td (are ) Tj ET Q q 0 0 0 rg BT 254.94 687.10 Td (included ) Tj ET Q q 0 0 0 rg BT 300.38 687.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.19 687.10 Td (our ) Tj ET Q q 0 0 0 rg BT 331.54 687.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 397.96 687.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 441.14 687.10 Td (results.) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 670.60 405.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 477.50 670.60 59.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 536.50 670.60 4.00 -4.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 666.60 468.00 -18.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 648.60 468.00 -11.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 637.60 275.00 -14.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 347.50 637.60 189.00 -14.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 536.50 637.60 4.00 -14.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 623.60 275.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 347.50 623.60 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 351.50 623.60 59.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 410.50 623.60 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 414.50 623.60 59.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 473.50 623.60 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 477.50 623.60 59.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 536.50 623.60 4.00 -30.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 72.50 446.60 275.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 347.50 446.60 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 351.50 446.60 59.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 410.50 446.60 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 414.50 446.60 59.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 473.50 446.60 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 477.50 446.60 59.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 446.60 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 72.50 325.60 275.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 347.50 325.60 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 351.50 325.60 59.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 410.50 325.60 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 414.50 325.60 59.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 473.50 325.60 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 477.50 325.60 59.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 325.60 4.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 670.6 m 72.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 670.6 m 347.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 670.6 m 351.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 670.6 m 410.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 670.6 m 414.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 670.6 m 473.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 670.6 m 477.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 670.6 m 536.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 670.6 m 540.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 670.6 m 540.5 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 666.6 m 72.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 666.6 m 540.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 648.6 m 72.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 648.6 m 540.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 637.6 m 72.5 623.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 623.6 m 351.5 623.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 623.6 m 410.5 623.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 623.6 m 414.5 623.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 623.6 m 473.5 623.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 623.6 m 477.5 623.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 623.6 m 536.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 637.6 m 540.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 623.6 m 72.5 593.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 623.6 m 410.5 623.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 623.6 m 414.5 623.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 623.6 m 473.5 623.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 623.6 m 477.5 623.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 623.6 m 536.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 623.6 m 540.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 593.6 m 72.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 593.6 m 540.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 589.6 m 72.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 589.6 m 540.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 574.6 m 72.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 574.6 m 540.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 570.6 m 72.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 570.6 m 540.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 555.6 m 72.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 555.6 m 540.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 540.6 m 72.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 540.6 m 540.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 525.6 m 72.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 525.6 m 540.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 510.6 m 72.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 510.6 m 347.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 510.6 m 351.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 510.6 m 410.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 510.6 m 414.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 510.6 m 473.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 510.6 m 477.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 510.6 m 536.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 510.6 m 540.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 510.6 m 540.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 495.6 m 72.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 495.6 m 540.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 491.6 m 72.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 491.6 m 540.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 476.6 m 72.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 476.6 m 540.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 461.6 m 72.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 461.6 m 540.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 446.6 m 72.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 446.6 m 347.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 432.6 m 347.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 430.6 m 347.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 446.6 m 351.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 432.6 m 351.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 430.6 m 351.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 446.6 m 410.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 432.6 m 410.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 430.6 m 410.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 446.6 m 414.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 432.6 m 414.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 430.6 m 414.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 446.6 m 473.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 432.6 m 473.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 430.6 m 473.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 446.6 m 477.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 432.6 m 477.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 430.6 m 477.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 446.6 m 536.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 432.6 m 536.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 430.6 m 536.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 446.6 m 540.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 446.6 m 540.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 432.6 m 540.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 430.6 m 540.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 431.6 m 72.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 431.6 m 540.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 426.6 m 72.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 426.6 m 540.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 411.6 m 72.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 411.6 m 540.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 383.6 m 72.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 383.6 m 540.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 368.6 m 72.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 368.6 m 540.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 353.6 m 72.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 353.6 m 540.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 325.6 m 72.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 325.6 m 347.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 311.6 m 347.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 309.6 m 347.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 325.6 m 351.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 311.6 m 351.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 309.6 m 351.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 325.6 m 410.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 311.6 m 410.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 309.6 m 410.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 325.6 m 414.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 311.6 m 414.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 309.6 m 414.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 325.6 m 473.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 311.6 m 473.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 309.6 m 473.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 325.6 m 477.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 311.6 m 477.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 309.6 m 477.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 325.6 m 536.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 311.6 m 536.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 309.6 m 536.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 325.6 m 540.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 325.6 m 540.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 311.6 m 540.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 309.6 m 540.5 309.6 l s BT /F4 13.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 152.25 654.35 Td (Cor) Tj ET Q q 1 1 1 rg BT 170.59 654.35 Td (eV) Tj ET Q q 1 1 1 rg BT 184.16 654.35 Td (es) Tj ET Q q 1 1 1 rg BT 195.74 654.35 Td (t GAAP Ne) Tj ET Q q 1 1 1 rg BT 252.10 654.35 Td (t Inc) Tj ET Q q 1 1 1 rg BT 275.37 654.35 Td (ome and Non-GAAP Cor) Tj ET Q q 1 1 1 rg BT 404.47 654.35 Td (e E) Tj ET Q q 1 1 1 rg BT 420.13 654.35 Td (arnings) Tj ET Q BT /F7 8.50 Tf ET q 1 1 1 rg BT 282.70 639.73 Td (\($ in millions\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 365.45 628.35 Td (Thr) Tj ET Q q 1 1 1 rg BT 377.83 628.35 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 406.38 628.35 Td (ths Ended December 31, 2019) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 358.90 598.23 Td (In) Tj ET Q q 1 1 1 rg BT 365.67 598.23 Td (v) Tj ET Q q 1 1 1 rg BT 369.59 598.23 Td (es) Tj ET Q q 1 1 1 rg BT 377.17 598.23 Td (tmen) Tj ET Q q 1 1 1 rg BT 395.79 598.23 Td (ts) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 426.35 606.73 Td (Mortg) Tj ET Q q 1 1 1 rg BT 448.27 606.73 Td (ag) Tj ET Q q 1 1 1 rg BT 456.38 606.73 Td (e) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 429.35 598.23 Td (Banking) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 497.90 598.23 Td (T) Tj ET Q q 1 1 1 rg BT 501.37 598.23 Td (ot) Tj ET Q q 1 1 1 rg BT 508.81 598.23 Td (al) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 81.00 579.60 Td (Ne) Tj ET Q q 0 0 0 rg BT 92.40 579.60 Td (t in) Tj ET Q q 0 0 0 rg BT 105.49 579.60 Td (t) Tj ET Q q 0 0 0 rg BT 108.74 579.60 Td (er) Tj ET Q q 0 0 0 rg BT 117.08 579.60 Td (es) Tj ET Q q 0 0 0 rg BT 125.85 579.60 Td (t inc) Tj ET Q q 0 0 0 rg BT 143.14 579.60 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 354.00 579.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 401.75 579.60 Td (9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.00 579.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 464.75 579.60 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 480.00 579.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 522.70 579.60 Td (11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 560.60 Td (Non-in) Tj ET Q q 0 0 0 rg BT 108.55 560.60 Td (t) Tj ET Q q 0 0 0 rg BT 111.80 560.60 Td (er) Tj ET Q q 0 0 0 rg BT 120.14 560.60 Td (es) Tj ET Q q 0 0 0 rg BT 128.90 560.60 Td (t inc) Tj ET Q q 0 0 0 rg BT 146.19 560.60 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 545.60 Td (Mortg) Tj ET Q q 0 0 0 rg BT 112.27 545.60 Td (ag) Tj ET Q q 0 0 0 rg BT 121.64 545.60 Td (e banking activities, ne) Tj ET Q q 0 0 0 rg BT 214.16 545.60 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.75 545.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 459.70 545.60 Td (23) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 522.70 545.60 Td (23) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 530.60 Td (In) Tj ET Q q 0 0 0 rg BT 94.69 530.60 Td (v) Tj ET Q q 0 0 0 rg BT 99.08 530.60 Td (es) Tj ET Q q 0 0 0 rg BT 107.86 530.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 129.32 530.60 Td (t f) Tj ET Q q 0 0 0 rg BT 137.84 530.60 Td (air v) Tj ET Q q 0 0 0 rg BT 155.02 530.60 Td (alue chang) Tj ET Q q 0 0 0 rg BT 198.71 530.60 Td (es, ne) Tj ET Q q 0 0 0 rg BT 222.52 530.60 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 398.70 530.60 Td (\(4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 406.85 530.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 460.75 530.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 524.70 530.60 Td (\(4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 532.85 530.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 515.60 Td (R) Tj ET Q q 0 0 0 rg BT 92.25 515.60 Td (ealiz) Tj ET Q q 0 0 0 rg BT 110.33 515.60 Td (ed g) Tj ET Q q 0 0 0 rg BT 127.35 515.60 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 158.53 515.60 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.75 515.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 460.75 515.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 515.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 500.60 Td (T) Tj ET Q q 0 0 0 rg BT 85.43 500.60 Td (ot) Tj ET Q q 0 0 0 rg BT 93.55 500.60 Td (al non-in) Tj ET Q q 0 0 0 rg BT 129.18 500.60 Td (t) Tj ET Q q 0 0 0 rg BT 132.43 500.60 Td (er) Tj ET Q q 0 0 0 rg BT 140.77 500.60 Td (es) Tj ET Q q 0 0 0 rg BT 149.53 500.60 Td (t inc) Tj ET Q q 0 0 0 rg BT 166.82 500.60 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 199.98 500.60 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 398.70 500.60 Td (\(4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 406.85 500.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 459.70 500.60 Td (24) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 522.70 500.60 Td (19) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 481.60 Td (Gener) Tj ET Q q 0 0 0 rg BT 105.90 481.60 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 164.43 481.60 Td (tr) Tj ET Q q 0 0 0 rg BT 171.11 481.60 Td (a) Tj ET Q q 0 0 0 rg BT 175.75 481.60 Td (tiv) Tj ET Q q 0 0 0 rg BT 185.81 481.60 Td (e e) Tj ET Q q 0 0 0 rg BT 197.90 481.60 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.75 481.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 461.70 481.60 Td (\(8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.85 481.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 524.70 481.60 Td (\(8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 532.85 481.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 466.60 Td (Other e) Tj ET Q q 0 0 0 rg BT 111.85 466.60 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.75 466.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 461.70 466.60 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.85 466.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 524.70 466.60 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 532.85 466.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 451.60 Td (Pr) Tj ET Q q 0 0 0 rg BT 89.57 451.60 Td (o) Tj ET Q q 0 0 0 rg BT 94.74 451.60 Td (vision f) Tj ET Q q 0 0 0 rg BT 123.47 451.60 Td (or inc) Tj ET Q q 0 0 0 rg BT 146.12 451.60 Td (ome t) Tj ET Q q 0 0 0 rg BT 169.87 451.60 Td (a) Tj ET Q q 0 0 0 rg BT 174.55 451.60 Td (x) Tj ET Q q 0 0 0 rg BT 178.71 451.60 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.75 451.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 461.70 451.60 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.85 451.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 524.70 451.60 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 532.85 451.60 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 81.00 436.60 Td (Ne) Tj ET Q q 0 0 0 rg BT 92.59 436.60 Td (t inc) Tj ET Q q 0 0 0 rg BT 110.26 436.60 Td (ome) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 354.00 436.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 401.75 436.60 Td (6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 417.00 436.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 459.70 436.60 Td (14) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 480.00 436.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 522.70 436.60 Td (18) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 416.60 Td (Cor) Tj ET Q q 0 0 0 rg BT 94.96 416.60 Td (e earnings adjus) Tj ET Q q 0 0 0 rg BT 160.62 416.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 182.09 416.60 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 401.60 Td (Elimina) Tj ET Q q 0 0 0 rg BT 116.75 401.60 Td (t) Tj ET Q q 0 0 0 rg BT 120.00 401.60 Td (e mark) Tj ET Q q 0 0 0 rg BT 147.81 401.60 Td (-t) Tj ET Q q 0 0 0 rg BT 153.98 401.60 Td (o-mark) Tj ET Q q 0 0 0 rg BT 182.92 401.60 Td (e) Tj ET Q q 0 0 0 rg BT 187.71 401.60 Td (t chang) Tj ET Q q 0 0 0 rg BT 217.48 401.60 Td (es on long-t) Tj ET Q q 0 0 0 rg BT 265.26 401.60 Td (erm in) Tj ET Q q 0 0 0 rg BT 291.38 401.60 Td (v) Tj ET Q q 0 0 0 rg BT 295.77 401.60 Td (es) Tj ET Q q 0 0 0 rg BT 304.55 401.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 326.02 401.60 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 388.60 Td (and associa) Tj ET Q q 0 0 0 rg BT 133.71 388.60 Td (t) Tj ET Q q 0 0 0 rg BT 136.96 388.60 Td (ed deriv) Tj ET Q q 0 0 0 rg BT 169.85 388.60 Td (a) Tj ET Q q 0 0 0 rg BT 174.52 388.60 Td (tiv) Tj ET Q q 0 0 0 rg BT 184.59 388.60 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 401.75 388.60 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 460.75 388.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 527.75 388.60 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 373.60 Td (Elimina) Tj ET Q q 0 0 0 rg BT 116.75 373.60 Td (t) Tj ET Q q 0 0 0 rg BT 120.00 373.60 Td (e pur) Tj ET Q q 0 0 0 rg BT 141.11 373.60 Td (chase acc) Tj ET Q q 0 0 0 rg BT 179.66 373.60 Td (oun) Tj ET Q q 0 0 0 rg BT 195.35 373.60 Td (ting adjus) Tj ET Q q 0 0 0 rg BT 234.72 373.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 256.18 373.60 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.75 373.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 464.75 373.60 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 527.75 373.60 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 358.60 Td (Elimina) Tj ET Q q 0 0 0 rg BT 116.75 358.60 Td (t) Tj ET Q q 0 0 0 rg BT 120.00 358.60 Td (e c) Tj ET Q q 0 0 0 rg BT 131.37 358.60 Td (orpor) Tj ET Q q 0 0 0 rg BT 154.00 358.60 Td (a) Tj ET Q q 0 0 0 rg BT 158.64 358.60 Td (t) Tj ET Q q 0 0 0 rg BT 161.89 358.60 Td (e acquisition and r) Tj ET Q q 0 0 0 rg BT 236.51 358.60 Td (ela) Tj ET Q q 0 0 0 rg BT 248.46 358.60 Td (t) Tj ET Q q 0 0 0 rg BT 251.71 358.60 Td (ed e) Tj ET Q q 0 0 0 rg BT 269.05 358.60 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.75 358.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 464.75 358.60 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 527.75 358.60 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 343.60 Td (Inc) Tj ET Q q 0 0 0 rg BT 98.92 343.60 Td (ome t) Tj ET Q q 0 0 0 rg BT 122.64 343.60 Td (a) Tj ET Q q 0 0 0 rg BT 127.34 343.60 Td (x adjus) Tj ET Q q 0 0 0 rg BT 155.42 343.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 176.90 343.60 Td (ts associa) Tj ET Q q 0 0 0 rg BT 215.53 343.60 Td (t) Tj ET Q q 0 0 0 rg BT 218.77 343.60 Td (ed with c) Tj ET Q q 0 0 0 rg BT 255.71 343.60 Td (or) Tj ET Q q 0 0 0 rg BT 264.34 343.60 Td (e earnings) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 330.60 Td (adjus) Tj ET Q q 0 0 0 rg BT 108.49 330.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 129.96 330.60 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 397.75 330.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 461.70 330.60 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.85 330.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 524.70 330.60 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 532.85 330.60 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 81.00 315.60 Td (Cor) Tj ET Q q 0 0 0 rg BT 95.11 315.60 Td (e earnings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 354.00 315.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 401.75 315.60 Td (7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 417.00 315.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 459.70 315.60 Td (16) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 480.00 315.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 522.70 315.60 Td (21) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 8.91 0 0 12.00 72.00 283.57 cm /I95 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 283.57 cm /I96 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 286.25 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 122.14 286.25 Td (net ) Tj ET Q q 0 0 0 rg BT 140.20 286.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 178.81 286.25 Td (income ) Tj ET Q q 0 0 0 rg BT 217.06 286.25 Td (from ) Tj ET Q q 0 0 0 rg BT 241.84 286.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 302.47 286.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 344.99 286.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 368.98 286.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 407.59 286.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 444.39 286.25 Td (from ) Tj ET Q q 0 0 0 rg BT 469.18 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.25 286.25 Td (acquisition ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 271.40 Td (date ) Tj ET Q q 0 0 0 rg BT 115.18 271.40 Td (through ) Tj ET Q q 0 0 0 rg BT 156.88 271.40 Td (December ) Tj ET Q q 0 0 0 rg BT 211.41 271.40 Td (31, ) Tj ET Q q 0 0 0 rg BT 229.68 271.40 Td (2019, ) Tj ET Q q 0 0 0 rg BT 260.19 271.40 Td (and ) Tj ET Q q 0 0 0 rg BT 281.72 271.40 Td (is ) Tj ET Q q 0 0 0 rg BT 292.03 271.40 Td (comprised ) Tj ET Q q 0 0 0 rg BT 346.75 271.40 Td (of ) Tj ET Q q 0 0 0 rg BT 359.52 271.40 Td ($5 ) Tj ET Q q 0 0 0 rg BT 374.73 271.40 Td (million ) Tj ET Q q 0 0 0 rg BT 410.31 271.40 Td (from ) Tj ET Q q 0 0 0 rg BT 435.90 271.40 Td (SFR ) Tj ET Q q 0 0 0 rg BT 457.64 271.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 506.24 271.40 Td (and ) Tj ET Q q 0 0 0 rg BT 527.78 271.40 Td ($4 ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 256.55 Td (million ) Tj ET Q q 0 0 0 rg BT 125.65 256.55 Td (from ) Tj ET Q q 0 0 0 rg BT 151.31 256.55 Td (bridge ) Tj ET Q q 0 0 0 rg BT 186.94 256.55 Td (loans. ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 234.02 cm /I97 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 234.02 cm /I98 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 236.70 Td (Investment ) Tj ET Q q 0 0 0 rg BT 147.43 236.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 166.08 236.70 Td (value ) Tj ET Q q 0 0 0 rg BT 195.36 236.70 Td (changes, ) Tj ET Q q 0 0 0 rg BT 242.58 236.70 Td (net ) Tj ET Q q 0 0 0 rg BT 261.87 236.70 Td (of ) Tj ET Q q 0 0 0 rg BT 275.04 236.70 Td (negative ) Tj ET Q q 0 0 0 rg BT 320.82 236.70 Td ($4 ) Tj ET Q q 0 0 0 rg BT 336.45 236.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 375.50 236.70 Td (represents ) Tj ET Q q 0 0 0 rg BT 430.02 236.70 Td (the ) Tj ET Q q 0 0 0 rg BT 449.31 236.70 Td (change ) Tj ET Q q 0 0 0 rg BT 488.79 236.70 Td (in ) Tj ET Q q 0 0 0 rg BT 500.94 236.70 Td (value ) Tj ET Q q 0 0 0 rg BT 530.22 236.70 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 221.85 Td (our ) Tj ET Q q 0 0 0 rg BT 109.18 221.85 Td (investments ) Tj ET Q q 0 0 0 rg BT 170.52 221.85 Td (during ) Tj ET Q q 0 0 0 rg BT 205.37 221.85 Td (the ) Tj ET Q q 0 0 0 rg BT 224.15 221.85 Td (fourth ) Tj ET Q q 0 0 0 rg BT 256.36 221.85 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 296.91 221.85 Td (of ) Tj ET Q q 0 0 0 rg BT 309.57 221.85 Td (which ) Tj ET Q q 0 0 0 rg BT 340.57 221.85 Td ($3 ) Tj ET Q q 0 0 0 rg BT 355.69 221.85 Td (million ) Tj ET Q q 0 0 0 rg BT 391.17 221.85 Td (\(representing ) Tj ET Q q 0 0 0 rg BT 458.83 221.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 486.16 221.85 Td (changes\) ) Tj ET Q q 0 0 0 rg BT 532.67 221.85 Td (is ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 207.00 Td (included ) Tj ET Q q 0 0 0 rg BT 135.43 207.00 Td (in ) Tj ET Q q 0 0 0 rg BT 147.25 207.00 Td (core ) Tj ET Q q 0 0 0 rg BT 171.70 207.00 Td (net ) Tj ET Q q 0 0 0 rg BT 190.64 207.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 230.13 207.00 Td (income, ) Tj ET Q q 0 0 0 rg BT 272.32 207.00 Td (with ) Tj ET Q q 0 0 0 rg BT 295.74 207.00 Td (the ) Tj ET Q q 0 0 0 rg BT 314.69 207.00 Td (remainder ) Tj ET Q q 0 0 0 rg BT 367.65 207.00 Td (excluded ) Tj ET Q q 0 0 0 rg BT 415.74 207.00 Td (from ) Tj ET Q q 0 0 0 rg BT 441.40 207.00 Td (core ) Tj ET Q q 0 0 0 rg BT 465.85 207.00 Td (earnings.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 184.47 cm /I99 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 184.47 cm /I100 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 187.15 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 142.51 187.15 Td (banking ) Tj ET Q q 0 0 0 rg BT 185.46 187.15 Td (activities, ) Tj ET Q q 0 0 0 rg BT 234.50 187.15 Td (net ) Tj ET Q q 0 0 0 rg BT 254.00 187.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 297.96 187.15 Td (the ) Tj ET Q q 0 0 0 rg BT 317.48 187.15 Td (change ) Tj ET Q q 0 0 0 rg BT 357.19 187.15 Td (in ) Tj ET Q q 0 0 0 rg BT 369.56 187.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 388.44 187.15 Td (value ) Tj ET Q q 0 0 0 rg BT 417.95 187.15 Td (of ) Tj ET Q q 0 0 0 rg BT 431.35 187.15 Td (loans ) Tj ET Q q 0 0 0 rg BT 460.65 187.15 Td (originated ) Tj ET Q q 0 0 0 rg BT 514.76 187.15 Td (post-) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 172.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 146.56 172.30 Td (as ) Tj ET Q q 0 0 0 rg BT 160.76 172.30 Td (well ) Tj ET Q q 0 0 0 rg BT 183.91 172.30 Td (as ) Tj ET Q q 0 0 0 rg BT 198.10 172.30 Td (a ) Tj ET Q q 0 0 0 rg BT 207.61 172.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 246.03 172.30 Td (from ) Tj ET Q q 0 0 0 rg BT 272.44 172.30 Td (incremental ) Tj ET Q q 0 0 0 rg BT 333.48 172.30 Td (profitability ) Tj ET Q q 0 0 0 rg BT 392.84 172.30 Td (on ) Tj ET Q q 0 0 0 rg BT 409.28 172.30 Td (the ) Tj ET Q q 0 0 0 rg BT 428.98 172.30 Td (inventory ) Tj ET Q q 0 0 0 rg BT 478.20 172.30 Td (of ) Tj ET Q q 0 0 0 rg BT 491.78 172.30 Td (SFR ) Tj ET Q q 0 0 0 rg BT 514.33 172.30 Td (loans ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 157.45 Td (acquired ) Tj ET Q q 0 0 0 rg BT 136.50 157.45 Td (from ) Tj ET Q q 0 0 0 rg BT 162.83 157.45 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 210.96 157.45 Td (that ) Tj ET Q q 0 0 0 rg BT 233.83 157.45 Td (we ) Tj ET Q q 0 0 0 rg BT 251.61 157.45 Td (sold ) Tj ET Q q 0 0 0 rg BT 275.91 157.45 Td (through ) Tj ET Q q 0 0 0 rg BT 318.34 157.45 Td (our ) Tj ET Q q 0 0 0 rg BT 338.35 157.45 Td (first ) Tj ET Q q 0 0 0 rg BT 359.96 157.45 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 408.10 157.45 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 463.37 157.45 Td (securitization ) Tj ET Q q 0 0 0 rg BT 531.24 157.45 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 142.60 Td (November ) Tj ET Q q 0 0 0 rg BT 145.42 142.60 Td (2019.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 120.07 cm /I101 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 120.07 cm /I102 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 122.75 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 124.34 122.75 Td (general ) Tj ET Q q 0 0 0 rg BT 165.78 122.75 Td (and ) Tj ET Q q 0 0 0 rg BT 188.70 122.75 Td (administrative ) Tj ET Q q 0 0 0 rg BT 261.69 122.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 311.93 122.75 Td (include ) Tj ET Q q 0 0 0 rg BT 351.95 122.75 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 377.73 122.75 Td (million ) Tj ET Q q 0 0 0 rg BT 414.70 122.75 Td (of ) Tj ET Q q 0 0 0 rg BT 428.85 122.75 Td (commission ) Tj ET Q q 0 0 0 rg BT 491.09 122.75 Td (expenses, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 107.90 Td (which ) Tj ET Q q 0 0 0 rg BT 121.48 107.90 Td (vary ) Tj ET Q q 0 0 0 rg BT 144.81 107.90 Td (with ) Tj ET Q q 0 0 0 rg BT 168.53 107.90 Td (loan ) Tj ET Q q 0 0 0 rg BT 192.88 107.90 Td (origination ) Tj ET Q q 0 0 0 rg BT 249.19 107.90 Td (volume ) Tj ET Q q 0 0 0 rg BT 288.62 107.90 Td (and ) Tj ET Q q 0 0 0 rg BT 310.53 107.90 Td (mix, ) Tj ET Q q 0 0 0 rg BT 334.26 107.90 Td (as ) Tj ET Q q 0 0 0 rg BT 348.02 107.90 Td (well ) Tj ET Q q 0 0 0 rg BT 370.73 107.90 Td (as ) Tj ET Q q 0 0 0 rg BT 384.49 107.90 Td ($1 ) Tj ET Q q 0 0 0 rg BT 400.09 107.90 Td (million ) Tj ET Q q 0 0 0 rg BT 436.04 107.90 Td (of ) Tj ET Q q 0 0 0 rg BT 449.18 107.90 Td (acquisition-related ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 93.05 Td (compensation ) Tj ET Q q 0 0 0 rg BT 163.91 93.05 Td (expense ) Tj ET Q q 0 0 0 rg BT 209.51 93.05 Td (associated ) Tj ET Q q 0 0 0 rg BT 265.67 93.05 Td (with ) Tj ET Q q 0 0 0 rg BT 290.46 93.05 Td (the ) Tj ET Q q 0 0 0 rg BT 310.78 93.05 Td (portion ) Tj ET Q q 0 0 0 rg BT 351.04 93.05 Td (of ) Tj ET Q q 0 0 0 rg BT 365.24 93.05 Td (the ) Tj ET Q q 0 0 0 rg BT 385.56 93.05 Td (purchase ) Tj ET Q q 0 0 0 rg BT 434.20 93.05 Td (consideration ) Tj ET Q q 0 0 0 rg BT 505.03 93.05 Td (paid ) Tj ET Q q 0 0 0 rg BT 531.25 93.05 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 78.20 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 140.13 78.20 Td (stock ) Tj ET Q q 0 0 0 rg BT 168.65 78.20 Td (\(which ) Tj ET Q q 0 0 0 rg BT 202.68 78.20 Td (is ) Tj ET Q q 0 0 0 rg BT 213.07 78.20 Td (excluded ) Tj ET Q q 0 0 0 rg BT 261.16 78.20 Td (for ) Tj ET Q q 0 0 0 rg BT 277.65 78.20 Td (core ) Tj ET Q q 0 0 0 rg BT 302.10 78.20 Td (earnings\).) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 174.10 733.94 Td ( D I V I D E N D S A N D T A X A B L E I N C O M E) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (35) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Di) Tj ET Q q 0 0 0 rg BT 86.24 702.30 Td (vidends and ) Tj ET Q q 0 0 0 rg BT 158.43 702.30 Td (T) Tj ET Q q 0 0 0 rg BT 166.48 702.30 Td (axa) Tj ET Q q 0 0 0 rg BT 185.64 702.30 Td (ble Income) Tj ET Q BT /F12 13.00 Tf ET q 0 0 0 rg BT 72.00 674.80 Td (Summar) Tj ET Q q 0 0 0 rg BT 115.25 674.80 Td (y) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 653.95 Td (As ) Tj ET Q q 0 0 0 rg BT 86.34 653.95 Td (a ) Tj ET Q q 0 0 0 rg BT 94.16 653.95 Td (REIT, ) Tj ET Q q 0 0 0 rg BT 120.38 653.95 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 169.56 653.95 Td (is ) Tj ET Q q 0 0 0 rg BT 178.99 653.95 Td (required ) Tj ET Q q 0 0 0 rg BT 222.44 653.95 Td (to ) Tj ET Q q 0 0 0 rg BT 234.73 653.95 Td (distribute ) Tj ET Q q 0 0 0 rg BT 283.45 653.95 Td (to ) Tj ET Q q 0 0 0 rg BT 295.74 653.95 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 360.38 653.95 Td (at ) Tj ET Q q 0 0 0 rg BT 371.85 653.95 Td (least ) Tj ET Q q 0 0 0 rg BT 396.77 653.95 Td (90% ) Tj ET Q q 0 0 0 rg BT 420.28 653.95 Td (of ) Tj ET Q q 0 0 0 rg BT 432.17 653.95 Td (its ) Tj ET Q q 0 0 0 rg BT 445.26 653.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 479.77 653.95 Td (REIT ) Tj ET Q q 0 0 0 rg BT 504.15 653.95 Td (taxable ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 639.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 112.96 639.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 162.48 639.10 Td (net ) Tj ET Q q 0 0 0 rg BT 180.20 639.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 214.40 639.10 Td (gains. ) Tj ET Q q 0 0 0 rg BT 245.17 639.10 Td (To ) Tj ET Q q 0 0 0 rg BT 258.62 639.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.35 639.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 309.13 639.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 358.04 639.10 Td (retains ) Tj ET Q q 0 0 0 rg BT 392.24 639.10 Td (REIT ) Tj ET Q q 0 0 0 rg BT 416.34 639.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 454.02 639.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 494.98 639.10 Td (including ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 624.25 Td (net ) Tj ET Q q 0 0 0 rg BT 91.98 624.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 128.45 624.25 Td (gains, ) Tj ET Q q 0 0 0 rg BT 161.48 624.25 Td (it ) Tj ET Q q 0 0 0 rg BT 171.87 624.25 Td (is ) Tj ET Q q 0 0 0 rg BT 183.30 624.25 Td (taxed ) Tj ET Q q 0 0 0 rg BT 214.90 624.25 Td (at ) Tj ET Q q 0 0 0 rg BT 228.36 624.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 280.31 624.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 299.07 624.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 330.04 624.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 381.21 624.25 Td (also ) Tj ET Q q 0 0 0 rg BT 404.86 624.25 Td (earns ) Tj ET Q q 0 0 0 rg BT 435.44 624.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 475.39 624.25 Td (income ) Tj ET Q q 0 0 0 rg BT 515.56 624.25 Td (at ) Tj ET Q q 0 0 0 rg BT 529.01 624.25 Td (its ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 609.40 Td (taxable ) Tj ET Q q 0 0 0 rg BT 110.91 609.40 Td (REIT ) Tj ET Q q 0 0 0 rg BT 136.23 609.40 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 196.31 609.40 Td (\(TRS\), ) Tj ET Q q 0 0 0 rg BT 227.10 609.40 Td (which ) Tj ET Q q 0 0 0 rg BT 258.28 609.40 Td (it ) Tj ET Q q 0 0 0 rg BT 267.63 609.40 Td (is ) Tj ET Q q 0 0 0 rg BT 278.01 609.40 Td (not ) Tj ET Q q 0 0 0 rg BT 297.36 609.40 Td (required ) Tj ET Q q 0 0 0 rg BT 341.76 609.40 Td (to ) Tj ET Q q 0 0 0 rg BT 354.99 609.40 Td (distribute.) Tj ET Q BT /F12 13.00 Tf ET q 0 0 0 rg BT 72.00 582.95 Td (Di) Tj ET Q q 0 0 0 rg BT 86.09 582.95 Td (vidends Ov) Tj ET Q q 0 0 0 rg BT 142.73 582.95 Td (er) Tj ET Q q 0 0 0 rg BT 152.26 582.95 Td (view) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 562.10 Td (In ) Tj ET Q q 0 0 0 rg BT 85.52 562.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 120.78 562.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 153.81 562.10 Td (our ) Tj ET Q q 0 0 0 rg BT 174.60 562.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 208.44 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.73 562.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 271.41 562.10 Td (has ) Tj ET Q q 0 0 0 rg BT 292.42 562.10 Td (maintained ) Tj ET Q q 0 0 0 rg BT 351.72 562.10 Td (a ) Tj ET Q q 0 0 0 rg BT 361.93 562.10 Td (practice ) Tj ET Q q 0 0 0 rg BT 405.54 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.82 562.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 457.53 562.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 496.44 562.10 Td (quarterly ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 547.25 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 125.61 547.25 Td (including ) Tj ET Q q 0 0 0 rg BT 173.52 547.25 Td (when ) Tj ET Q q 0 0 0 rg BT 202.69 547.25 Td (in ) Tj ET Q q 0 0 0 rg BT 214.33 547.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 249.42 547.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.08 547.25 Td (the ) Tj ET Q q 0 0 0 rg BT 280.86 547.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 321.23 547.25 Td (required ) Tj ET Q q 0 0 0 rg BT 365.45 547.25 Td (to ) Tj ET Q q 0 0 0 rg BT 378.51 547.25 Td (comply ) Tj ET Q q 0 0 0 rg BT 417.25 547.25 Td (with ) Tj ET Q q 0 0 0 rg BT 440.49 547.25 Td (the ) Tj ET Q q 0 0 0 rg BT 459.27 547.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 511.44 547.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.10 547.25 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 532.40 Td (Internal ) Tj ET Q q 0 0 0 rg BT 112.24 532.40 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 157.78 532.40 Td (Code ) Tj ET Q q 0 0 0 rg BT 188.02 532.40 Td (applicable ) Tj ET Q q 0 0 0 rg BT 242.09 532.40 Td (to ) Tj ET Q q 0 0 0 rg BT 255.40 532.40 Td (REITs. ) Tj ET Q q 0 0 0 rg BT 287.32 532.40 Td (In ) Tj ET Q q 0 0 0 rg BT 299.48 532.40 Td (February ) Tj ET Q q 0 0 0 rg BT 346.00 532.40 Td (2020, ) Tj ET Q q 0 0 0 rg BT 376.65 532.40 Td (the ) Tj ET Q q 0 0 0 rg BT 395.69 532.40 Td (Board ) Tj ET Q q 0 0 0 rg BT 428.16 532.40 Td (of ) Tj ET Q q 0 0 0 rg BT 441.07 532.40 Td (Directors ) Tj ET Q q 0 0 0 rg BT 488.39 532.40 Td (declared ) Tj ET Q q 0 0 0 rg BT 534.30 532.40 Td (a ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 517.55 Td (regular ) Tj ET Q q 0 0 0 rg BT 109.82 517.55 Td (dividend ) Tj ET Q q 0 0 0 rg BT 156.22 517.55 Td (of ) Tj ET Q q 0 0 0 rg BT 169.40 517.55 Td ($0.32 ) Tj ET Q q 0 0 0 rg BT 200.34 517.55 Td (per ) Tj ET Q q 0 0 0 rg BT 220.23 517.55 Td (share ) Tj ET Q q 0 0 0 rg BT 249.73 517.55 Td (for ) Tj ET Q q 0 0 0 rg BT 266.56 517.55 Td (the ) Tj ET Q q 0 0 0 rg BT 285.87 517.55 Td (first ) Tj ET Q q 0 0 0 rg BT 307.16 517.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 346.19 517.55 Td (of ) Tj ET Q q 0 0 0 rg BT 359.38 517.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 390.31 517.55 Td (which ) Tj ET Q q 0 0 0 rg BT 421.84 517.55 Td (is ) Tj ET Q q 0 0 0 rg BT 432.57 517.55 Td (payable ) Tj ET Q q 0 0 0 rg BT 474.90 517.55 Td (on ) Tj ET Q q 0 0 0 rg BT 490.95 517.55 Td (March ) Tj ET Q q 0 0 0 rg BT 524.73 517.55 Td (30, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 502.70 Td (2020 ) Tj ET Q q 0 0 0 rg BT 99.52 502.70 Td (to ) Tj ET Q q 0 0 0 rg BT 112.76 502.70 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 178.35 502.70 Td (of ) Tj ET Q q 0 0 0 rg BT 191.19 502.70 Td (record ) Tj ET Q q 0 0 0 rg BT 225.82 502.70 Td (on ) Tj ET Q q 0 0 0 rg BT 241.51 502.70 Td (March ) Tj ET Q q 0 0 0 rg BT 274.94 502.70 Td (16, ) Tj ET Q q 0 0 0 rg BT 293.29 502.70 Td (2020.) Tj ET Q BT /F12 13.00 Tf ET q 0 0 0 rg BT 72.00 476.25 Td (REIT ) Tj ET Q q 0 0 0 rg BT 105.08 476.25 Td (T) Tj ET Q q 0 0 0 rg BT 112.73 476.25 Td (axab) Tj ET Q q 0 0 0 rg BT 136.71 476.25 Td (le Income and Di) Tj ET Q q 0 0 0 rg BT 224.72 476.25 Td (vidend Distr) Tj ET Q q 0 0 0 rg BT 288.11 476.25 Td (ib) Tj ET Q q 0 0 0 rg BT 297.53 476.25 Td (ution Requir) Tj ET Q q 0 0 0 rg BT 361.89 476.25 Td (ement) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 455.40 Td (Our ) Tj ET Q q 0 0 0 rg BT 93.85 455.40 Td (estimated ) Tj ET Q q 0 0 0 rg BT 145.43 455.40 Td (REIT ) Tj ET Q q 0 0 0 rg BT 170.60 455.40 Td (taxable ) Tj ET Q q 0 0 0 rg BT 209.35 455.40 Td (income ) Tj ET Q q 0 0 0 rg BT 248.33 455.40 Td (was ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 269.57 455.40 Td ($44 ) Tj ET Q q 0 0 0 rg BT 290.83 455.40 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 323.42 455.40 Td (, ) Tj ET Q q 0 0 0 rg BT 329.38 455.40 Td (or ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 342.46 455.40 Td ($0.39) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 369.99 455.40 Td ( ) Tj ET Q q 0 0 0 rg BT 372.89 455.40 Td (per ) Tj ET Q q 0 0 0 rg BT 392.29 455.40 Td (share, ) Tj ET Q q 0 0 0 rg BT 424.33 455.40 Td (for ) Tj ET Q q 0 0 0 rg BT 440.67 455.40 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 459.47 455.40 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 488.80 455.40 Td ( ) Tj ET Q q 0 0 0 rg BT 491.70 455.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 530.23 455.40 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 440.55 Td (2019) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 96.46 440.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.15 440.55 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 118.38 440.55 Td ($39 ) Tj ET Q q 0 0 0 rg BT 138.41 440.55 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 171.01 440.55 Td (, ) Tj ET Q q 0 0 0 rg BT 175.75 440.55 Td (or ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 187.61 440.55 Td ($0.34) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 215.13 440.55 Td ( ) Tj ET Q q 0 0 0 rg BT 216.82 440.55 Td (per ) Tj ET Q q 0 0 0 rg BT 234.99 440.55 Td (share, ) Tj ET Q q 0 0 0 rg BT 265.81 440.55 Td (for ) Tj ET Q q 0 0 0 rg BT 280.93 440.55 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 298.51 440.55 Td (third) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 321.10 440.55 Td ( ) Tj ET Q q 0 0 0 rg BT 322.79 440.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 360.09 440.55 Td (of ) Tj ET Q q 0 0 0 rg BT 371.56 440.55 Td (2019. ) Tj ET Q q 0 0 0 rg BT 400.76 440.55 Td (Under ) Tj ET Q q 0 0 0 rg BT 432.60 440.55 Td (normal ) Tj ET Q q 0 0 0 rg BT 468.49 440.55 Td (circumstances, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 425.70 Td (our ) Tj ET Q q 0 0 0 rg BT 92.99 425.70 Td (minimum ) Tj ET Q q 0 0 0 rg BT 143.31 425.70 Td (REIT ) Tj ET Q q 0 0 0 rg BT 170.27 425.70 Td (dividend ) Tj ET Q q 0 0 0 rg BT 217.96 425.70 Td (requirement ) Tj ET Q q 0 0 0 rg BT 282.53 425.70 Td (would ) Tj ET Q q 0 0 0 rg BT 317.17 425.70 Td (be ) Tj ET Q q 0 0 0 rg BT 334.70 425.70 Td (90% ) Tj ET Q q 0 0 0 rg BT 360.80 425.70 Td (of ) Tj ET Q q 0 0 0 rg BT 375.27 425.70 Td (our ) Tj ET Q q 0 0 0 rg BT 396.26 425.70 Td (annual ) Tj ET Q q 0 0 0 rg BT 433.36 425.70 Td (REIT ) Tj ET Q q 0 0 0 rg BT 460.32 425.70 Td (taxable ) Tj ET Q q 0 0 0 rg BT 500.87 425.70 Td (income. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 410.85 Td (However, ) Tj ET Q q 0 0 0 rg BT 121.33 410.85 Td (we ) Tj ET Q q 0 0 0 rg BT 139.08 410.85 Td (currently ) Tj ET Q q 0 0 0 rg BT 185.13 410.85 Td (maintain ) Tj ET Q q 0 0 0 rg BT 230.77 410.85 Td (a ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 240.17 410.85 Td ($39 ) Tj ET Q q 0 0 0 rg BT 262.21 410.85 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 294.80 410.85 Td ( ) Tj ET Q q 0 0 0 rg BT 298.49 410.85 Td (federal ) Tj ET Q q 0 0 0 rg BT 336.39 410.85 Td (net ) Tj ET Q q 0 0 0 rg BT 355.97 410.85 Td (operating ) Tj ET Q q 0 0 0 rg BT 407.52 410.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 429.75 410.85 Td (carry ) Tj ET Q q 0 0 0 rg BT 457.05 410.85 Td (forward ) Tj ET Q q 0 0 0 rg BT 498.00 410.85 Td (\(NOL\) ) Tj ET Q q 0 0 0 rg BT 530.64 410.85 Td (at ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 396.00 Td (the ) Tj ET Q q 0 0 0 rg BT 91.07 396.00 Td (REIT ) Tj ET Q q 0 0 0 rg BT 116.50 396.00 Td (that ) Tj ET Q q 0 0 0 rg BT 138.82 396.00 Td (affords ) Tj ET Q q 0 0 0 rg BT 175.40 396.00 Td (us ) Tj ET Q q 0 0 0 rg BT 189.37 396.00 Td (the ) Tj ET Q q 0 0 0 rg BT 208.44 396.00 Td (option ) Tj ET Q q 0 0 0 rg BT 243.80 396.00 Td (of ) Tj ET Q q 0 0 0 rg BT 256.75 396.00 Td (retaining ) Tj ET Q q 0 0 0 rg BT 303.09 396.00 Td (REIT ) Tj ET Q q 0 0 0 rg BT 328.53 396.00 Td (taxable ) Tj ET Q q 0 0 0 rg BT 367.55 396.00 Td (income ) Tj ET Q q 0 0 0 rg BT 406.79 396.00 Td (up ) Tj ET Q q 0 0 0 rg BT 422.80 396.00 Td (to ) Tj ET Q q 0 0 0 rg BT 436.15 396.00 Td (the ) Tj ET Q q 0 0 0 rg BT 455.22 396.00 Td (NOL ) Tj ET Q q 0 0 0 rg BT 481.62 396.00 Td (amount, ) Tj ET Q q 0 0 0 rg BT 525.34 396.00 Td (tax ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 381.15 Td (free, ) Tj ET Q q 0 0 0 rg BT 96.94 381.15 Td (rather ) Tj ET Q q 0 0 0 rg BT 128.78 381.15 Td (than ) Tj ET Q q 0 0 0 rg BT 153.32 381.15 Td (distributing ) Tj ET Q q 0 0 0 rg BT 212.24 381.15 Td (it ) Tj ET Q q 0 0 0 rg BT 221.46 381.15 Td (as ) Tj ET Q q 0 0 0 rg BT 234.79 381.15 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 288.46 381.15 Td (Federal ) Tj ET Q q 0 0 0 rg BT 328.47 381.15 Td (income ) Tj ET Q q 0 0 0 rg BT 367.47 381.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 385.07 381.15 Td (rules ) Tj ET Q q 0 0 0 rg BT 411.22 381.15 Td (require ) Tj ET Q q 0 0 0 rg BT 448.77 381.15 Td (the ) Tj ET Q q 0 0 0 rg BT 467.60 381.15 Td (dividends ) Tj ET Q q 0 0 0 rg BT 518.21 381.15 Td (paid ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 366.30 Td (deduction ) Tj ET Q q 0 0 0 rg BT 126.74 366.30 Td (to ) Tj ET Q q 0 0 0 rg BT 141.73 366.30 Td (be ) Tj ET Q q 0 0 0 rg BT 159.38 366.30 Td (applied ) Tj ET Q q 0 0 0 rg BT 201.48 366.30 Td (to ) Tj ET Q q 0 0 0 rg BT 216.47 366.30 Td (reduce ) Tj ET Q q 0 0 0 rg BT 255.12 366.30 Td (REIT ) Tj ET Q q 0 0 0 rg BT 282.20 366.30 Td (taxable ) Tj ET Q q 0 0 0 rg BT 322.86 366.30 Td (income ) Tj ET Q q 0 0 0 rg BT 363.75 366.30 Td (before ) Tj ET Q q 0 0 0 rg BT 400.75 366.30 Td (the ) Tj ET Q q 0 0 0 rg BT 421.47 366.30 Td (applicability ) Tj ET Q q 0 0 0 rg BT 485.34 366.30 Td (of ) Tj ET Q q 0 0 0 rg BT 499.94 366.30 Td (NOLs ) Tj ET Q q 0 0 0 rg BT 532.67 366.30 Td (is ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 351.45 Td (considered. ) Tj ET Q q 0 0 0 rg BT 133.47 351.45 Td (Our ) Tj ET Q q 0 0 0 rg BT 156.44 351.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 209.13 351.45 Td (REIT ) Tj ET Q q 0 0 0 rg BT 235.41 351.45 Td (taxable ) Tj ET Q q 0 0 0 rg BT 275.28 351.45 Td (income ) Tj ET Q q 0 0 0 rg BT 315.37 351.45 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 367.90 351.45 Td (our ) Tj ET Q q 0 0 0 rg BT 388.21 351.45 Td (dividend ) Tj ET Q q 0 0 0 rg BT 435.22 351.45 Td (distributions ) Tj ET Q q 0 0 0 rg BT 499.71 351.45 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 512.48 351.45 Td (2019) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 536.95 351.45 Td (; ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 336.60 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 122.85 336.60 Td (we ) Tj ET Q q 0 0 0 rg BT 139.88 336.60 Td (expect ) Tj ET Q q 0 0 0 rg BT 176.06 336.60 Td (to ) Tj ET Q q 0 0 0 rg BT 189.21 336.60 Td (utilize ) Tj ET Q q 0 0 0 rg BT 220.70 336.60 Td ($10 ) Tj ET Q q 0 0 0 rg BT 242.02 336.60 Td (million ) Tj ET Q q 0 0 0 rg BT 277.59 336.60 Td (of ) Tj ET Q q 0 0 0 rg BT 290.35 336.60 Td (our ) Tj ET Q q 0 0 0 rg BT 309.61 336.60 Td (NOL ) Tj ET Q q 0 0 0 rg BT 335.82 336.60 Td (in ) Tj ET Q q 0 0 0 rg BT 347.55 336.60 Td (2019 ) Tj ET Q q 0 0 0 rg BT 374.99 336.60 Td (and ) Tj ET Q q 0 0 0 rg BT 396.51 336.60 Td (the ) Tj ET Q q 0 0 0 rg BT 415.38 336.60 Td (remaining ) Tj ET Q q 0 0 0 rg BT 467.24 336.60 Td ($28 ) Tj ET Q q 0 0 0 rg BT 488.56 336.60 Td (million ) Tj ET Q q 0 0 0 rg BT 524.13 336.60 Td (will ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 321.75 Td (carry ) Tj ET Q q 0 0 0 rg BT 99.01 321.75 Td (forward ) Tj ET Q q 0 0 0 rg BT 139.66 321.75 Td (into ) Tj ET Q q 0 0 0 rg BT 161.98 321.75 Td (2020. ) Tj ET Q q 0 0 0 rg BT 192.89 321.75 Td (See ) Tj ET Q q 0 0 0 rg BT 214.63 321.75 Td (Table ) Tj ET Q q 0 0 0 rg BT 244.30 321.75 Td (3 ) Tj ET Q q 0 0 0 rg BT 253.81 321.75 Td (in ) Tj ET Q q 0 0 0 rg BT 265.96 321.75 Td (the ) Tj ET Q BT /F10 11.00 Tf ET q 0 0 0 rg BT 285.24 321.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 331.62 321.75 Td (Tables ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 365.98 321.75 Td (section ) Tj ET Q q 0 0 0 rg BT 404.42 321.75 Td (of ) Tj ET Q q 0 0 0 rg BT 417.59 321.75 Td (this ) Tj ET Q q 0 0 0 rg BT 438.08 321.75 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 488.54 321.75 Td (Review ) Tj ET Q q 0 0 0 rg BT 526.57 321.75 Td (for ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 306.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 124.15 306.90 Td (detail ) Tj ET Q q 0 0 0 rg BT 154.69 306.90 Td (on ) Tj ET Q q 0 0 0 rg BT 170.39 306.90 Td (our ) Tj ET Q q 0 0 0 rg BT 189.73 306.90 Td (REIT ) Tj ET Q q 0 0 0 rg BT 215.06 306.90 Td (and ) Tj ET Q q 0 0 0 rg BT 236.66 306.90 Td (total ) Tj ET Q q 0 0 0 rg BT 261.90 306.90 Td (taxable ) Tj ET Q q 0 0 0 rg BT 300.80 306.90 Td (income.) Tj ET Q BT /F12 13.00 Tf ET q 0 0 0 rg BT 72.00 280.45 Td (Income ) Tj ET Q q 0 0 0 rg BT 109.95 280.45 Td (T) Tj ET Q q 0 0 0 rg BT 117.60 280.45 Td (ax Char) Tj ET Q q 0 0 0 rg BT 159.66 280.45 Td (acter) Tj ET Q q 0 0 0 rg BT 183.40 280.45 Td (iza) Tj ET Q q 0 0 0 rg BT 199.13 280.45 Td (tion of Di) Tj ET Q q 0 0 0 rg BT 249.97 280.45 Td (vidend f) Tj ET Q q 0 0 0 rg BT 289.41 280.45 Td (or Shar) Tj ET Q q 0 0 0 rg BT 326.53 280.45 Td (eholders) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 259.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 93.08 259.60 Td (2019 ) Tj ET Q q 0 0 0 rg BT 119.69 259.60 Td (dividend ) Tj ET Q q 0 0 0 rg BT 164.82 259.60 Td (distributions ) Tj ET Q q 0 0 0 rg BT 227.43 259.60 Td (are ) Tj ET Q q 0 0 0 rg BT 244.85 259.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 293.04 259.60 Td (to ) Tj ET Q q 0 0 0 rg BT 305.35 259.60 Td (be ) Tj ET Q q 0 0 0 rg BT 320.33 259.60 Td (characterized ) Tj ET Q q 0 0 0 rg BT 387.84 259.60 Td (for ) Tj ET Q q 0 0 0 rg BT 403.42 259.60 Td (federal ) Tj ET Q q 0 0 0 rg BT 439.77 259.60 Td (income ) Tj ET Q q 0 0 0 rg BT 477.98 259.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 494.78 259.60 Td (purposes ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 244.75 Td (as ) Tj ET Q q 0 0 0 rg BT 85.99 244.75 Td (73% ) Tj ET Q q 0 0 0 rg BT 110.98 244.75 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 154.70 244.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 201.28 244.75 Td (income ) Tj ET Q q 0 0 0 rg BT 240.94 244.75 Td (and ) Tj ET Q q 0 0 0 rg BT 263.08 244.75 Td (27% ) Tj ET Q q 0 0 0 rg BT 288.07 244.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 340.31 244.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 376.28 244.75 Td (gain ) Tj ET Q q 0 0 0 rg BT 401.06 244.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 447.64 244.75 Td (income. ) Tj ET Q q 0 0 0 rg BT 490.36 244.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 524.11 244.75 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 229.90 Td (federal ) Tj ET Q q 0 0 0 rg BT 108.37 229.90 Td (income ) Tj ET Q q 0 0 0 rg BT 146.59 229.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 163.41 229.90 Td (rules ) Tj ET Q q 0 0 0 rg BT 188.77 229.90 Td (applicable ) Tj ET Q q 0 0 0 rg BT 241.86 229.90 Td (to ) Tj ET Q q 0 0 0 rg BT 254.19 229.90 Td (REITs, ) Tj ET Q q 0 0 0 rg BT 285.13 229.90 Td (none ) Tj ET Q q 0 0 0 rg BT 312.15 229.90 Td (of ) Tj ET Q q 0 0 0 rg BT 324.09 229.90 Td (the ) Tj ET Q q 0 0 0 rg BT 342.14 229.90 Td (2019 ) Tj ET Q q 0 0 0 rg BT 368.76 229.90 Td (dividend ) Tj ET Q q 0 0 0 rg BT 413.90 229.90 Td (distributions ) Tj ET Q q 0 0 0 rg BT 476.52 229.90 Td (are ) Tj ET Q q 0 0 0 rg BT 493.96 229.90 Td (expected ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 215.05 Td (to ) Tj ET Q q 0 0 0 rg BT 85.23 215.05 Td (be ) Tj ET Q q 0 0 0 rg BT 101.13 215.05 Td (characterized ) Tj ET Q q 0 0 0 rg BT 169.56 215.05 Td (as ) Tj ET Q q 0 0 0 rg BT 183.01 215.05 Td (a ) Tj ET Q q 0 0 0 rg BT 191.78 215.05 Td (return ) Tj ET Q q 0 0 0 rg BT 224.14 215.05 Td (of ) Tj ET Q q 0 0 0 rg BT 236.98 215.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 272.41 215.05 Td (or ) Tj ET Q q 0 0 0 rg BT 285.64 215.05 Td (qualified ) Tj ET Q q 0 0 0 rg BT 331.27 215.05 Td (dividends. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 191.20 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 125.57 191.20 Td (in ) Tj ET Q q 0 0 0 rg BT 137.78 191.20 Td (2018, ) Tj ET Q q 0 0 0 rg BT 168.75 191.20 Td (the ) Tj ET Q q 0 0 0 rg BT 188.10 191.20 Td (Tax ) Tj ET Q q 0 0 0 rg BT 207.65 191.20 Td (Cuts ) Tj ET Q q 0 0 0 rg BT 233.30 191.20 Td (and ) Tj ET Q q 0 0 0 rg BT 255.30 191.20 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 281.98 191.20 Td (Act ) Tj ET Q q 0 0 0 rg BT 301.93 191.20 Td (provides ) Tj ET Q q 0 0 0 rg BT 347.54 191.20 Td (that ) Tj ET Q q 0 0 0 rg BT 370.13 191.20 Td (individual ) Tj ET Q q 0 0 0 rg BT 420.84 191.20 Td (taxpayers ) Tj ET Q q 0 0 0 rg BT 471.14 191.20 Td (may ) Tj ET Q q 0 0 0 rg BT 494.97 191.20 Td (generally ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 176.35 Td (deduct ) Tj ET Q q 0 0 0 rg BT 110.83 176.35 Td (20% ) Tj ET Q q 0 0 0 rg BT 136.44 176.35 Td (of ) Tj ET Q q 0 0 0 rg BT 150.42 176.35 Td (their ) Tj ET Q q 0 0 0 rg BT 176.82 176.35 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 221.15 176.35 Td (REIT ) Tj ET Q q 0 0 0 rg BT 247.62 176.35 Td (dividends ) Tj ET Q q 0 0 0 rg BT 299.50 176.35 Td (from ) Tj ET Q q 0 0 0 rg BT 326.31 176.35 Td (taxable ) Tj ET Q q 0 0 0 rg BT 366.37 176.35 Td (income. ) Tj ET Q q 0 0 0 rg BT 409.70 176.35 Td (This ) Tj ET Q q 0 0 0 rg BT 433.67 176.35 Td (results ) Tj ET Q q 0 0 0 rg BT 469.23 176.35 Td (in ) Tj ET Q q 0 0 0 rg BT 482.20 176.35 Td (a ) Tj ET Q q 0 0 0 rg BT 492.11 176.35 Td (maximum ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 161.50 Td (federal ) Tj ET Q q 0 0 0 rg BT 108.80 161.50 Td (effective ) Tj ET Q q 0 0 0 rg BT 152.95 161.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 170.20 161.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 191.92 161.50 Td (of ) Tj ET Q q 0 0 0 rg BT 204.28 161.50 Td (29.6% ) Tj ET Q q 0 0 0 rg BT 237.44 161.50 Td (on ) Tj ET Q q 0 0 0 rg BT 252.66 161.50 Td (an ) Tj ET Q q 0 0 0 rg BT 267.08 161.50 Td (individual ) Tj ET Q q 0 0 0 rg BT 316.92 161.50 Td (taxpayer's ) Tj ET Q q 0 0 0 rg BT 369.21 161.50 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 411.93 161.50 Td (REIT ) Tj ET Q q 0 0 0 rg BT 436.78 161.50 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 490.10 161.50 Td (compared ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 146.65 Td (to ) Tj ET Q q 0 0 0 rg BT 85.41 146.65 Td (the ) Tj ET Q q 0 0 0 rg BT 104.54 146.65 Td (highest ) Tj ET Q q 0 0 0 rg BT 143.83 146.65 Td (marginal ) Tj ET Q q 0 0 0 rg BT 189.42 146.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 211.79 146.65 Td (of ) Tj ET Q q 0 0 0 rg BT 224.80 146.65 Td (37%. ) Tj ET Q q 0 0 0 rg BT 252.49 146.65 Td (This ) Tj ET Q q 0 0 0 rg BT 275.48 146.65 Td (deduction ) Tj ET Q q 0 0 0 rg BT 328.64 146.65 Td (does ) Tj ET Q q 0 0 0 rg BT 355.92 146.65 Td (not ) Tj ET Q q 0 0 0 rg BT 375.45 146.65 Td (apply ) Tj ET Q q 0 0 0 rg BT 405.78 146.65 Td (to ) Tj ET Q q 0 0 0 rg BT 419.19 146.65 Td (REIT ) Tj ET Q q 0 0 0 rg BT 444.69 146.65 Td (dividends ) Tj ET Q q 0 0 0 rg BT 495.60 146.65 Td (classified ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 131.80 Td (as ) Tj ET Q q 0 0 0 rg BT 85.85 131.80 Td (qualified ) Tj ET Q q 0 0 0 rg BT 131.87 131.80 Td (dividend ) Tj ET Q q 0 0 0 rg BT 178.32 131.80 Td (income ) Tj ET Q q 0 0 0 rg BT 217.84 131.80 Td (or ) Tj ET Q q 0 0 0 rg BT 231.47 131.80 Td (long-term ) Tj ET Q q 0 0 0 rg BT 283.57 131.80 Td (capital ) Tj ET Q q 0 0 0 rg BT 319.40 131.80 Td (gain ) Tj ET Q q 0 0 0 rg BT 344.04 131.80 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 398.23 131.80 Td (as ) Tj ET Q q 0 0 0 rg BT 412.08 131.80 Td (those ) Tj ET Q q 0 0 0 rg BT 442.63 131.80 Td (dividends ) Tj ET Q q 0 0 0 rg BT 493.76 131.80 Td (are ) Tj ET Q q 0 0 0 rg BT 512.50 131.80 Td (taxed ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 116.95 Td (at ) Tj ET Q q 0 0 0 rg BT 84.42 116.95 Td (a ) Tj ET Q q 0 0 0 rg BT 93.19 116.95 Td (maximum ) Tj ET Q q 0 0 0 rg BT 144.13 116.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 166.31 116.95 Td (of ) Tj ET Q q 0 0 0 rg BT 179.15 116.95 Td (20% ) Tj ET Q q 0 0 0 rg BT 203.60 116.95 Td (for ) Tj ET Q q 0 0 0 rg BT 220.09 116.95 Td (individuals.) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 204.90 733.94 Td (N O N - G A A P M E A S U R E M E N T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (36) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (Information ) Tj ET Q q 0 0 0 rg BT 135.14 702.70 Td (about ) Tj ET Q q 0 0 0 rg BT 170.32 702.70 Td (our ) Tj ET Q q 0 0 0 rg BT 193.07 702.70 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 251.92 702.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 298.51 702.70 Td (measures ) Tj ET Q q 0 0 0 rg BT 351.23 702.70 Td (is ) Tj ET Q q 0 0 0 rg BT 365.02 702.70 Td (provided ) Tj ET Q q 0 0 0 rg BT 415.68 702.70 Td (in ) Tj ET Q q 0 0 0 rg BT 430.90 702.70 Td (this ) Tj ET Q q 0 0 0 rg BT 454.47 702.70 Td (Appendix, ) Tj ET Q q 0 0 0 rg BT 511.88 702.70 Td (which ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.10 Td (supplements ) Tj ET Q q 0 0 0 rg BT 138.04 687.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.04 687.10 Td (descriptions ) Tj ET Q q 0 0 0 rg BT 219.61 687.10 Td (and ) Tj ET Q q 0 0 0 rg BT 241.25 687.10 Td (information ) Tj ET Q q 0 0 0 rg BT 300.76 687.10 Td (about ) Tj ET Q q 0 0 0 rg BT 332.58 687.10 Td (these ) Tj ET Q q 0 0 0 rg BT 362.38 687.10 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 417.86 687.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 461.09 687.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 510.45 687.10 Td (that ) Tj ET Q q 0 0 0 rg BT 532.69 687.10 Td (is ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 671.45 Td (set ) Tj ET Q q 0 0 0 rg BT 91.40 671.45 Td (forth ) Tj ET Q q 0 0 0 rg BT 119.56 671.45 Td (in ) Tj ET Q q 0 0 0 rg BT 133.26 671.45 Td (previous ) Tj ET Q q 0 0 0 rg BT 179.77 671.45 Td (sections ) Tj ET Q q 0 0 0 rg BT 224.45 671.45 Td (of ) Tj ET Q q 0 0 0 rg BT 239.17 671.45 Td (this ) Tj ET Q q 0 0 0 rg BT 261.22 671.45 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 313.24 671.45 Td (Review. ) Tj ET Q q 0 0 0 rg BT 355.28 671.45 Td ( ) Tj ET Q q 0 0 0 rg BT 360.23 671.45 Td (In ) Tj ET Q q 0 0 0 rg BT 374.19 671.45 Td (addition, ) Tj ET Q q 0 0 0 rg BT 422.94 671.45 Td (this ) Tj ET Q q 0 0 0 rg BT 444.99 671.45 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 497.83 671.45 Td (provides ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 655.85 Td (reconciliations ) Tj ET Q q 0 0 0 rg BT 145.23 655.85 Td (of ) Tj ET Q q 0 0 0 rg BT 158.17 655.85 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 213.70 655.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 256.98 655.85 Td (measures ) Tj ET Q q 0 0 0 rg BT 306.39 655.85 Td (to ) Tj ET Q q 0 0 0 rg BT 319.72 655.85 Td (the ) Tj ET Q q 0 0 0 rg BT 338.76 655.85 Td (most ) Tj ET Q q 0 0 0 rg BT 366.15 655.85 Td (directly ) Tj ET Q q 0 0 0 rg BT 405.15 655.85 Td (comparable ) Tj ET Q q 0 0 0 rg BT 466.77 655.85 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 499.88 655.85 Td (financial ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 640.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 121.46 640.25 Td (to ) Tj ET Q q 0 0 0 rg BT 134.85 640.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.95 640.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 188.11 640.25 Td (those ) Tj ET Q q 0 0 0 rg BT 218.42 640.25 Td (reconciliations ) Tj ET Q q 0 0 0 rg BT 291.71 640.25 Td (are ) Tj ET Q q 0 0 0 rg BT 310.20 640.25 Td (not ) Tj ET Q q 0 0 0 rg BT 329.70 640.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 380.36 640.25 Td (set ) Tj ET Q q 0 0 0 rg BT 398.02 640.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 424.44 640.25 Td (in ) Tj ET Q q 0 0 0 rg BT 436.40 640.25 Td (the ) Tj ET Q q 0 0 0 rg BT 455.50 640.25 Td (previous ) Tj ET Q q 0 0 0 rg BT 500.27 640.25 Td (sections ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 624.60 Td (of ) Tj ET Q q 0 0 0 rg BT 84.84 624.60 Td (this ) Tj ET Q q 0 0 0 rg BT 105.00 624.60 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 155.13 624.60 Td (Review ) Tj ET Q q 0 0 0 rg BT 192.83 624.60 Td (or ) Tj ET Q q 0 0 0 rg BT 206.06 624.60 Td (in ) Tj ET Q q 0 0 0 rg BT 217.87 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 236.83 624.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 282.87 624.60 Td (Tables ) Tj ET Q q 0 0 0 rg BT 316.90 624.60 Td (in ) Tj ET Q q 0 0 0 rg BT 328.71 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 347.66 624.60 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 398.62 624.60 Td (to ) Tj ET Q q 0 0 0 rg BT 411.85 624.60 Td (this ) Tj ET Q q 0 0 0 rg BT 432.01 624.60 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 482.14 624.60 Td (Review.) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 602.40 Td (What ) Tj ET Q q 0 0 0 rg BT 104.63 602.40 Td (is ) Tj ET Q q 0 0 0 rg BT 116.63 602.40 Td (Cor) Tj ET Q q 0 0 0 rg BT 136.90 602.40 Td (e ) Tj ET Q q 0 0 0 rg BT 146.65 602.40 Td (Ear) Tj ET Q q 0 0 0 rg BT 165.38 602.40 Td (nings? ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 577.80 Td (Core ) Tj ET Q q 0 0 0 rg BT 102.09 577.80 Td (earnings ) Tj ET Q q 0 0 0 rg BT 150.29 577.80 Td (is ) Tj ET Q q 0 0 0 rg BT 163.87 577.80 Td (a ) Tj ET Q q 0 0 0 rg BT 175.82 577.80 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 234.46 577.80 Td (measure ) Tj ET Q q 0 0 0 rg BT 282.27 577.80 Td (of ) Tj ET Q q 0 0 0 rg BT 298.30 577.80 Td (Redwoods ) Tj ET Q q 0 0 0 rg BT 357.96 577.80 Td (earnings ) Tj ET Q q 0 0 0 rg BT 406.16 577.80 Td (and ) Tj ET Q q 0 0 0 rg BT 430.96 577.80 Td (results ) Tj ET Q q 0 0 0 rg BT 468.57 577.80 Td (of ) Tj ET Q q 0 0 0 rg BT 484.59 577.80 Td (operations. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 562.15 Td (Specifically, ) Tj ET Q q 0 0 0 rg BT 131.51 562.15 Td (management ) Tj ET Q q 0 0 0 rg BT 198.56 562.15 Td (has ) Tj ET Q q 0 0 0 rg BT 217.13 562.15 Td (defined ) Tj ET Q q 0 0 0 rg BT 256.87 562.15 Td (core ) Tj ET Q q 0 0 0 rg BT 280.32 562.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 324.33 562.15 Td (as: ) Tj ET Q q 0 0 0 rg BT 339.84 562.15 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 371.86 562.15 Td (net ) Tj ET Q q 0 0 0 rg BT 389.79 562.15 Td (income ) Tj ET Q q 0 0 0 rg BT 427.92 562.15 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 472.35 562.15 Td (to ) Tj ET Q q 0 0 0 rg BT 484.58 562.15 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 494.99 562.15 Td (eliminate ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 546.55 Td (the ) Tj ET Q q 0 0 0 rg BT 91.07 546.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 127.65 546.55 Td (of ) Tj ET Q q 0 0 0 rg BT 140.60 546.55 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 187.34 546.55 Td (mark-to-market ) Tj ET Q q 0 0 0 rg BT 265.86 546.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 309.80 546.55 Td (on ) Tj ET Q q 0 0 0 rg BT 325.62 546.55 Td (the ) Tj ET Q q 0 0 0 rg BT 344.69 546.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 363.13 546.55 Td (value ) Tj ET Q q 0 0 0 rg BT 392.19 546.55 Td (of ) Tj ET Q q 0 0 0 rg BT 405.14 546.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 456.98 546.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 518.61 546.55 Td (\(and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 530.95 Td (associated ) Tj ET Q q 0 0 0 rg BT 128.20 530.95 Td (derivatives\) ) Tj ET Q q 0 0 0 rg BT 188.07 530.95 Td (related ) Tj ET Q q 0 0 0 rg BT 226.93 530.95 Td (to ) Tj ET Q q 0 0 0 rg BT 241.56 530.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 286.79 530.95 Td (in ) Tj ET Q q 0 0 0 rg BT 300.00 530.95 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 358.86 530.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 399.75 530.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 428.02 530.95 Td (and ) Tj ET Q q 0 0 0 rg BT 451.03 530.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 483.38 530.95 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 528.99 530.95 Td (\(ii\) ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 515.30 Td (include ) Tj ET Q q 0 0 0 rg BT 111.64 515.30 Td (the ) Tj ET Q q 0 0 0 rg BT 131.52 515.30 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 188.49 515.30 Td (net ) Tj ET Q q 0 0 0 rg BT 208.36 515.30 Td (gains ) Tj ET Q q 0 0 0 rg BT 238.22 515.30 Td (or ) Tj ET Q q 0 0 0 rg BT 252.39 515.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 285.71 515.30 Td (on ) Tj ET Q q 0 0 0 rg BT 302.34 515.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 354.98 515.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 417.42 515.30 Td (accounted ) Tj ET Q q 0 0 0 rg BT 472.97 515.30 Td (for ) Tj ET Q q 0 0 0 rg BT 490.39 515.30 Td (as ) Tj ET Q q 0 0 0 rg BT 504.77 515.30 Td (trading ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 499.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 119.91 499.70 Td (under ) Tj ET Q q 0 0 0 rg BT 150.91 499.70 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 183.17 499.70 Td (that ) Tj ET Q q 0 0 0 rg BT 204.59 499.70 Td (were ) Tj ET Q q 0 0 0 rg BT 230.51 499.70 Td (sold ) Tj ET Q q 0 0 0 rg BT 253.37 499.70 Td (during ) Tj ET Q q 0 0 0 rg BT 287.62 499.70 Td (the ) Tj ET Q q 0 0 0 rg BT 305.81 499.70 Td (period ) Tj ET Q q 0 0 0 rg BT 340.47 499.70 Td (presented, ) Tj ET Q q 0 0 0 rg BT 395.51 499.70 Td (net ) Tj ET Q q 0 0 0 rg BT 413.68 499.70 Td (of ) Tj ET Q q 0 0 0 rg BT 425.75 499.70 Td (any ) Tj ET Q q 0 0 0 rg BT 445.16 499.70 Td (gains ) Tj ET Q q 0 0 0 rg BT 473.32 499.70 Td (or ) Tj ET Q q 0 0 0 rg BT 485.79 499.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 517.41 499.70 Td (from ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 484.05 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 127.85 484.05 Td (associated ) Tj ET Q q 0 0 0 rg BT 182.89 484.05 Td (with ) Tj ET Q q 0 0 0 rg BT 206.55 484.05 Td (the ) Tj ET Q q 0 0 0 rg BT 225.75 484.05 Td (investments ) Tj ET Q q 0 0 0 rg BT 287.50 484.05 Td (sold, ) Tj ET Q q 0 0 0 rg BT 314.43 484.05 Td (and ) Tj ET Q q 0 0 0 rg BT 336.28 484.05 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 353.22 484.05 Td (include ) Tj ET Q q 0 0 0 rg BT 392.17 484.05 Td (the ) Tj ET Q q 0 0 0 rg BT 411.36 484.05 Td (hypothetical ) Tj ET Q q 0 0 0 rg BT 475.17 484.05 Td (income ) Tj ET Q q 0 0 0 rg BT 514.54 484.05 Td (taxes ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 468.45 Td (associated ) Tj ET Q q 0 0 0 rg BT 126.80 468.45 Td (with ) Tj ET Q q 0 0 0 rg BT 150.22 468.45 Td (core ) Tj ET Q q 0 0 0 rg BT 174.67 468.45 Td (earnings ) Tj ET Q q 0 0 0 rg BT 219.69 468.45 Td (adjustments.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 443.85 Td (In ) Tj ET Q q 0 0 0 rg BT 85.75 443.85 Td (addition, ) Tj ET Q q 0 0 0 rg BT 134.29 443.85 Td (management ) Tj ET Q q 0 0 0 rg BT 204.03 443.85 Td (has ) Tj ET Q q 0 0 0 rg BT 225.27 443.85 Td (also ) Tj ET Q q 0 0 0 rg BT 249.57 443.85 Td (excluded ) Tj ET Q q 0 0 0 rg BT 299.34 443.85 Td (from ) Tj ET Q q 0 0 0 rg BT 326.68 443.85 Td (core ) Tj ET Q q 0 0 0 rg BT 352.81 443.85 Td (earnings ) Tj ET Q q 0 0 0 rg BT 399.50 443.85 Td (several ) Tj ET Q q 0 0 0 rg BT 438.45 443.85 Td (items ) Tj ET Q q 0 0 0 rg BT 469.65 443.85 Td (related ) Tj ET Q q 0 0 0 rg BT 508.80 443.85 Td (to ) Tj ET Q q 0 0 0 rg BT 523.71 443.85 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 428.20 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 133.63 428.20 Td (of ) Tj ET Q q 0 0 0 rg BT 147.60 428.20 Td (5 ) Tj ET Q q 0 0 0 rg BT 157.91 428.20 Td (Arches ) Tj ET Q q 0 0 0 rg BT 195.32 428.20 Td (and ) Tj ET Q q 0 0 0 rg BT 218.06 428.20 Td (CoreVest. ) Tj ET Q q 0 0 0 rg BT 269.72 428.20 Td (These ) Tj ET Q q 0 0 0 rg BT 303.26 428.20 Td (items ) Tj ET Q q 0 0 0 rg BT 333.92 428.20 Td (include: ) Tj ET Q q 0 0 0 rg BT 376.82 428.20 Td (the ) Tj ET Q q 0 0 0 rg BT 396.90 428.20 Td (exclusion ) Tj ET Q q 0 0 0 rg BT 446.54 428.20 Td (of ) Tj ET Q q 0 0 0 rg BT 460.51 428.20 Td (a ) Tj ET Q q 0 0 0 rg BT 470.41 428.20 Td (one-time ) Tj ET Q q 0 0 0 rg BT 518.81 428.20 Td (gain ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 412.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 127.15 412.60 Td (with ) Tj ET Q q 0 0 0 rg BT 150.93 412.60 Td (the ) Tj ET Q q 0 0 0 rg BT 170.23 412.60 Td (re-measurement ) Tj ET Q q 0 0 0 rg BT 253.70 412.60 Td (of ) Tj ET Q q 0 0 0 rg BT 266.89 412.60 Td (our ) Tj ET Q q 0 0 0 rg BT 286.59 412.60 Td (initial ) Tj ET Q q 0 0 0 rg BT 316.05 412.60 Td (minority ) Tj ET Q q 0 0 0 rg BT 359.36 412.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 416.54 412.60 Td (and ) Tj ET Q q 0 0 0 rg BT 438.50 412.60 Td (purchase ) Tj ET Q q 0 0 0 rg BT 486.13 412.60 Td (option ) Tj ET Q q 0 0 0 rg BT 521.73 412.60 Td (in ) Tj ET Q q 0 0 0 rg BT 533.89 412.60 Td (5 ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 396.95 Td (Arches; ) Tj ET Q q 0 0 0 rg BT 110.30 396.95 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 153.69 396.95 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 215.20 396.95 Td (to ) Tj ET Q q 0 0 0 rg BT 227.40 396.95 Td (exclude ) Tj ET Q q 0 0 0 rg BT 267.74 396.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 330.66 396.95 Td (of ) Tj ET Q q 0 0 0 rg BT 342.46 396.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 393.56 396.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 425.13 396.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 469.93 396.95 Td (in ) Tj ET Q q 0 0 0 rg BT 480.71 396.95 Td (the ) Tj ET Q q 0 0 0 rg BT 498.64 396.95 Td (5 ) Tj ET Q q 0 0 0 rg BT 506.78 396.95 Td (Arches ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 381.35 Td (transaction; ) Tj ET Q q 0 0 0 rg BT 131.25 381.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 174.44 381.35 Td (in ) Tj ET Q q 0 0 0 rg BT 185.62 381.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 203.30 381.35 Td (value ) Tj ET Q q 0 0 0 rg BT 231.61 381.35 Td (of ) Tj ET Q q 0 0 0 rg BT 243.81 381.35 Td (the ) Tj ET Q q 0 0 0 rg BT 262.13 381.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 317.52 381.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 386.35 381.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 423.38 381.35 Td (related ) Tj ET Q q 0 0 0 rg BT 460.21 381.35 Td (to ) Tj ET Q q 0 0 0 rg BT 472.81 381.35 Td (the ) Tj ET Q q 0 0 0 rg BT 491.13 381.35 Td (remaining ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 365.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 119.33 365.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 188.85 365.75 Td (for ) Tj ET Q q 0 0 0 rg BT 205.39 365.75 Td (the ) Tj ET Q q 0 0 0 rg BT 224.40 365.75 Td (5 ) Tj ET Q q 0 0 0 rg BT 233.63 365.75 Td (Arches ) Tj ET Q q 0 0 0 rg BT 269.96 365.75 Td (platform; ) Tj ET Q q 0 0 0 rg BT 317.85 365.75 Td (and ) Tj ET Q q 0 0 0 rg BT 339.51 365.75 Td (exclusion ) Tj ET Q q 0 0 0 rg BT 388.07 365.75 Td (of ) Tj ET Q q 0 0 0 rg BT 400.96 365.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 437.26 365.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 494.14 365.75 Td (expenses ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 350.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 126.80 350.10 Td (with ) Tj ET Q q 0 0 0 rg BT 150.22 350.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.57 350.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 225.39 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.22 350.10 Td (CoreVest.) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 327.90 Td (What ) Tj ET Q q 0 0 0 rg BT 102.80 327.90 Td (ar) Tj ET Q q 0 0 0 rg BT 113.06 327.90 Td (e ) Tj ET Q q 0 0 0 rg BT 120.98 327.90 Td (the ) Tj ET Q q 0 0 0 rg BT 139.79 327.90 Td (Cor) Tj ET Q q 0 0 0 rg BT 160.06 327.90 Td (e ) Tj ET Q q 0 0 0 rg BT 167.98 327.90 Td (Ear) Tj ET Q q 0 0 0 rg BT 186.71 327.90 Td (nings ) Tj ET Q q 0 0 0 rg BT 217.26 327.90 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 283.32 327.90 Td (that ) Tj ET Q q 0 0 0 rg BT 306.25 327.90 Td (r) Tj ET Q q 0 0 0 rg BT 310.77 327.90 Td (elate ) Tj ET Q q 0 0 0 rg BT 337.56 327.90 Td (to ) Tj ET Q q 0 0 0 rg BT 350.09 327.90 Td (eliminating ) Tj ET Q q 0 0 0 rg BT 420.15 327.90 Td (the ) Tj ET Q q 0 0 0 rg BT 438.95 327.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 478.39 327.90 Td (of ) Tj ET Q q 0 0 0 rg BT 491.31 327.90 Td (quar) Tj ET Q q 0 0 0 rg BT 515.87 327.90 Td (terly ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 314.70 Td (mark-to-mark) Tj ET Q q 0 0 0 rg BT 148.91 314.70 Td (et ) Tj ET Q q 0 0 0 rg BT 164.58 314.70 Td (chang) Tj ET Q q 0 0 0 rg BT 196.29 314.70 Td (es ) Tj ET Q q 0 0 0 rg BT 212.33 314.70 Td (on ) Tj ET Q q 0 0 0 rg BT 231.88 314.70 Td (the ) Tj ET Q q 0 0 0 rg BT 254.31 314.70 Td (f) Tj ET Q q 0 0 0 rg BT 258.31 314.70 Td (air ) Tj ET Q q 0 0 0 rg BT 278.11 314.70 Td (v) Tj ET Q q 0 0 0 rg BT 284.00 314.70 Td (alue ) Tj ET Q q 0 0 0 rg BT 311.43 314.70 Td (of ) Tj ET Q q 0 0 0 rg BT 327.98 314.70 Td (long-ter) Tj ET Q q 0 0 0 rg BT 371.78 314.70 Td (m ) Tj ET Q q 0 0 0 rg BT 388.70 314.70 Td (in) Tj ET Q q 0 0 0 rg BT 398.60 314.70 Td (v) Tj ET Q q 0 0 0 rg BT 404.37 314.70 Td (estments ) Tj ET Q q 0 0 0 rg BT 456.93 314.70 Td (\(and ) Tj ET Q q 0 0 0 rg BT 486.47 314.70 Td (associated ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 301.50 Td (der) Tj ET Q q 0 0 0 rg BT 89.92 301.50 Td (i) Tj ET Q q 0 0 0 rg BT 93.18 301.50 Td (v) Tj ET Q q 0 0 0 rg BT 99.08 301.50 Td (ati) Tj ET Q q 0 0 0 rg BT 112.22 301.50 Td (v) Tj ET Q q 0 0 0 rg BT 117.99 301.50 Td (es\) ) Tj ET Q q 0 0 0 rg BT 136.48 301.50 Td (r) Tj ET Q q 0 0 0 rg BT 140.99 301.50 Td (elated ) Tj ET Q q 0 0 0 rg BT 176.50 301.50 Td (to ) Tj ET Q q 0 0 0 rg BT 191.50 301.50 Td (chang) Tj ET Q q 0 0 0 rg BT 223.21 301.50 Td (es ) Tj ET Q q 0 0 0 rg BT 237.45 301.50 Td (in ) Tj ET Q q 0 0 0 rg BT 251.83 301.50 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 316.10 301.50 Td (inter) Tj ET Q q 0 0 0 rg BT 340.87 301.50 Td (est ) Tj ET Q q 0 0 0 rg BT 359.24 301.50 Td (rates ) Tj ET Q q 0 0 0 rg BT 388.12 301.50 Td (and ) Tj ET Q q 0 0 0 rg BT 411.62 301.50 Td (cr) Tj ET Q q 0 0 0 rg BT 422.02 301.50 Td (edit ) Tj ET Q q 0 0 0 rg BT 446.27 301.50 Td (spr) Tj ET Q q 0 0 0 rg BT 462.16 301.50 Td (eads?) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 276.90 Td (Under ) Tj ET Q q 0 0 0 rg BT 103.98 276.90 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 135.77 276.90 Td (there ) Tj ET Q q 0 0 0 rg BT 163.06 276.90 Td (are ) Tj ET Q q 0 0 0 rg BT 180.17 276.90 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 225.56 276.90 Td (mark-to-market ) Tj ET Q q 0 0 0 rg BT 302.72 276.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 345.32 276.90 Td (in ) Tj ET Q q 0 0 0 rg BT 355.90 276.90 Td (the ) Tj ET Q q 0 0 0 rg BT 373.63 276.90 Td (value ) Tj ET Q q 0 0 0 rg BT 401.34 276.90 Td (of ) Tj ET Q q 0 0 0 rg BT 412.94 276.90 Td (our ) Tj ET Q q 0 0 0 rg BT 431.06 276.90 Td (long-term ) Tj ET Q q 0 0 0 rg BT 481.54 276.90 Td (investments ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 261.25 Td (in ) Tj ET Q q 0 0 0 rg BT 84.13 261.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 116.23 261.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 154.82 261.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 206.86 261.25 Td (and ) Tj ET Q q 0 0 0 rg BT 228.78 261.25 Td (other ) Tj ET Q q 0 0 0 rg BT 258.22 261.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 320.04 261.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 374.96 261.25 Td (for ) Tj ET Q q 0 0 0 rg BT 391.76 261.25 Td (under ) Tj ET Q q 0 0 0 rg BT 423.85 261.25 Td (the ) Tj ET Q q 0 0 0 rg BT 443.12 261.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 461.74 261.25 Td (value ) Tj ET Q q 0 0 0 rg BT 491.00 261.25 Td (option, ) Tj ET Q q 0 0 0 rg BT 529.61 261.25 Td (as ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 245.65 Td (well ) Tj ET Q q 0 0 0 rg BT 93.92 245.65 Td (as ) Tj ET Q q 0 0 0 rg BT 106.88 245.65 Td (the ) Tj ET Q q 0 0 0 rg BT 125.35 245.65 Td (associated ) Tj ET Q q 0 0 0 rg BT 179.66 245.65 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 237.84 245.65 Td (that ) Tj ET Q q 0 0 0 rg BT 259.55 245.65 Td (result ) Tj ET Q q 0 0 0 rg BT 288.79 245.65 Td (from ) Tj ET Q q 0 0 0 rg BT 313.97 245.65 Td (changes ) Tj ET Q q 0 0 0 rg BT 357.30 245.65 Td (in ) Tj ET Q q 0 0 0 rg BT 368.63 245.65 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 425.61 245.65 Td (interest ) Tj ET Q q 0 0 0 rg BT 464.61 245.65 Td (rates ) Tj ET Q q 0 0 0 rg BT 490.99 245.65 Td (and ) Tj ET Q q 0 0 0 rg BT 512.11 245.65 Td (credit ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 230.05 Td (spreads ) Tj ET Q q 0 0 0 rg BT 113.55 230.05 Td (and ) Tj ET Q q 0 0 0 rg BT 135.55 230.05 Td (which ) Tj ET Q q 0 0 0 rg BT 167.13 230.05 Td (may ) Tj ET Q q 0 0 0 rg BT 190.97 230.05 Td (not ) Tj ET Q q 0 0 0 rg BT 210.72 230.05 Td (be ) Tj ET Q q 0 0 0 rg BT 227.01 230.05 Td (reflective ) Tj ET Q q 0 0 0 rg BT 275.07 230.05 Td (of ) Tj ET Q q 0 0 0 rg BT 288.31 230.05 Td (the ) Tj ET Q q 0 0 0 rg BT 307.66 230.05 Td (total ) Tj ET Q q 0 0 0 rg BT 333.29 230.05 Td (return ) Tj ET Q q 0 0 0 rg BT 366.06 230.05 Td (management ) Tj ET Q q 0 0 0 rg BT 434.51 230.05 Td (would ) Tj ET Q q 0 0 0 rg BT 467.91 230.05 Td (expect ) Tj ET Q q 0 0 0 rg BT 504.58 230.05 Td (to ) Tj ET Q q 0 0 0 rg BT 518.21 230.05 Td (earn ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 214.40 Td (from ) Tj ET Q q 0 0 0 rg BT 96.94 214.40 Td (them ) Tj ET Q q 0 0 0 rg BT 124.53 214.40 Td (over ) Tj ET Q q 0 0 0 rg BT 148.46 214.40 Td (the ) Tj ET Q q 0 0 0 rg BT 166.69 214.40 Td (longer-term. ) Tj ET Q q 0 0 0 rg BT 229.89 214.40 Td ( ) Tj ET Q q 0 0 0 rg BT 232.22 214.40 Td (These ) Tj ET Q q 0 0 0 rg BT 263.90 214.40 Td (mark-to-market ) Tj ET Q q 0 0 0 rg BT 341.57 214.40 Td (changes, ) Tj ET Q q 0 0 0 rg BT 387.73 214.40 Td (to ) Tj ET Q q 0 0 0 rg BT 400.23 214.40 Td (the ) Tj ET Q q 0 0 0 rg BT 418.46 214.40 Td (extent ) Tj ET Q q 0 0 0 rg BT 451.74 214.40 Td (they ) Tj ET Q q 0 0 0 rg BT 475.27 214.40 Td (do ) Tj ET Q q 0 0 0 rg BT 490.85 214.40 Td (not ) Tj ET Q q 0 0 0 rg BT 509.47 214.40 Td (reflect ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 198.80 Td (a ) Tj ET Q q 0 0 0 rg BT 79.65 198.80 Td (change ) Tj ET Q q 0 0 0 rg BT 117.68 198.80 Td (in ) Tj ET Q q 0 0 0 rg BT 128.38 198.80 Td (basis ) Tj ET Q q 0 0 0 rg BT 154.77 198.80 Td (or ) Tj ET Q q 0 0 0 rg BT 166.89 198.80 Td (net ) Tj ET Q q 0 0 0 rg BT 184.72 198.80 Td (interest ) Tj ET Q q 0 0 0 rg BT 223.10 198.80 Td (paid ) Tj ET Q q 0 0 0 rg BT 246.84 198.80 Td (or ) Tj ET Q q 0 0 0 rg BT 258.96 198.80 Td (received ) Tj ET Q q 0 0 0 rg BT 302.67 198.80 Td (on ) Tj ET Q q 0 0 0 rg BT 317.26 198.80 Td (hedges, ) Tj ET Q q 0 0 0 rg BT 358.74 198.80 Td (are ) Tj ET Q q 0 0 0 rg BT 375.96 198.80 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 429.64 198.80 Td (from ) Tj ET Q q 0 0 0 rg BT 454.19 198.80 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 486.10 198.80 Td (net ) Tj ET Q q 0 0 0 rg BT 503.93 198.80 Td (income ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 183.15 Td (when ) Tj ET Q q 0 0 0 rg BT 101.35 183.15 Td (management ) Tj ET Q q 0 0 0 rg BT 169.41 183.15 Td (calculates ) Tj ET Q q 0 0 0 rg BT 220.34 183.15 Td (core ) Tj ET Q q 0 0 0 rg BT 244.79 183.15 Td (earnings. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 158.55 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 125.12 158.55 Td (with ) Tj ET Q q 0 0 0 rg BT 148.49 158.55 Td (the ) Tj ET Q q 0 0 0 rg BT 167.39 158.55 Td (first ) Tj ET Q q 0 0 0 rg BT 188.28 158.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 226.90 158.55 Td (of ) Tj ET Q q 0 0 0 rg BT 239.68 158.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 270.21 158.55 Td (management ) Tj ET Q q 0 0 0 rg BT 338.22 158.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 382.98 158.55 Td (its ) Tj ET Q q 0 0 0 rg BT 396.96 158.55 Td (calculation ) Tj ET Q q 0 0 0 rg BT 452.32 158.55 Td (of ) Tj ET Q q 0 0 0 rg BT 465.11 158.55 Td (this ) Tj ET Q q 0 0 0 rg BT 485.22 158.55 Td (adjustment ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 142.95 Td (for ) Tj ET Q q 0 0 0 rg BT 88.09 142.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 123.93 142.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 185.05 142.95 Td (accounted ) Tj ET Q q 0 0 0 rg BT 239.26 142.95 Td (for ) Tj ET Q q 0 0 0 rg BT 255.35 142.95 Td (under ) Tj ET Q q 0 0 0 rg BT 286.73 142.95 Td (the ) Tj ET Q q 0 0 0 rg BT 305.28 142.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 323.20 142.95 Td (value ) Tj ET Q q 0 0 0 rg BT 351.74 142.95 Td (option ) Tj ET Q q 0 0 0 rg BT 386.58 142.95 Td (that ) Tj ET Q q 0 0 0 rg BT 408.38 142.95 Td (have ) Tj ET Q q 0 0 0 rg BT 434.28 142.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 486.42 142.95 Td (differences ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 127.30 Td (between ) Tj ET Q q 0 0 0 rg BT 118.25 127.30 Td (expected ) Tj ET Q q 0 0 0 rg BT 167.78 127.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 193.06 127.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 232.97 127.30 Td (and ) Tj ET Q q 0 0 0 rg BT 254.99 127.30 Td (expected ) Tj ET Q q 0 0 0 rg BT 304.51 127.30 Td (yield-to-maturity. ) Tj ET Q q 0 0 0 rg BT 392.06 127.30 Td (For ) Tj ET Q q 0 0 0 rg BT 411.83 127.30 Td (these ) Tj ET Q q 0 0 0 rg BT 442.00 127.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 475.01 127.30 Td (management ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 111.70 Td (does ) Tj ET Q q 0 0 0 rg BT 98.23 111.70 Td (not ) Tj ET Q q 0 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Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 550.15 Td (During ) Tj ET Q q 0 0 0 rg BT 108.18 550.15 Td (the ) Tj ET Q q 0 0 0 rg BT 126.87 550.15 Td (third ) Tj ET Q q 0 0 0 rg BT 152.25 550.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 190.66 550.15 Td (of ) Tj ET Q q 0 0 0 rg BT 203.22 550.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 233.53 550.15 Td (management ) Tj ET Q q 0 0 0 rg BT 301.32 550.15 Td (updated ) Tj ET Q q 0 0 0 rg BT 345.86 550.15 Td (its ) Tj ET Q q 0 0 0 rg BT 359.63 550.15 Td (calculation ) Tj ET Q q 0 0 0 rg BT 414.78 550.15 Td (of ) Tj ET Q q 0 0 0 rg BT 427.34 550.15 Td (the ) Tj ET Q q 0 0 0 rg BT 446.03 550.15 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 492.38 550.15 Td (change ) Tj ET Q q 0 0 0 rg BT 531.24 550.15 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 534.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 100.34 534.50 Td (for ) Tj ET Q q 0 0 0 rg BT 117.67 534.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 154.75 534.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 217.10 534.50 Td (accounted ) Tj ET Q q 0 0 0 rg BT 272.55 534.50 Td (for ) Tj ET Q q 0 0 0 rg BT 289.88 534.50 Td (under ) Tj ET Q q 0 0 0 rg BT 322.50 534.50 Td (the ) Tj ET Q q 0 0 0 rg BT 342.29 534.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 361.44 534.50 Td (value ) Tj ET Q q 0 0 0 rg BT 391.22 534.50 Td (option. ) Tj ET Q q 0 0 0 rg BT 430.36 534.50 Td (This ) Tj ET Q q 0 0 0 rg BT 457.07 534.50 Td (update ) Tj ET Q q 0 0 0 rg BT 496.00 534.50 Td (results ) Tj ET Q q 0 0 0 rg BT 531.26 534.50 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 518.90 Td (presenting ) Tj ET Q q 0 0 0 rg BT 127.08 518.90 Td (this ) Tj ET Q q 0 0 0 rg BT 146.91 518.90 Td (aspect ) Tj ET Q q 0 0 0 rg BT 181.83 518.90 Td (of ) Tj ET Q q 0 0 0 rg BT 194.33 518.90 Td (core ) Tj ET Q q 0 0 0 rg BT 218.46 518.90 Td (earnings ) Tj ET Q q 0 0 0 rg BT 263.14 518.90 Td (more ) Tj ET Q q 0 0 0 rg BT 291.33 518.90 Td (consistently ) Tj ET Q q 0 0 0 rg BT 351.50 518.90 Td (with ) Tj ET Q q 0 0 0 rg BT 374.59 518.90 Td (core ) Tj ET Q q 0 0 0 rg BT 398.72 518.90 Td (earnings ) Tj ET Q q 0 0 0 rg BT 443.40 518.90 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 505.60 518.90 Td (related ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 85.19 503.25 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 141.19 503.25 Td (net ) Tj ET Q q 0 0 0 rg BT 160.09 503.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 188.98 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.55 503.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 242.91 503.25 Td (on ) Tj ET Q q 0 0 0 rg BT 258.56 503.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 310.24 503.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 371.71 503.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 426.29 503.25 Td (for ) Tj ET Q q 0 0 0 rg BT 442.74 503.25 Td (as ) Tj ET Q q 0 0 0 rg BT 456.15 503.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 494.39 503.25 Td (securities ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 487.65 Td ( ) Tj ET Q q 0 0 0 rg BT 80.28 487.65 Td (i.e., ) Tj ET Q q 0 0 0 rg BT 100.99 487.65 Td (as ) Tj ET Q q 0 0 0 rg BT 114.17 487.65 Td (measured ) Tj ET Q q 0 0 0 rg BT 165.24 487.65 Td (against ) Tj ET Q q 0 0 0 rg BT 203.26 487.65 Td (original ) Tj ET Q q 0 0 0 rg BT 242.68 487.65 Td (basis ) Tj ET Q q 0 0 0 rg BT 269.91 487.65 Td (consistently ) Tj ET Q q 0 0 0 rg BT 330.13 487.65 Td (across ) Tj ET Q q 0 0 0 rg BT 363.27 487.65 Td (these ) Tj ET Q q 0 0 0 rg BT 392.75 487.65 Td (different ) Tj ET Q q 0 0 0 rg BT 436.67 487.65 Td (types ) Tj ET Q q 0 0 0 rg BT 465.93 487.65 Td (of ) Tj ET Q q 0 0 0 rg BT 478.49 487.65 Td (investments.) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 465.45 Td (What ) Tj ET Q q 0 0 0 rg BT 105.73 465.45 Td (ar) Tj ET Q q 0 0 0 rg BT 115.99 465.45 Td (e ) Tj ET Q q 0 0 0 rg BT 126.84 465.45 Td (the ) Tj ET Q q 0 0 0 rg BT 148.57 465.45 Td (Cor) Tj ET Q q 0 0 0 rg BT 168.84 465.45 Td (e ) Tj ET Q q 0 0 0 rg BT 179.69 465.45 Td (Ear) Tj ET Q q 0 0 0 rg BT 198.42 465.45 Td (nings ) Tj ET Q q 0 0 0 rg BT 231.90 465.45 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 300.88 465.45 Td (that ) Tj ET Q q 0 0 0 rg BT 326.74 465.45 Td (r) Tj ET Q q 0 0 0 rg BT 331.25 465.45 Td (elate ) Tj ET Q q 0 0 0 rg BT 360.98 465.45 Td (to ) Tj ET Q q 0 0 0 rg BT 375.55 465.45 Td (including ) Tj ET Q q 0 0 0 rg BT 437.92 465.45 Td (the ) Tj ET Q q 0 0 0 rg BT 459.65 465.45 Td (cum) Tj ET Q q 0 0 0 rg BT 483.36 465.45 Td (ulati) Tj ET Q q 0 0 0 rg BT 506.63 465.45 Td (v) Tj ET Q q 0 0 0 rg BT 512.40 465.45 Td (e ) Tj ET Q q 0 0 0 rg BT 523.25 465.45 Td (net ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 452.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 102.06 452.25 Td (or ) Tj ET Q q 0 0 0 rg BT 116.51 452.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 148.70 452.25 Td (on ) Tj ET Q q 0 0 0 rg BT 165.27 452.25 Td (long-ter) Tj ET Q q 0 0 0 rg BT 209.07 452.25 Td (m ) Tj ET Q q 0 0 0 rg BT 223.00 452.25 Td (in) Tj ET Q q 0 0 0 rg BT 232.91 452.25 Td (v) Tj ET Q q 0 0 0 rg BT 238.68 452.25 Td (estments ) Tj ET Q q 0 0 0 rg BT 288.25 452.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 345.97 452.25 Td (for ) Tj ET Q q 0 0 0 rg BT 364.29 452.25 Td (as ) Tj ET Q q 0 0 0 rg BT 377.35 452.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 418.67 452.25 Td (secur) Tj ET Q q 0 0 0 rg BT 446.97 452.25 Td (ities ) Tj ET Q q 0 0 0 rg BT 471.17 452.25 Td (under ) Tj ET Q q 0 0 0 rg BT 505.12 452.25 Td (GAAP ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 439.05 Td (that ) Tj ET Q q 0 0 0 rg BT 97.22 439.05 Td (w) Tj ET Q q 0 0 0 rg BT 106.11 439.05 Td (er) Tj ET Q q 0 0 0 rg BT 116.37 439.05 Td (e ) Tj ET Q q 0 0 0 rg BT 126.57 439.05 Td (sold ) Tj ET Q q 0 0 0 rg BT 152.53 439.05 Td (dur) Tj ET Q q 0 0 0 rg BT 171.58 439.05 Td (ing ) Tj ET Q q 0 0 0 rg BT 193.04 439.05 Td (the ) Tj ET Q q 0 0 0 rg BT 214.12 439.05 Td (per) Tj ET Q q 0 0 0 rg BT 232.04 439.05 Td (iod ) Tj ET Q q 0 0 0 rg BT 253.75 439.05 Td (pr) Tj ET Q q 0 0 0 rg BT 265.15 439.05 Td (esented,) Tj ET Q q 0 0 0 rg BT 307.33 439.05 Td ( ) Tj ET Q q 0 0 0 rg BT 311.79 439.05 Td (net ) Tj ET Q q 0 0 0 rg BT 333.00 439.05 Td (of ) Tj ET Q q 0 0 0 rg BT 348.21 439.05 Td (an) Tj ET Q q 0 0 0 rg BT 360.59 439.05 Td (y ) Tj ET Q q 0 0 0 rg BT 371.30 439.05 Td (gains ) Tj ET Q q 0 0 0 rg BT 403.00 439.05 Td (or ) Tj ET Q q 0 0 0 rg BT 419.09 439.05 Td (losses ) Tj ET Q q 0 0 0 rg BT 452.92 439.05 Td (fr) Tj ET Q q 0 0 0 rg BT 461.31 439.05 Td (om ) Tj ET Q q 0 0 0 rg BT 483.76 439.05 Td (der) Tj ET Q q 0 0 0 rg BT 501.68 439.05 Td (i) Tj ET Q q 0 0 0 rg BT 504.94 439.05 Td (v) Tj ET Q q 0 0 0 rg BT 510.84 439.05 Td (ati) Tj ET Q q 0 0 0 rg BT 523.98 439.05 Td (v) Tj ET Q q 0 0 0 rg BT 529.75 439.05 Td (es ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 425.85 Td (associated ) Tj ET Q q 0 0 0 rg BT 129.52 425.85 Td (with ) Tj ET Q q 0 0 0 rg BT 157.27 425.85 Td (the ) Tj ET Q q 0 0 0 rg BT 177.90 425.85 Td (in) Tj ET Q q 0 0 0 rg BT 187.80 425.85 Td (v) Tj ET Q q 0 0 0 rg BT 193.58 425.85 Td (estments ) Tj ET Q q 0 0 0 rg BT 244.33 425.85 Td (sold?) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 401.25 Td (The ) Tj ET Q q 0 0 0 rg BT 93.47 401.25 Td (core ) Tj ET Q q 0 0 0 rg BT 117.79 401.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 162.68 401.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 225.08 401.25 Td (to ) Tj ET Q q 0 0 0 rg BT 238.18 401.25 Td (include ) Tj ET Q q 0 0 0 rg BT 276.76 401.25 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 332.66 401.25 Td (net ) Tj ET Q q 0 0 0 rg BT 351.48 401.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 380.27 401.25 Td (or ) Tj ET Q q 0 0 0 rg BT 393.38 401.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 425.64 401.25 Td (from ) Tj ET Q q 0 0 0 rg BT 451.17 401.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.99 401.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 492.07 401.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.78 401.25 Td (trading ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 385.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 119.20 385.60 Td (is ) Tj ET Q q 0 0 0 rg BT 128.11 385.60 Td (to ) Tj ET Q q 0 0 0 rg BT 139.87 385.60 Td (ensure ) Tj ET Q q 0 0 0 rg BT 174.06 385.60 Td (that ) Tj ET Q q 0 0 0 rg BT 194.79 385.60 Td (core ) Tj ET Q q 0 0 0 rg BT 217.77 385.60 Td (earnings ) Tj ET Q q 0 0 0 rg BT 261.31 385.60 Td (presents ) Tj ET Q q 0 0 0 rg BT 304.44 385.60 Td (consistently ) Tj ET Q q 0 0 0 rg BT 363.46 385.60 Td (the ) Tj ET Q q 0 0 0 rg BT 380.94 385.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 415.92 385.60 Td (of ) Tj ET Q q 0 0 0 rg BT 427.29 385.60 Td (the ) Tj ET Q q 0 0 0 rg BT 444.77 385.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 470.19 385.60 Td (of ) Tj ET Q q 0 0 0 rg BT 481.55 385.60 Td (investments ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 370.00 Td (regardless ) Tj ET Q q 0 0 0 rg BT 125.01 370.00 Td (of ) Tj ET Q q 0 0 0 rg BT 137.48 370.00 Td (whether ) Tj ET Q q 0 0 0 rg BT 179.90 370.00 Td (they ) Tj ET Q q 0 0 0 rg BT 203.79 370.00 Td (are ) Tj ET Q q 0 0 0 rg BT 221.77 370.00 Td (accounted ) Tj ET Q q 0 0 0 rg BT 276.02 370.00 Td (for ) Tj ET Q q 0 0 0 rg BT 292.15 370.00 Td (under ) Tj ET Q q 0 0 0 rg BT 323.56 370.00 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 356.22 370.00 Td (as ) Tj ET Q q 0 0 0 rg BT 369.31 370.00 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 380.37 370.00 Td (trading ) Tj ET Q q 0 0 0 rg BT 418.29 370.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 466.60 370.00 Td (or ) Tj ET Q q 0 0 0 rg BT 479.47 370.00 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 493.16 370.00 Td (available-) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 354.35 Td (for-sale ) Tj ET Q q 0 0 0 rg BT 110.70 354.35 Td (securities, ) Tj ET Q q 0 0 0 rg BT 162.43 354.35 Td (as ) Tj ET Q q 0 0 0 rg BT 175.89 354.35 Td (outlined ) Tj ET Q q 0 0 0 rg BT 219.49 354.35 Td (below.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 329.75 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 329.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 142.77 329.75 Td (GAAP, ) Tj ET Q q 0 0 0 rg BT 178.72 329.75 Td (available-for-sale ) Tj ET Q q 0 0 0 rg BT 265.83 329.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 316.07 329.75 Td (are ) Tj ET Q q 0 0 0 rg BT 335.96 329.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 383.54 329.75 Td (at ) Tj ET Q q 0 0 0 rg BT 397.51 329.75 Td (their ) Tj ET Q q 0 0 0 rg BT 424.32 329.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 444.19 329.75 Td (value ) Tj ET Q q 0 0 0 rg BT 474.69 329.75 Td (with ) Tj ET Q q 0 0 0 rg BT 499.67 329.75 Td (periodic ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 314.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 151.22 314.15 Td (in ) Tj ET Q q 0 0 0 rg BT 162.43 314.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 180.13 314.15 Td (value ) Tj ET Q q 0 0 0 rg BT 208.47 314.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 265.32 314.15 Td (through ) Tj ET Q q 0 0 0 rg BT 306.48 314.15 Td (the ) Tj ET Q q 0 0 0 rg BT 324.83 314.15 Td (balance ) Tj ET Q q 0 0 0 rg BT 365.59 314.15 Td (sheet ) Tj ET Q q 0 0 0 rg BT 394.73 314.15 Td (in ) Tj ET Q q 0 0 0 rg BT 405.94 314.15 Td (Shareholders ) Tj ET Q q 0 0 0 rg BT 475.22 314.15 Td (equity. ) Tj ET Q q 0 0 0 rg BT 511.27 314.15 Td (When ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 298.50 Td (an ) Tj ET Q q 0 0 0 rg BT 126.00 298.50 Td (available-for-sale ) Tj ET Q q 0 0 0 rg BT 214.66 298.50 Td (security ) Tj ET Q q 0 0 0 rg BT 258.30 298.50 Td (is ) Tj ET Q q 0 0 0 rg BT 271.80 298.50 Td (sold, ) Tj ET Q q 0 0 0 rg BT 301.61 298.50 Td (the ) Tj ET Q q 0 0 0 rg BT 323.68 298.50 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 382.83 298.50 Td (gain ) Tj ET Q q 0 0 0 rg BT 410.19 298.50 Td (or ) Tj ET Q q 0 0 0 rg BT 426.54 298.50 Td (loss ) Tj ET Q q 0 0 0 rg BT 451.25 298.50 Td (since ) Tj ET Q q 0 0 0 rg BT 482.28 298.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 532.68 298.50 Td (is ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 282.90 Td (recognized ) Tj ET Q q 0 0 0 rg BT 165.85 282.90 Td (through ) Tj ET Q q 0 0 0 rg BT 208.02 282.90 Td (the ) Tj ET Q q 0 0 0 rg BT 227.37 282.90 Td (income ) Tj ET Q q 0 0 0 rg BT 266.90 282.90 Td (statement, ) Tj ET Q q 0 0 0 rg BT 322.49 282.90 Td (in ) Tj ET Q q 0 0 0 rg BT 334.70 282.90 Td (Realized ) Tj ET Q q 0 0 0 rg BT 379.32 282.90 Td (gains, ) Tj ET Q q 0 0 0 rg BT 411.71 282.90 Td (net, ) Tj ET Q q 0 0 0 rg BT 434.11 282.90 Td (in ) Tj ET Q q 0 0 0 rg BT 446.32 282.90 Td (the ) Tj ET Q q 0 0 0 rg BT 465.67 282.90 Td (period ) Tj ET Q q 0 0 0 rg BT 501.50 282.90 Td (the ) Tj ET Q q 0 0 0 rg BT 520.85 282.90 Td (sale ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 267.25 Td (occurred. ) Tj ET Q q 0 0 0 rg BT 156.97 267.25 Td (As ) Tj ET Q q 0 0 0 rg BT 171.92 267.25 Td (a ) Tj ET Q q 0 0 0 rg BT 180.36 267.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 212.81 267.25 Td (any ) Tj ET Q q 0 0 0 rg BT 232.66 267.25 Td (such ) Tj ET Q q 0 0 0 rg BT 257.61 267.25 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 313.31 267.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 341.90 267.25 Td (or ) Tj ET Q q 0 0 0 rg BT 354.80 267.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 386.86 267.25 Td (are ) Tj ET Q q 0 0 0 rg BT 404.87 267.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 450.96 267.25 Td (in ) Tj ET Q q 0 0 0 rg BT 462.44 267.25 Td (core ) Tj ET Q q 0 0 0 rg BT 486.56 267.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 531.24 267.25 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 251.65 Td (the ) Tj ET Q q 0 0 0 rg BT 126.95 251.65 Td (period ) Tj ET Q q 0 0 0 rg BT 162.39 251.65 Td (the ) Tj ET Q q 0 0 0 rg BT 181.34 251.65 Td (sale ) Tj ET Q q 0 0 0 rg BT 203.55 251.65 Td (occurred.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 233.05 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 233.05 Td (Under ) Tj ET Q q 0 0 0 rg BT 141.89 233.05 Td (GAAP, ) Tj ET Q q 0 0 0 rg BT 176.96 233.05 Td (trading ) Tj ET Q q 0 0 0 rg BT 215.92 233.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 265.27 233.05 Td (are ) Tj ET Q q 0 0 0 rg BT 284.28 233.05 Td (reported ) Tj ET Q q 0 0 0 rg BT 330.97 233.05 Td (at ) Tj ET Q q 0 0 0 rg BT 344.07 233.05 Td (their ) Tj ET Q q 0 0 0 rg BT 369.99 233.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 388.98 233.05 Td (value ) Tj ET Q q 0 0 0 rg BT 418.60 233.05 Td (with ) Tj ET Q q 0 0 0 rg BT 442.69 233.05 Td (periodic ) Tj ET Q q 0 0 0 rg BT 486.75 233.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 531.25 233.05 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 217.40 Td (fair ) Tj ET Q q 0 0 0 rg BT 125.76 217.40 Td (value ) Tj ET Q q 0 0 0 rg BT 154.15 217.40 Td (recognized ) Tj ET Q q 0 0 0 rg BT 211.04 217.40 Td (through ) Tj ET Q q 0 0 0 rg BT 252.26 217.40 Td (the ) Tj ET Q q 0 0 0 rg BT 270.65 217.40 Td (income ) Tj ET Q q 0 0 0 rg BT 309.23 217.40 Td (statement ) Tj ET Q q 0 0 0 rg BT 360.80 217.40 Td (in ) Tj ET Q q 0 0 0 rg BT 372.06 217.40 Td (Investment ) Tj ET Q q 0 0 0 rg BT 428.59 217.40 Td (fair ) Tj ET Q q 0 0 0 rg BT 446.35 217.40 Td (value ) Tj ET Q q 0 0 0 rg BT 474.74 217.40 Td (changes, ) Tj ET Q q 0 0 0 rg BT 521.06 217.40 Td (net. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 201.80 Td (Certain ) Tj ET Q q 0 0 0 rg BT 147.54 201.80 Td (of ) Tj ET Q q 0 0 0 rg BT 161.23 201.80 Td (these ) Tj ET Q q 0 0 0 rg BT 191.83 201.80 Td (periodic ) Tj ET Q q 0 0 0 rg BT 236.07 201.80 Td (changes ) Tj ET Q q 0 0 0 rg BT 280.74 201.80 Td (in ) Tj ET Q q 0 0 0 rg BT 293.41 201.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 312.58 201.80 Td (value ) Tj ET Q q 0 0 0 rg BT 342.37 201.80 Td (\(as ) Tj ET Q q 0 0 0 rg BT 359.53 201.80 Td (described ) Tj ET Q q 0 0 0 rg BT 412.12 201.80 Td (above\) ) Tj ET Q q 0 0 0 rg BT 449.26 201.80 Td (are ) Tj ET Q q 0 0 0 rg BT 468.45 201.80 Td (excluded ) Tj ET Q q 0 0 0 rg BT 517.39 201.80 Td (from ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 186.15 Td (core ) Tj ET Q q 0 0 0 rg BT 132.43 186.15 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 180.47 186.15 Td (Core ) Tj ET Q q 0 0 0 rg BT 207.34 186.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 252.33 186.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 295.70 186.15 Td (an ) Tj ET Q q 0 0 0 rg BT 310.56 186.15 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 368.38 186.15 Td (to ) Tj ET Q q 0 0 0 rg BT 381.59 186.15 Td (include ) Tj ET Q q 0 0 0 rg BT 420.28 186.15 Td (the ) Tj ET Q q 0 0 0 rg BT 439.20 186.15 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 495.21 186.15 Td (net ) Tj ET Q q 0 0 0 rg BT 514.13 186.15 Td (gains ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 170.55 Td (or ) Tj ET Q q 0 0 0 rg BT 121.26 170.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 153.68 170.55 Td (\(from ) Tj ET Q q 0 0 0 rg BT 182.22 170.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 229.53 170.55 Td (through ) Tj ET Q q 0 0 0 rg BT 271.32 170.55 Td (the ) Tj ET Q q 0 0 0 rg BT 290.30 170.55 Td (sale ) Tj ET Q q 0 0 0 rg BT 312.53 170.55 Td (of ) Tj ET Q q 0 0 0 rg BT 325.39 170.55 Td (the ) Tj ET Q q 0 0 0 rg BT 344.37 170.55 Td (investment\) ) Tj ET Q q 0 0 0 rg BT 404.08 170.55 Td (for ) Tj ET Q q 0 0 0 rg BT 420.59 170.55 Td (sold ) Tj ET Q q 0 0 0 rg BT 444.24 170.55 Td (trading ) Tj ET Q q 0 0 0 rg BT 482.55 170.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 531.25 170.55 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 154.95 Td (the ) Tj ET Q q 0 0 0 rg BT 128.06 154.95 Td (period ) Tj ET Q q 0 0 0 rg BT 164.59 154.95 Td (they ) Tj ET Q q 0 0 0 rg BT 189.95 154.95 Td (are ) Tj ET Q q 0 0 0 rg BT 209.39 154.95 Td (sold. ) Tj ET Q q 0 0 0 rg BT 237.17 154.95 Td (The ) Tj ET Q q 0 0 0 rg BT 259.88 154.95 Td (result ) Tj ET Q q 0 0 0 rg BT 290.72 154.95 Td (is ) Tj ET Q q 0 0 0 rg BT 302.20 154.95 Td (to ) Tj ET Q q 0 0 0 rg BT 316.54 154.95 Td (consistently ) Tj ET Q q 0 0 0 rg BT 378.14 154.95 Td (present ) Tj ET Q q 0 0 0 rg BT 419.16 154.95 Td (within ) Tj ET Q q 0 0 0 rg BT 452.44 154.95 Td (core ) Tj ET Q q 0 0 0 rg BT 478.00 154.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 524.11 154.95 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 139.30 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 163.61 139.30 Td (gains ) Tj ET Q q 0 0 0 rg BT 192.11 139.30 Td (or ) Tj ET Q q 0 0 0 rg BT 204.91 139.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 236.88 139.30 Td (from ) Tj ET Q q 0 0 0 rg BT 262.11 139.30 Td (the ) Tj ET Q q 0 0 0 rg BT 280.64 139.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 302.42 139.30 Td (of ) Tj ET Q q 0 0 0 rg BT 314.83 139.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 366.11 139.30 Td (investments, ) Tj ET Q q 0 0 0 rg BT 430.25 139.30 Td (regardless ) Tj ET Q q 0 0 0 rg BT 483.20 139.30 Td (of ) Tj ET Q q 0 0 0 rg BT 495.60 139.30 Td (how ) Tj ET Q q 0 0 0 rg BT 518.82 139.30 Td (they ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 123.70 Td (are ) Tj ET Q q 0 0 0 rg BT 126.34 123.70 Td (accounted ) Tj ET Q q 0 0 0 rg BT 180.95 123.70 Td (for ) Tj ET Q q 0 0 0 rg BT 197.44 123.70 Td (under ) Tj ET Q q 0 0 0 rg BT 229.22 123.70 Td (GAAP.) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 204.90 733.94 Td (N O N - G A A P M E A S U R E M E N T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (38) Tj ET Q BT /F1 10.00 Tf ET BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 702.95 Td (What ) Tj ET Q q 0 0 0 rg BT 103.34 702.95 Td (ar) Tj ET Q q 0 0 0 rg BT 113.60 702.95 Td (e ) Tj ET Q q 0 0 0 rg BT 122.05 702.95 Td (the ) Tj ET Q q 0 0 0 rg BT 141.39 702.95 Td (Cor) Tj ET Q q 0 0 0 rg BT 161.66 702.95 Td (e ) Tj ET Q q 0 0 0 rg BT 170.12 702.95 Td (Ear) Tj ET Q q 0 0 0 rg BT 188.85 702.95 Td (nings ) Tj ET Q q 0 0 0 rg BT 219.94 702.95 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 286.53 702.95 Td (that ) Tj ET Q q 0 0 0 rg BT 310.00 702.95 Td (r) Tj ET Q q 0 0 0 rg BT 314.51 702.95 Td (elate ) Tj ET Q q 0 0 0 rg BT 341.84 702.95 Td (to ) Tj ET Q q 0 0 0 rg BT 355.55 702.95 Td (Redw) Tj ET Q q 0 0 0 rg BT 386.32 702.95 Td (ood) Tj ET Q q 0 0 0 rg BT 409.51 702.95 Td (s ) Tj ET Q q 0 0 0 rg BT 416.72 702.95 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 482.21 702.95 Td (of ) Tj ET Q q 0 0 0 rg BT 495.67 702.95 Td (5 ) Tj ET Q q 0 0 0 rg BT 503.73 702.95 Td (Ar) Tj ET Q q 0 0 0 rg BT 517.12 702.95 Td (ches ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 689.75 Td (and ) Tj ET Q q 0 0 0 rg BT 95.50 689.75 Td (Cor) Tj ET Q q 0 0 0 rg BT 115.78 689.75 Td (eV) Tj ET Q q 0 0 0 rg BT 128.84 689.75 Td (est?) 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(elimination ) Tj ET Q q 0 0 0 rg BT 257.54 649.50 Td (of ) Tj ET Q q 0 0 0 rg BT 270.65 649.50 Td (the ) Tj ET Q q 0 0 0 rg BT 289.88 649.50 Td (one-time ) Tj ET Q q 0 0 0 rg BT 337.42 649.50 Td (gain ) Tj ET Q q 0 0 0 rg BT 361.94 649.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 417.02 649.50 Td (with ) Tj ET Q q 0 0 0 rg BT 440.71 649.50 Td (the ) Tj ET Q q 0 0 0 rg BT 459.94 649.50 Td (re-measurement ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 633.90 Td (of ) Tj ET Q q 0 0 0 rg BT 84.61 633.90 Td (our ) Tj ET Q q 0 0 0 rg BT 103.73 633.90 Td (initial ) Tj ET Q q 0 0 0 rg BT 132.61 633.90 Td (minority ) Tj ET Q q 0 0 0 rg BT 175.34 633.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 231.94 633.90 Td (and ) Tj ET Q q 0 0 0 rg BT 253.32 633.90 Td (purchase ) Tj ET Q q 0 0 0 rg BT 300.37 633.90 Td (option ) Tj ET Q q 0 0 0 rg BT 335.39 633.90 Td (in ) Tj ET Q q 0 0 0 rg BT 346.97 633.90 Td (5 ) Tj ET Q q 0 0 0 rg BT 355.92 633.90 Td (Arches ) Tj ET Q q 0 0 0 rg BT 391.97 633.90 Td (and ) Tj ET Q q 0 0 0 rg BT 413.35 633.90 Td (an ) Tj ET Q q 0 0 0 rg BT 428.01 633.90 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 472.20 633.90 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 529.82 633.90 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 618.25 Td (exclude ) Tj ET Q q 0 0 0 rg BT 113.02 618.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 176.62 618.25 Td (of ) Tj ET Q q 0 0 0 rg BT 189.11 618.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 240.88 618.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 276.18 618.25 Td (Additionally, ) Tj ET Q q 0 0 0 rg BT 340.83 618.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 393.44 618.25 Td (in ) Tj ET Q q 0 0 0 rg BT 404.91 618.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.51 618.25 Td (second ) Tj ET Q q 0 0 0 rg BT 461.68 618.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 500.00 618.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.48 618.25 Td (2019, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 602.65 Td (we ) Tj ET Q q 0 0 0 rg BT 90.46 602.65 Td (exclude ) Tj ET Q q 0 0 0 rg BT 133.18 602.65 Td (from ) Tj ET Q q 0 0 0 rg BT 160.19 602.65 Td (our ) Tj ET Q q 0 0 0 rg BT 180.88 602.65 Td (calculation ) Tj ET Q q 0 0 0 rg BT 237.64 602.65 Td (of ) Tj ET Q q 0 0 0 rg BT 251.83 602.65 Td (core ) Tj ET Q q 0 0 0 rg BT 277.63 602.65 Td (earnings ) Tj ET Q q 0 0 0 rg BT 323.98 602.65 Td (changes ) Tj ET Q q 0 0 0 rg BT 369.15 602.65 Td (in ) Tj ET Q q 0 0 0 rg BT 382.31 602.65 Td (the ) Tj ET Q q 0 0 0 rg BT 402.61 602.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 422.27 602.65 Td (value ) Tj ET Q q 0 0 0 rg BT 452.56 602.65 Td (of ) Tj ET Q q 0 0 0 rg BT 466.74 602.65 Td (the ) Tj ET Q q 0 0 0 rg BT 487.04 602.65 Td (contingent ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 587.05 Td (consideration ) Tj ET Q q 0 0 0 rg BT 141.20 587.05 Td (liability ) Tj ET Q q 0 0 0 rg BT 178.61 587.05 Td (related ) Tj ET Q q 0 0 0 rg BT 215.81 587.05 Td (to ) Tj ET Q q 0 0 0 rg BT 228.78 587.05 Td (the ) Tj ET Q q 0 0 0 rg BT 247.48 587.05 Td (remaining ) Tj ET Q q 0 0 0 rg BT 299.16 587.05 Td (purchase ) Tj ET Q q 0 0 0 rg BT 346.18 587.05 Td (consideration ) Tj ET Q q 0 0 0 rg BT 415.38 587.05 Td (for ) Tj ET Q q 0 0 0 rg BT 431.61 587.05 Td (the ) Tj ET Q q 0 0 0 rg BT 450.30 587.05 Td (5 ) Tj ET Q q 0 0 0 rg BT 459.21 587.05 Td (Arches ) Tj ET Q q 0 0 0 rg BT 495.23 587.05 Td (platform. ) Tj ET Q q 0 0 0 rg BT 543.07 587.05 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 562.40 Td (In ) Tj ET Q q 0 0 0 rg BT 83.36 562.40 Td (addition, ) Tj ET Q q 0 0 0 rg BT 129.50 562.40 Td (for ) Tj ET Q q 0 0 0 rg BT 145.27 562.40 Td (the ) Tj ET Q q 0 0 0 rg BT 163.51 562.40 Td (third ) Tj ET Q q 0 0 0 rg BT 188.44 562.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 226.40 562.40 Td (of ) Tj ET Q q 0 0 0 rg BT 238.52 562.40 Td (2019, ) Tj ET Q q 0 0 0 rg BT 268.38 562.40 Td (we ) Tj ET Q q 0 0 0 rg BT 284.78 562.40 Td (have ) Tj ET Q q 0 0 0 rg BT 310.36 562.40 Td (excluded ) Tj ET Q q 0 0 0 rg BT 357.74 562.40 Td (from ) Tj ET Q q 0 0 0 rg BT 382.68 562.40 Td (core ) Tj ET Q q 0 0 0 rg BT 406.42 562.40 Td (earnings ) Tj ET Q q 0 0 0 rg BT 450.71 562.40 Td (certain ) Tj ET Q q 0 0 0 rg BT 486.24 562.40 Td (transaction ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 546.80 Td (expenses ) Tj ET Q q 0 0 0 rg BT 121.31 546.80 Td (associated ) Tj ET Q q 0 0 0 rg BT 176.50 546.80 Td (with ) Tj ET Q q 0 0 0 rg BT 200.31 546.80 Td (Redwood's ) Tj ET Q q 0 0 0 rg BT 258.38 546.80 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 314.59 546.80 Td (of ) Tj ET Q q 0 0 0 rg BT 327.81 546.80 Td (CoreVest, ) Tj ET Q q 0 0 0 rg BT 378.73 546.80 Td (which ) Tj ET Q q 0 0 0 rg BT 410.29 546.80 Td (was ) Tj ET Q q 0 0 0 rg BT 432.08 546.80 Td (completed ) Tj ET Q q 0 0 0 rg BT 488.69 546.80 Td (during ) Tj ET Q q 0 0 0 rg BT 524.10 546.80 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 531.15 Td (fourth ) Tj ET Q q 0 0 0 rg BT 104.38 531.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 143.06 531.15 Td (of ) Tj ET Q q 0 0 0 rg BT 155.90 531.15 Td (2019.) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 508.95 Td (What ) Tj ET Q q 0 0 0 rg BT 103.14 508.95 Td (ar) Tj ET Q q 0 0 0 rg BT 113.40 508.95 Td (e ) Tj ET Q q 0 0 0 rg BT 121.65 508.95 Td (the ) Tj ET Q q 0 0 0 rg BT 140.79 508.95 Td (Cor) Tj ET Q q 0 0 0 rg BT 161.07 508.95 Td (e ) Tj ET Q q 0 0 0 rg BT 169.32 508.95 Td (Ear) Tj ET Q q 0 0 0 rg BT 188.05 508.95 Td (nings ) Tj ET Q q 0 0 0 rg BT 218.94 508.95 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 285.33 508.95 Td (that ) Tj ET Q q 0 0 0 rg BT 308.60 508.95 Td (r) Tj ET Q q 0 0 0 rg BT 313.11 508.95 Td (elate ) Tj ET Q q 0 0 0 rg BT 340.25 508.95 Td (to ) Tj ET Q q 0 0 0 rg BT 353.01 508.95 Td (including ) Tj ET Q q 0 0 0 rg BT 412.79 508.95 Td (the ) Tj ET Q q 0 0 0 rg BT 431.93 508.95 Td (h) Tj ET Q q 0 0 0 rg BT 438.33 508.95 Td (ypothetical ) Tj ET Q q 0 0 0 rg BT 500.00 508.95 Td (income ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 495.75 Td (tax) Tj ET Q q 0 0 0 rg BT 87.77 495.75 Td (es ) Tj ET Q q 0 0 0 rg BT 102.01 495.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 159.53 495.75 Td (with ) Tj ET Q q 0 0 0 rg BT 187.28 495.75 Td (cor) Tj ET Q q 0 0 0 rg BT 204.56 495.75 Td (e ) Tj ET Q q 0 0 0 rg BT 214.30 495.75 Td (ear) Tj ET Q q 0 0 0 rg BT 231.03 495.75 Td (nings ) Tj ET Q q 0 0 0 rg BT 263.41 495.75 Td (adjustments?) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 471.15 Td (Core ) Tj ET Q q 0 0 0 rg BT 99.51 471.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 145.15 471.15 Td (also ) Tj ET Q q 0 0 0 rg BT 168.38 471.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 212.39 471.15 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 275.55 471.15 Td (to ) Tj ET Q q 0 0 0 rg BT 289.40 471.15 Td (show ) Tj ET Q q 0 0 0 rg BT 318.34 471.15 Td (the ) Tj ET Q q 0 0 0 rg BT 337.91 471.15 Td (hypothetical ) Tj ET Q q 0 0 0 rg BT 402.10 471.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 420.44 471.15 Td (provision ) Tj ET Q q 0 0 0 rg BT 468.72 471.15 Td (or ) Tj ET Q q 0 0 0 rg BT 482.57 471.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 520.87 471.15 Td (that ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 455.55 Td (would ) Tj ET Q q 0 0 0 rg BT 105.06 455.55 Td (be ) Tj ET Q q 0 0 0 rg BT 121.02 455.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 175.88 455.55 Td (with ) Tj ET Q q 0 0 0 rg BT 199.36 455.55 Td (the ) Tj ET Q q 0 0 0 rg BT 218.38 455.55 Td (core ) Tj ET Q q 0 0 0 rg BT 242.89 455.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 287.96 455.55 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 350.56 455.55 Td (made ) Tj ET Q q 0 0 0 rg BT 381.60 455.55 Td (to ) Tj ET Q q 0 0 0 rg BT 394.89 455.55 Td (net ) Tj ET Q q 0 0 0 rg BT 413.90 455.55 Td (income. ) Tj ET Q q 0 0 0 rg BT 456.14 455.55 Td (As ) Tj ET Q q 0 0 0 rg BT 471.49 455.55 Td (a ) Tj ET Q q 0 0 0 rg BT 480.32 455.55 Td (REIT, ) Tj ET Q q 0 0 0 rg BT 507.54 455.55 Td (we ) Tj ET Q q 0 0 0 rg BT 524.72 455.55 Td (are ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 439.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 109.13 439.90 Td (to ) Tj ET Q q 0 0 0 rg BT 121.20 439.90 Td (income ) Tj ET Q q 0 0 0 rg BT 159.16 439.90 Td (taxes ) Tj ET Q q 0 0 0 rg BT 186.52 439.90 Td (on ) Tj ET Q q 0 0 0 rg BT 201.06 439.90 Td (earnings ) Tj ET Q q 0 0 0 rg BT 244.91 439.90 Td (generated ) Tj ET Q q 0 0 0 rg BT 297.72 439.90 Td (at ) Tj ET Q q 0 0 0 rg BT 308.98 439.90 Td (our ) Tj ET Q q 0 0 0 rg BT 327.16 439.90 Td (taxable ) Tj ET Q q 0 0 0 rg BT 364.91 439.90 Td (REIT ) Tj ET Q q 0 0 0 rg BT 389.07 439.90 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 447.99 439.90 Td (\(TRS\) ) Tj ET Q q 0 0 0 rg BT 474.55 439.90 Td (and ) Tj ET Q q 0 0 0 rg BT 495.00 439.90 Td (generally ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 424.30 Td (not ) Tj ET Q q 0 0 0 rg BT 91.72 424.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 130.39 424.30 Td (to ) Tj ET Q q 0 0 0 rg BT 143.99 424.30 Td (income ) Tj ET Q q 0 0 0 rg BT 183.50 424.30 Td (taxes ) Tj ET Q q 0 0 0 rg BT 212.39 424.30 Td (on ) Tj ET Q q 0 0 0 rg BT 228.46 424.30 Td (earnings ) Tj ET Q q 0 0 0 rg BT 273.85 424.30 Td (generated ) Tj ET Q q 0 0 0 rg BT 328.20 424.30 Td (at ) Tj ET Q q 0 0 0 rg BT 340.99 424.30 Td (the ) Tj ET Q q 0 0 0 rg BT 360.32 424.30 Td (REIT ) Tj ET Q q 0 0 0 rg BT 386.02 424.30 Td (\(to ) Tj ET Q q 0 0 0 rg BT 402.48 424.30 Td (the ) Tj ET Q q 0 0 0 rg BT 421.81 424.30 Td (extent ) Tj ET Q q 0 0 0 rg BT 456.19 424.30 Td (we ) Tj ET Q q 0 0 0 rg BT 473.68 424.30 Td (distribute ) Tj ET Q q 0 0 0 rg BT 523.72 424.30 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 408.65 Td (REIT ) Tj ET Q q 0 0 0 rg BT 97.16 408.65 Td (taxable ) Tj ET Q q 0 0 0 rg BT 135.90 408.65 Td (income ) Tj ET Q q 0 0 0 rg BT 174.86 408.65 Td (as ) Tj ET Q q 0 0 0 rg BT 188.15 408.65 Td (dividends\). ) Tj ET Q q 0 0 0 rg BT 244.64 408.65 Td (In ) Tj ET Q q 0 0 0 rg BT 256.55 408.65 Td (order ) Tj ET Q q 0 0 0 rg BT 285.91 408.65 Td (to ) Tj ET Q q 0 0 0 rg BT 298.98 408.65 Td (present ) Tj ET Q q 0 0 0 rg BT 338.74 408.65 Td (the ) Tj ET Q q 0 0 0 rg BT 357.53 408.65 Td (hypothetical ) Tj ET Q q 0 0 0 rg BT 420.93 408.65 Td (income ) Tj ET Q q 0 0 0 rg BT 459.90 408.65 Td (taxes ) Tj ET Q q 0 0 0 rg BT 488.26 408.65 Td (associated ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 393.05 Td (with ) Tj ET Q q 0 0 0 rg BT 95.24 393.05 Td (core ) Tj ET Q q 0 0 0 rg BT 119.51 393.05 Td (earnings ) Tj ET Q q 0 0 0 rg BT 164.34 393.05 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 226.69 393.05 Td (made ) Tj ET Q q 0 0 0 rg BT 257.49 393.05 Td (to ) Tj ET Q q 0 0 0 rg BT 270.54 393.05 Td (net ) Tj ET Q q 0 0 0 rg BT 289.30 393.05 Td (income, ) Tj ET Q q 0 0 0 rg BT 331.30 393.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 382.85 393.05 Td (effective ) Tj ET Q q 0 0 0 rg BT 427.30 393.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 444.84 393.05 Td (rates ) Tj ET Q q 0 0 0 rg BT 471.53 393.05 Td (are ) Tj ET Q q 0 0 0 rg BT 489.68 393.05 Td (applied ) Tj ET Q q 0 0 0 rg BT 529.84 393.05 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 377.45 Td (the ) Tj ET Q q 0 0 0 rg BT 90.95 377.45 Td (core ) Tj ET Q q 0 0 0 rg BT 115.41 377.45 Td (earnings ) Tj ET Q q 0 0 0 rg BT 160.42 377.45 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 222.96 377.45 Td (occurring ) Tj ET Q q 0 0 0 rg BT 272.04 377.45 Td (within ) Tj ET Q q 0 0 0 rg BT 304.21 377.45 Td (our ) Tj ET Q q 0 0 0 rg BT 323.56 377.45 Td (TRS.) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 355.25 Td (Wh) Tj ET Q q 0 0 0 rg BT 90.40 355.25 Td (y ) Tj ET Q q 0 0 0 rg BT 103.45 355.25 Td (does ) Tj ET Q q 0 0 0 rg BT 134.25 355.25 Td (manag) Tj ET Q q 0 0 0 rg BT 170.18 355.25 Td (ement ) Tj ET Q q 0 0 0 rg BT 210.61 355.25 Td (belie) Tj ET Q q 0 0 0 rg BT 235.50 355.25 Td (v) Tj ET Q q 0 0 0 rg BT 241.27 355.25 Td (e ) Tj ET Q q 0 0 0 rg BT 253.81 355.25 Td (that ) Tj ET Q q 0 0 0 rg BT 281.37 355.25 Td (Cor) Tj ET Q q 0 0 0 rg BT 301.65 355.25 Td (e ) Tj ET Q q 0 0 0 rg BT 314.19 355.25 Td (Ear) Tj ET Q q 0 0 0 rg BT 332.92 355.25 Td (nings ) Tj ET Q q 0 0 0 rg BT 368.10 355.25 Td (pr) Tj ET Q q 0 0 0 rg BT 379.49 355.25 Td (o) Tj ET Q q 0 0 0 rg BT 385.89 355.25 Td (vides ) Tj ET Q q 0 0 0 rg BT 419.57 355.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 457.50 355.25 Td (infor) Tj ET Q q 0 0 0 rg BT 483.93 355.25 Td (mation ) Tj ET Q q 0 0 0 rg BT 528.99 355.25 Td (to ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 342.05 Td (in) Tj ET Q q 0 0 0 rg BT 81.90 342.05 Td (v) Tj ET Q q 0 0 0 rg BT 87.67 342.05 Td (estor) Tj ET Q q 0 0 0 rg BT 113.92 342.05 Td (s ) Tj ET Q q 0 0 0 rg BT 121.75 342.05 Td (in ) Tj ET Q q 0 0 0 rg BT 135.46 342.05 Td (Redw) Tj ET Q q 0 0 0 rg BT 166.23 342.05 Td (ood? ) Tj ET Q q 0 0 0 rg BT 194.57 342.05 Td (Ho) Tj ET Q q 0 0 0 rg BT 210.97 342.05 Td (w ) Tj ET Q q 0 0 0 rg BT 223.66 342.05 Td (does ) Tj ET Q q 0 0 0 rg BT 251.00 342.05 Td (manag) Tj ET Q q 0 0 0 rg BT 286.93 342.05 Td (ement ) Tj ET Q q 0 0 0 rg BT 323.89 342.05 Td (use ) Tj ET Q q 0 0 0 rg BT 344.34 342.05 Td (Cor) Tj ET Q q 0 0 0 rg BT 364.61 342.05 Td (e ) Tj ET Q q 0 0 0 rg BT 373.69 342.05 Td (Ear) Tj ET Q q 0 0 0 rg BT 392.42 342.05 Td (nings ) Tj ET Q q 0 0 0 rg BT 424.13 342.05 Td (to ) Tj ET Q q 0 0 0 rg BT 438.47 342.05 Td (analyze ) Tj ET Q q 0 0 0 rg BT 481.54 342.05 Td (Redw) Tj ET Q q 0 0 0 rg BT 512.30 342.05 Td (ood) Tj ET Q q 0 0 0 rg BT 535.50 342.05 Td (s ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 328.85 Td (perfor) Tj ET Q q 0 0 0 rg BT 105.43 328.85 Td (mance?) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 304.20 Td (Management ) Tj ET Q q 0 0 0 rg BT 141.22 304.20 Td (utilizes ) Tj ET Q q 0 0 0 rg BT 178.22 304.20 Td (this ) Tj ET Q q 0 0 0 rg BT 199.13 304.20 Td (core ) Tj ET Q q 0 0 0 rg BT 224.33 304.20 Td (earnings ) Tj ET Q q 0 0 0 rg BT 270.09 304.20 Td (measure ) Tj ET Q q 0 0 0 rg BT 315.46 304.20 Td (internally ) Tj ET Q q 0 0 0 rg BT 364.06 304.20 Td (as ) Tj ET Q q 0 0 0 rg BT 378.26 304.20 Td (one ) Tj ET Q q 0 0 0 rg BT 400.81 304.20 Td (way ) Tj ET Q q 0 0 0 rg BT 423.57 304.20 Td (of ) Tj ET Q q 0 0 0 rg BT 437.15 304.20 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 486.59 304.20 Td (Redwoods ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 288.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 136.41 288.60 Td (over ) Tj ET Q q 0 0 0 rg BT 159.68 288.60 Td (multiple ) Tj ET Q q 0 0 0 rg BT 201.28 288.60 Td (periods, ) Tj ET Q q 0 0 0 rg BT 243.07 288.60 Td (as ) Tj ET Q q 0 0 0 rg BT 255.14 288.60 Td (management ) Tj ET Q q 0 0 0 rg BT 321.82 288.60 Td (believes ) Tj ET Q q 0 0 0 rg BT 363.84 288.60 Td (it ) Tj ET Q q 0 0 0 rg BT 371.81 288.60 Td (provides ) Tj ET Q q 0 0 0 rg BT 415.65 288.60 Td (useful ) Tj ET Q q 0 0 0 rg BT 446.26 288.60 Td (comparative ) Tj ET Q q 0 0 0 rg BT 508.65 288.60 Td (results ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 272.95 Td (absent ) Tj ET Q q 0 0 0 rg BT 107.98 272.95 Td (the ) Tj ET Q q 0 0 0 rg BT 126.86 272.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 163.24 272.95 Td (of ) Tj ET Q q 0 0 0 rg BT 176.00 272.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 212.17 272.95 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 258.71 272.95 Td (mark-to-market ) Tj ET Q q 0 0 0 rg BT 337.03 272.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 380.78 272.95 Td (on ) Tj ET Q q 0 0 0 rg BT 396.40 272.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 457.84 272.95 Td (held ) Tj ET Q q 0 0 0 rg BT 482.41 272.95 Td (through ) Tj ET Q q 0 0 0 rg BT 524.10 272.95 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 257.35 Td (end ) Tj ET Q q 0 0 0 rg BT 94.68 257.35 Td (of ) Tj ET Q q 0 0 0 rg BT 108.19 257.35 Td (the ) Tj ET Q q 0 0 0 rg BT 127.82 257.35 Td (period ) Tj ET Q q 0 0 0 rg BT 163.92 257.35 Td (presented ) Tj ET Q q 0 0 0 rg BT 217.35 257.35 Td (that ) Tj ET Q q 0 0 0 rg BT 240.22 257.35 Td (may ) Tj ET Q q 0 0 0 rg BT 264.33 257.35 Td (not ) Tj ET Q q 0 0 0 rg BT 284.35 257.35 Td (be ) Tj ET Q q 0 0 0 rg BT 300.92 257.35 Td (reflective ) Tj ET Q q 0 0 0 rg BT 349.26 257.35 Td (of ) Tj ET Q q 0 0 0 rg BT 362.77 257.35 Td (the ) Tj ET Q q 0 0 0 rg BT 382.39 257.35 Td (total ) Tj ET Q q 0 0 0 rg BT 408.30 257.35 Td (return ) Tj ET Q q 0 0 0 rg BT 441.33 257.35 Td (management ) Tj ET Q q 0 0 0 rg BT 510.06 257.35 Td (would ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 241.75 Td (expect ) Tj ET Q q 0 0 0 rg BT 107.82 241.75 Td (to ) Tj ET Q q 0 0 0 rg BT 120.60 241.75 Td (earn ) Tj ET Q q 0 0 0 rg BT 145.00 241.75 Td (from ) Tj ET Q q 0 0 0 rg BT 170.21 241.75 Td (them ) Tj ET Q q 0 0 0 rg BT 198.08 241.75 Td (over ) Tj ET Q q 0 0 0 rg BT 222.28 241.75 Td (the ) Tj ET Q q 0 0 0 rg BT 240.78 241.75 Td (longer ) Tj ET Q q 0 0 0 rg BT 275.16 241.75 Td (term, ) Tj ET Q q 0 0 0 rg BT 303.82 241.75 Td (and ) Tj ET Q q 0 0 0 rg BT 324.97 241.75 Td (inclusive ) Tj ET Q q 0 0 0 rg BT 369.13 241.75 Td (of ) Tj ET Q q 0 0 0 rg BT 381.52 241.75 Td (all ) Tj ET Q q 0 0 0 rg BT 395.13 241.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 435.83 241.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 464.31 241.75 Td (and ) Tj ET Q q 0 0 0 rg BT 485.46 241.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 517.40 241.75 Td (from ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 226.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 120.68 226.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 150.63 226.10 Td (regardless ) Tj ET Q q 0 0 0 rg BT 204.00 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.84 226.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 274.11 226.10 Td (designations.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 201.50 Td (In ) Tj ET Q q 0 0 0 rg BT 83.31 201.50 Td (addition, ) Tj ET Q q 0 0 0 rg BT 129.41 201.50 Td (management ) Tj ET Q q 0 0 0 rg BT 196.70 201.50 Td (believes ) Tj ET Q q 0 0 0 rg BT 239.34 201.50 Td (that ) Tj ET Q q 0 0 0 rg BT 260.77 201.50 Td (it ) Tj ET Q q 0 0 0 rg BT 269.36 201.50 Td (is ) Tj ET Q q 0 0 0 rg BT 278.97 201.50 Td (useful ) Tj ET Q q 0 0 0 rg BT 310.20 201.50 Td (for ) Tj ET Q q 0 0 0 rg BT 325.92 201.50 Td (core ) Tj ET Q q 0 0 0 rg BT 349.61 201.50 Td (earnings ) Tj ET Q q 0 0 0 rg BT 393.85 201.50 Td (to ) Tj ET Q q 0 0 0 rg BT 406.32 201.50 Td (be ) Tj ET Q q 0 0 0 rg BT 421.45 201.50 Td (a ) Tj ET Q q 0 0 0 rg BT 429.45 201.50 Td (measure ) Tj ET Q q 0 0 0 rg BT 473.31 201.50 Td (of ) Tj ET Q q 0 0 0 rg BT 485.38 201.50 Td (Redwoods ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 185.85 Td (performance ) Tj ET Q q 0 0 0 rg BT 138.25 185.85 Td (that ) Tj ET Q q 0 0 0 rg BT 160.91 185.85 Td (eliminates ) Tj ET Q q 0 0 0 rg BT 214.12 185.85 Td (the ) Tj ET Q q 0 0 0 rg BT 233.53 185.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 270.45 185.85 Td (of ) Tj ET Q q 0 0 0 rg BT 283.74 185.85 Td (several ) Tj ET Q q 0 0 0 rg BT 321.48 185.85 Td (items ) Tj ET Q q 0 0 0 rg BT 351.46 185.85 Td (related ) Tj ET Q q 0 0 0 rg BT 389.39 185.85 Td (to ) Tj ET Q q 0 0 0 rg BT 403.08 185.85 Td (our ) Tj ET Q q 0 0 0 rg BT 422.89 185.85 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 483.85 185.85 Td (of ) Tj ET Q q 0 0 0 rg BT 497.14 185.85 Td (5 ) Tj ET Q q 0 0 0 rg BT 506.77 185.85 Td (Arches ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 170.25 Td (and ) Tj ET Q q 0 0 0 rg BT 93.33 170.25 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 140.51 170.25 Td (that ) Tj ET Q q 0 0 0 rg BT 162.43 170.25 Td (management ) Tj ET Q q 0 0 0 rg BT 230.21 170.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 273.34 170.25 Td (may ) Tj ET Q q 0 0 0 rg BT 296.50 170.25 Td (not ) Tj ET Q q 0 0 0 rg BT 315.57 170.25 Td (be ) Tj ET Q q 0 0 0 rg BT 331.18 170.25 Td (reflective ) Tj ET Q q 0 0 0 rg BT 378.57 170.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.13 170.25 Td (the ) Tj ET Q q 0 0 0 rg BT 409.80 170.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 464.72 170.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 530.23 170.25 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 154.65 Td (Redwoods ) Tj ET Q q 0 0 0 rg BT 128.43 154.65 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 172.82 154.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 228.20 154.65 Td (\(and ) Tj ET Q q 0 0 0 rg BT 252.64 154.65 Td (which, ) Tj ET Q q 0 0 0 rg BT 286.84 154.65 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 337.74 154.65 Td (may ) Tj ET Q q 0 0 0 rg BT 361.15 154.65 Td (not ) Tj ET Q q 0 0 0 rg BT 380.47 154.65 Td (be ) Tj ET Q q 0 0 0 rg BT 396.34 154.65 Td (reflective ) Tj ET Q q 0 0 0 rg BT 443.97 154.65 Td (of ) Tj ET Q q 0 0 0 rg BT 456.78 154.65 Td (their ) Tj ET Q q 0 0 0 rg BT 481.99 154.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 518.42 154.65 Td (over ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 139.00 Td (the ) Tj ET Q q 0 0 0 rg BT 90.95 139.00 Td (longer-term\).) 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/GS0 gs 347.50 395.50 60.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 407.50 395.50 4.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 411.50 395.50 60.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 471.50 395.50 4.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 475.50 395.50 60.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 535.50 395.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 71.50 176.50 276.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 347.50 176.50 60.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 407.50 176.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 411.50 176.50 60.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 471.50 176.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.50 176.50 60.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 535.50 176.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 71.50 157.50 276.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 347.50 157.50 60.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 407.50 157.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 411.50 157.50 60.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 471.50 157.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 475.50 157.50 60.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 535.50 157.50 4.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 710.5 m 71.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 710.5 m 347.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 710.5 m 407.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 710.5 m 411.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 710.5 m 471.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 710.5 m 475.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 710.5 m 535.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 710.5 m 539.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 710.5 m 539.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 706.5 m 71.5 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 706.5 m 539.5 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 687.5 m 71.5 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 687.5 m 539.5 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 676.5 m 71.5 664.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 664.5 m 407.5 664.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 664.5 m 411.5 664.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 664.5 m 471.5 664.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 664.5 m 475.5 664.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 664.5 m 535.5 664.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 676.5 m 539.5 664.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 664.5 m 71.5 652.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 664.5 m 407.5 664.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 664.5 m 535.5 664.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 664.5 m 539.5 652.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 652.5 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558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 558.5 m 71.5 543.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 558.5 m 539.5 543.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 543.5 m 71.5 528.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 543.5 m 539.5 528.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 528.5 m 71.5 513.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 513.5 m 347.5 513.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 513.5 m 407.5 513.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 513.5 m 411.5 513.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 513.5 m 471.5 513.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 513.5 m 475.5 513.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 513.5 m 535.5 513.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 528.5 m 539.5 513.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 513.5 m 539.5 513.5 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176.5 m 539.5 161.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 176.5 m 539.5 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 162.5 m 539.5 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 160.5 m 539.5 160.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 161.5 m 71.5 157.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 161.5 m 539.5 157.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 157.5 m 71.5 142.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 142.5 m 347.5 142.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 142.5 m 407.5 142.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 142.5 m 411.5 142.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 142.5 m 471.5 142.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 142.5 m 475.5 142.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 142.5 m 535.5 142.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 157.5 m 539.5 142.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 142.5 m 539.5 142.5 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 182.65 693.50 Td (R) Tj ET Q q 1 1 1 rg BT 190.33 693.50 Td (ec) Tj ET Q q 1 1 1 rg BT 203.16 693.50 Td (oncilia) Tj ET Q q 1 1 1 rg BT 241.16 693.50 Td (tion t) Tj ET Q q 1 1 1 rg BT 272.37 693.50 Td (o Non-GAAP Cor) Tj ET Q q 1 1 1 rg BT 367.87 693.50 Td (e E) Tj ET Q q 1 1 1 rg BT 384.73 693.50 Td (arnings) Tj ET Q BT /F7 8.00 Tf ET q 1 1 1 rg BT 283.05 679.00 Td (\($ in millions\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 364.95 667.25 Td (Thr) Tj ET Q q 1 1 1 rg BT 377.38 667.25 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 405.92 667.25 Td (ths Ended December 31, 2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 366.25 655.25 Td (GAAP) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 417.30 655.25 Td (Adjus) Tj ET Q q 1 1 1 rg BT 438.25 655.25 Td (tmen) Tj ET Q q 1 1 1 rg BT 457.96 655.25 Td (ts) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 485.10 655.25 Td (Non-GAAP) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 84.00 638.50 Td (Ne) Tj ET Q q 0 0 0 rg BT 95.40 638.50 Td (t in) Tj ET Q q 0 0 0 rg BT 108.49 638.50 Td (t) Tj ET Q q 0 0 0 rg BT 111.74 638.50 Td (er) Tj ET Q q 0 0 0 rg BT 120.08 638.50 Td (es) Tj ET Q q 0 0 0 rg BT 128.85 638.50 Td (t inc) Tj ET Q q 0 0 0 rg BT 146.14 638.50 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 99.00 623.50 Td (Fr) Tj ET Q q 0 0 0 rg BT 107.00 623.50 Td (om portf) Tj ET Q q 0 0 0 rg BT 142.75 623.50 Td (olio in) Tj ET Q q 0 0 0 rg BT 167.51 623.50 Td (v) Tj ET Q q 0 0 0 rg BT 171.90 623.50 Td (es) Tj ET Q q 0 0 0 rg BT 180.68 623.50 Td (tmen) Tj ET Q q 0 0 0 rg BT 202.14 623.50 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 350.00 623.50 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 393.70 623.50 Td (38) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 414.00 623.50 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 454.65 623.50 Td (\(10) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 467.85 623.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 478.00 623.50 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.70 623.50 Td (28) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 99.00 608.50 Td (Fr) Tj ET Q q 0 0 0 rg BT 107.00 608.50 Td (om mortg) Tj ET Q q 0 0 0 rg BT 147.15 608.50 Td (ag) Tj ET Q q 0 0 0 rg BT 156.52 608.50 Td (e banking activities) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 398.75 608.50 Td (7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.75 608.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.75 608.50 Td (7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 593.50 Td (Non-in) Tj ET Q q 0 0 0 rg BT 111.55 593.50 Td (t) Tj ET Q q 0 0 0 rg BT 114.80 593.50 Td (er) Tj ET Q q 0 0 0 rg BT 123.14 593.50 Td (es) Tj ET Q q 0 0 0 rg BT 131.90 593.50 Td (t inc) Tj ET Q q 0 0 0 rg BT 149.19 593.50 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 99.00 578.50 Td (R) Tj ET Q q 0 0 0 rg BT 104.34 578.50 Td (esiden) Tj ET Q q 0 0 0 rg BT 130.87 578.50 Td (tial mortg) Tj ET Q q 0 0 0 rg BT 170.53 578.50 Td (ag) Tj ET Q q 0 0 0 rg BT 179.89 578.50 Td (e banking activities, ne) Tj ET Q q 0 0 0 rg BT 272.41 578.50 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 393.70 578.50 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.75 578.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.70 578.50 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 99.00 563.50 Td (BPL mortg) Tj ET Q q 0 0 0 rg BT 140.78 563.50 Td (ag) Tj ET Q q 0 0 0 rg BT 150.15 563.50 Td (e banking activities, ne) Tj ET Q q 0 0 0 rg BT 242.66 563.50 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 393.70 563.50 Td (30) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.75 563.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.70 563.50 Td (30) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 99.00 548.50 Td (In) Tj ET Q q 0 0 0 rg BT 106.61 548.50 Td (v) Tj ET Q q 0 0 0 rg BT 111.03 548.50 Td (es) Tj ET Q q 0 0 0 rg BT 119.80 548.50 Td (tmen) Tj ET Q q 0 0 0 rg BT 141.28 548.50 Td (t f) Tj ET Q q 0 0 0 rg BT 149.74 548.50 Td (air v) Tj ET Q q 0 0 0 rg BT 166.94 548.50 Td (alue chang) Tj ET Q q 0 0 0 rg BT 210.67 548.50 Td (es, ne) Tj ET Q q 0 0 0 rg BT 234.49 548.50 Td (t ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 240.10 553.27 Td (\(1\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 398.75 548.50 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 459.70 548.50 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 467.85 548.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 522.75 548.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 99.00 533.50 Td (Other inc) Tj ET Q q 0 0 0 rg BT 136.64 533.50 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 169.81 533.50 Td (t ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 175.42 538.27 Td (\(2\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 398.75 533.50 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.75 533.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.75 533.50 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 99.00 518.50 Td (R) Tj ET Q q 0 0 0 rg BT 104.25 518.50 Td (ealiz) Tj ET Q q 0 0 0 rg BT 122.33 518.50 Td (ed g) Tj ET Q q 0 0 0 rg BT 139.35 518.50 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 170.53 518.50 Td (t) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 173.88 523.27 Td ( \(3\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 398.75 518.50 Td (6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 457.70 518.50 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.70 518.50 Td (23) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 86.00 503.50 Td (T) Tj ET Q q 0 0 0 rg BT 90.43 503.50 Td (ot) Tj ET Q q 0 0 0 rg BT 98.55 503.50 Td (al non-in) Tj ET Q q 0 0 0 rg BT 134.18 503.50 Td (t) Tj ET Q q 0 0 0 rg BT 137.43 503.50 Td (er) Tj ET Q q 0 0 0 rg BT 145.77 503.50 Td (es) Tj ET Q q 0 0 0 rg BT 154.53 503.50 Td (t inc) Tj ET Q q 0 0 0 rg BT 171.82 503.50 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 204.98 503.50 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 393.70 503.50 Td (58) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 457.70 503.50 Td (16) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.70 503.50 Td (74) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 484.50 Td (Gener) Tj ET Q q 0 0 0 rg BT 108.79 484.50 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 167.37 484.50 Td (tr) Tj ET Q q 0 0 0 rg BT 174.00 484.50 Td (a) Tj ET Q q 0 0 0 rg BT 178.70 484.50 Td (tiv) Tj ET Q q 0 0 0 rg BT 188.77 484.50 Td (e e) Tj ET Q q 0 0 0 rg BT 200.83 484.50 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 233.44 489.27 Td ( \(4\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 390.65 484.50 Td (\(42) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 403.85 484.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 462.75 484.50 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 518.65 484.50 Td (\(41) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 531.85 484.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 469.50 Td (Other e) Tj ET Q q 0 0 0 rg BT 114.85 469.50 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 395.70 469.50 Td (\(7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 403.85 469.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 462.75 469.50 Td (7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 522.75 469.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 454.50 Td (Pr) Tj ET Q q 0 0 0 rg BT 92.49 454.50 Td (o) Tj ET Q q 0 0 0 rg BT 97.72 454.50 Td (vision f) Tj ET Q q 0 0 0 rg BT 126.37 454.50 Td (or inc) Tj ET Q q 0 0 0 rg BT 149.08 454.50 Td (ome t) Tj ET Q q 0 0 0 rg BT 172.81 454.50 Td (a) Tj ET Q q 0 0 0 rg BT 177.51 454.50 Td (x) Tj ET Q q 0 0 0 rg BT 181.57 454.50 Td (es ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 192.72 459.27 Td (\(5\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 395.70 454.50 Td (\(4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 403.85 454.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 459.70 454.50 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 467.85 454.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.70 454.50 Td (\(7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 531.85 454.50 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.00 435.50 Td (GAAP Ne) Tj ET Q q 0 0 0 rg BT 121.66 435.50 Td (t Inc) Tj ET Q q 0 0 0 rg BT 139.55 435.50 Td (ome/Non-GAAP Cor) Tj ET Q q 0 0 0 rg BT 223.00 435.50 Td (e E) Tj ET Q q 0 0 0 rg BT 235.05 435.50 Td (arnings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 350.00 435.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 393.70 435.50 Td (49) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 414.00 435.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 457.70 435.50 Td (12) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 478.00 435.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 521.70 435.50 Td (61) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.00 416.50 Td (E) Tj ET Q q 0 0 0 rg BT 88.81 416.50 Td (arnings per dilut) Tj ET Q q 0 0 0 rg BT 156.68 416.50 Td (ed c) Tj ET Q q 0 0 0 rg BT 173.44 416.50 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 225.86 416.50 Td (e) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 350.00 416.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 385.95 416.50 Td (0.38) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 478.00 416.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 513.95 416.50 Td (0.45) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 363.60 398.25 Td (Thr) Tj ET Q q 1 1 1 rg BT 376.03 398.25 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 404.57 398.25 Td (ths Ended Sep) Tj ET Q q 1 1 1 rg BT 457.15 398.25 Td (t) Tj ET Q q 1 1 1 rg BT 460.19 398.25 Td (ember 30, 2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 366.25 386.25 Td (GAAP) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 417.30 386.25 Td (Adjus) Tj ET Q q 1 1 1 rg BT 438.25 386.25 Td (tmen) Tj ET Q q 1 1 1 rg BT 457.96 386.25 Td (ts) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 485.10 386.25 Td (Non-GAAP) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 84.00 369.50 Td (Ne) Tj ET Q q 0 0 0 rg BT 95.40 369.50 Td (t in) Tj ET Q q 0 0 0 rg BT 108.49 369.50 Td (t) Tj ET Q q 0 0 0 rg BT 111.74 369.50 Td (er) Tj ET Q q 0 0 0 rg BT 120.08 369.50 Td (es) Tj ET Q q 0 0 0 rg BT 128.85 369.50 Td (t inc) Tj ET Q q 0 0 0 rg BT 146.14 369.50 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 99.00 354.50 Td (Fr) Tj ET Q q 0 0 0 rg BT 107.00 354.50 Td (om portf) Tj ET Q q 0 0 0 rg BT 142.75 354.50 Td (olio in) Tj ET Q q 0 0 0 rg BT 167.51 354.50 Td (v) Tj ET Q q 0 0 0 rg BT 171.90 354.50 Td (es) Tj ET Q q 0 0 0 rg BT 180.68 354.50 Td (tmen) Tj ET Q q 0 0 0 rg BT 202.14 354.50 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 350.00 354.50 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 393.70 354.50 Td (28) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 414.00 354.50 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 459.70 354.50 Td (\(3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 467.85 354.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 478.00 354.50 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.70 354.50 Td (25) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 99.00 339.50 Td (Fr) Tj ET Q q 0 0 0 rg BT 107.00 339.50 Td (om mortg) Tj ET Q q 0 0 0 rg BT 147.15 339.50 Td (ag) Tj ET Q q 0 0 0 rg BT 156.52 339.50 Td (e banking activities) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 398.75 339.50 Td (6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.75 339.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.75 339.50 Td (6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 324.50 Td (Non-in) Tj ET Q q 0 0 0 rg BT 111.55 324.50 Td (t) Tj ET Q q 0 0 0 rg BT 114.80 324.50 Td (er) Tj ET Q q 0 0 0 rg BT 123.14 324.50 Td (es) Tj ET Q q 0 0 0 rg BT 131.90 324.50 Td (t inc) Tj ET Q q 0 0 0 rg BT 149.19 324.50 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 99.00 309.50 Td (R) Tj ET Q q 0 0 0 rg BT 104.34 309.50 Td (esiden) Tj ET Q q 0 0 0 rg BT 130.87 309.50 Td (tial mortg) Tj ET Q q 0 0 0 rg BT 170.53 309.50 Td (ag) Tj ET Q q 0 0 0 rg BT 179.89 309.50 Td (e banking activities, ne) Tj ET Q q 0 0 0 rg BT 272.41 309.50 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 398.75 309.50 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.75 309.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.75 309.50 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 99.00 294.50 Td (BPL mortg) Tj ET Q q 0 0 0 rg BT 140.69 294.50 Td (ag) Tj ET Q q 0 0 0 rg BT 150.10 294.50 Td (e banking activities, ne) Tj ET Q q 0 0 0 rg BT 242.64 294.50 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 398.75 294.50 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.75 294.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.75 294.50 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 99.00 279.50 Td (In) Tj ET Q q 0 0 0 rg BT 106.61 279.50 Td (v) Tj ET Q q 0 0 0 rg BT 111.03 279.50 Td (es) Tj ET Q q 0 0 0 rg BT 119.80 279.50 Td (tmen) Tj ET Q q 0 0 0 rg BT 141.28 279.50 Td (t f) Tj ET Q q 0 0 0 rg BT 149.74 279.50 Td (air v) Tj ET Q q 0 0 0 rg BT 166.94 279.50 Td (alue chang) Tj ET Q q 0 0 0 rg BT 210.67 279.50 Td (es, ne) Tj ET Q q 0 0 0 rg BT 234.49 279.50 Td (t ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 240.10 284.27 Td (\(1\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 393.70 279.50 Td (11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 454.65 279.50 Td (\(11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 467.85 279.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 522.75 279.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 99.00 264.50 Td (Other inc) Tj ET Q q 0 0 0 rg BT 136.64 264.50 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 169.81 264.50 Td (t ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 175.42 269.27 Td (\(2\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 398.75 264.50 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.75 264.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.75 264.50 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 99.00 249.50 Td (R) Tj ET Q q 0 0 0 rg BT 104.25 249.50 Td (ealiz) Tj ET Q q 0 0 0 rg BT 122.33 249.50 Td (ed g) Tj ET Q q 0 0 0 rg BT 139.35 249.50 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 170.53 249.50 Td (t ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 176.14 254.27 Td (\(3\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 398.75 249.50 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 457.70 249.50 Td (20) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.70 249.50 Td (25) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 86.00 234.50 Td (T) Tj ET Q q 0 0 0 rg BT 89.98 234.50 Td (ot) Tj ET Q q 0 0 0 rg BT 98.49 234.50 Td (al non-in) Tj ET Q q 0 0 0 rg BT 134.13 234.50 Td (t) Tj ET Q q 0 0 0 rg BT 137.37 234.50 Td (er) Tj ET Q q 0 0 0 rg BT 145.70 234.50 Td (es) Tj ET Q q 0 0 0 rg BT 154.48 234.50 Td (t inc) Tj ET Q q 0 0 0 rg BT 171.78 234.50 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 204.95 234.50 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 393.70 234.50 Td (30) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 462.75 234.50 Td (9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.70 234.50 Td (38) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 215.50 Td (Gener) Tj ET Q q 0 0 0 rg BT 108.79 215.50 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 167.37 215.50 Td (tr) Tj ET Q q 0 0 0 rg BT 174.00 215.50 Td (a) Tj ET Q q 0 0 0 rg BT 178.70 215.50 Td (tiv) Tj ET Q q 0 0 0 rg BT 188.77 215.50 Td (e e) Tj ET Q q 0 0 0 rg BT 200.83 215.50 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 233.44 220.27 Td ( \(4\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 390.65 215.50 Td (\(27) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 403.85 215.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 462.75 215.50 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 518.65 215.50 Td (\(25) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 531.85 215.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 200.50 Td (Other e) Tj ET Q q 0 0 0 rg BT 114.77 200.50 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 395.70 200.50 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 403.85 200.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 462.75 200.50 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 522.75 200.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 185.50 Td (Pr) Tj ET Q q 0 0 0 rg BT 92.49 185.50 Td (o) Tj ET Q q 0 0 0 rg BT 97.72 185.50 Td (vision f) Tj ET Q q 0 0 0 rg BT 126.37 185.50 Td (or inc) Tj ET Q q 0 0 0 rg BT 149.08 185.50 Td (ome t) Tj ET Q q 0 0 0 rg BT 172.81 185.50 Td (a) Tj ET Q q 0 0 0 rg BT 177.51 185.50 Td (x) Tj ET Q q 0 0 0 rg BT 181.57 185.50 Td (es) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 190.46 190.27 Td ( \(5\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 394.75 185.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 459.70 185.50 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 467.85 185.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 522.75 185.50 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.00 166.50 Td (GAAP Ne) Tj ET Q q 0 0 0 rg BT 121.66 166.50 Td (t Inc) Tj ET Q q 0 0 0 rg BT 139.55 166.50 Td (ome/Non-GAAP Cor) Tj ET Q q 0 0 0 rg BT 223.00 166.50 Td (e E) Tj ET Q q 0 0 0 rg BT 235.05 166.50 Td (arnings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 350.00 166.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 393.70 166.50 Td (34) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 414.00 166.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 462.75 166.50 Td (9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 478.00 166.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 521.70 166.50 Td (43) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.00 147.50 Td (E) Tj ET Q q 0 0 0 rg BT 88.75 147.50 Td (arnings per dilut) Tj ET Q q 0 0 0 rg BT 156.62 147.50 Td (ed c) Tj ET Q q 0 0 0 rg BT 173.42 147.50 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 225.80 147.50 Td (e) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 350.00 147.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 385.95 147.50 Td (0.31) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 478.00 147.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 513.95 147.50 Td (0.37) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 72.00 134.50 Td (\(1\) ) Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 90.00 134.50 Td (References ) Tj ET Q q 0 0 0 rg BT 123.72 134.50 Td (in ) Tj ET Q q 0 0 0 rg BT 130.83 134.50 Td (this ) Tj ET Q q 0 0 0 rg BT 142.87 134.50 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 172.62 134.50 Td (Review ) Tj ET Q q 0 0 0 rg BT 195.02 134.50 Td (to ) Tj ET Q q 0 0 0 rg BT 202.96 134.50 Td (core ) Tj ET Q q 0 0 0 rg BT 217.54 134.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 251.24 134.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 262.19 134.50 Td (value ) Tj ET Q q 0 0 0 rg BT 279.41 134.50 Td (changes, ) Tj ET Q q 0 0 0 rg BT 307.24 134.50 Td (net ) Tj ET Q q 0 0 0 rg BT 318.56 134.50 Td (refer ) Tj ET Q q 0 0 0 rg BT 333.84 134.50 Td (to ) Tj ET Q q 0 0 0 rg BT 341.79 134.50 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 361.43 134.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 395.13 134.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 406.08 134.50 Td (value ) Tj ET Q q 0 0 0 rg BT 423.31 134.50 Td (changes, ) Tj ET Q q 0 0 0 rg BT 451.14 134.50 Td (net ) Tj ET Q q 0 0 0 rg BT 462.45 134.50 Td (as ) Tj ET Q q 0 0 0 rg BT 470.53 134.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 497.50 134.50 Td (by ) Tj ET Q q 0 0 0 rg BT 506.54 134.50 Td (the ) Tj ET Q q 0 0 0 rg BT 517.86 134.50 Td (amount ) Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 90.00 128.00 Td (described ) Tj ET Q q 0 0 0 rg BT 120.57 128.00 Td (in ) Tj ET Q q 0 0 0 rg BT 127.55 128.00 Td (the ) Tj ET Q q 0 0 0 rg BT 138.75 128.00 Td ("Adjustments" ) Tj ET Q q 0 0 0 rg BT 183.54 128.00 Td (column, ) Tj ET Q q 0 0 0 rg BT 208.46 128.00 Td (as ) Tj ET Q q 0 0 0 rg BT 216.41 128.00 Td (further ) Tj ET Q q 0 0 0 rg BT 237.47 128.00 Td (described ) Tj ET Q q 0 0 0 rg BT 268.04 128.00 Td (above ) Tj ET Q q 0 0 0 rg BT 287.79 128.00 Td (under ) Tj ET Q q 0 0 0 rg BT 306.57 128.00 Td (the ) Tj ET Q q 0 0 0 rg BT 317.77 128.00 Td (heading ) Tj ET Q q 0 0 0 rg BT 343.30 128.00 Td ("What ) Tj ET Q q 0 0 0 rg BT 363.76 128.00 Td (is ) Tj ET Q q 0 0 0 rg BT 369.90 128.00 Td (Core ) Tj ET Q q 0 0 0 rg BT 385.79 128.00 Td (Earnings?") Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 72.00 119.50 Td (\(2\) ) Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 90.00 119.50 Td (References ) Tj ET Q q 0 0 0 rg BT 123.75 119.50 Td (in ) Tj ET Q q 0 0 0 rg BT 130.88 119.50 Td (this ) Tj ET Q q 0 0 0 rg BT 142.94 119.50 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 172.71 119.50 Td (Review ) Tj ET Q q 0 0 0 rg BT 195.14 119.50 Td (to ) Tj ET Q q 0 0 0 rg BT 203.11 119.50 Td (core ) Tj ET Q q 0 0 0 rg BT 217.71 119.50 Td (other ) Tj ET Q q 0 0 0 rg BT 235.07 119.50 Td (income ) Tj ET Q q 0 0 0 rg BT 258.34 119.50 Td (net, ) Tj ET Q q 0 0 0 rg BT 271.49 119.50 Td (refer ) Tj ET Q q 0 0 0 rg BT 286.80 119.50 Td (to ) Tj ET Q q 0 0 0 rg BT 294.77 119.50 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 314.43 119.50 Td (other ) Tj ET Q q 0 0 0 rg BT 331.79 119.50 Td (income, ) Tj ET Q q 0 0 0 rg BT 356.87 119.50 Td (net ) Tj ET Q q 0 0 0 rg BT 368.21 119.50 Td (as ) Tj ET Q q 0 0 0 rg BT 376.31 119.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 403.31 119.50 Td (by ) Tj ET Q q 0 0 0 rg BT 412.37 119.50 Td (the ) Tj ET Q q 0 0 0 rg BT 423.72 119.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 447.82 119.50 Td (described ) Tj ET Q q 0 0 0 rg BT 478.54 119.50 Td (in ) Tj ET Q q 0 0 0 rg BT 485.68 119.50 Td (the ) Tj ET Q q 0 0 0 rg BT 497.02 119.50 Td ("Adjustments" ) Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 90.00 113.00 Td (column, ) Tj ET Q q 0 0 0 rg BT 114.93 113.00 Td (as ) Tj ET Q q 0 0 0 rg BT 122.88 113.00 Td (further ) Tj ET Q q 0 0 0 rg BT 143.93 113.00 Td (described ) Tj ET Q q 0 0 0 rg BT 174.50 113.00 Td (above ) Tj ET Q q 0 0 0 rg BT 194.25 113.00 Td (under ) Tj ET Q q 0 0 0 rg BT 213.03 113.00 Td (the ) Tj ET Q q 0 0 0 rg BT 224.23 113.00 Td (heading ) Tj ET Q q 0 0 0 rg BT 249.76 113.00 Td ("What ) Tj ET Q q 0 0 0 rg BT 270.23 113.00 Td (is ) Tj ET Q q 0 0 0 rg BT 276.36 113.00 Td (Core ) Tj ET Q q 0 0 0 rg BT 292.25 113.00 Td (Earnings?") Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 72.00 104.50 Td (\(3\) ) Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 90.00 104.50 Td (References ) Tj ET Q q 0 0 0 rg BT 123.66 104.50 Td (in ) Tj ET Q q 0 0 0 rg BT 130.70 104.50 Td (this ) Tj ET Q q 0 0 0 rg BT 142.67 104.50 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 172.35 104.50 Td (Review ) Tj ET Q q 0 0 0 rg BT 194.69 104.50 Td (to ) Tj ET Q q 0 0 0 rg BT 202.57 104.50 Td (core ) Tj ET Q q 0 0 0 rg BT 217.08 104.50 Td (realized ) Tj ET Q q 0 0 0 rg BT 241.45 104.50 Td (gains, ) Tj ET Q q 0 0 0 rg BT 260.42 104.50 Td (net ) Tj ET Q q 0 0 0 rg BT 271.67 104.50 Td (refer ) Tj ET Q q 0 0 0 rg BT 286.89 104.50 Td (to ) Tj ET Q q 0 0 0 rg BT 294.77 104.50 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 314.34 104.50 Td (realized ) Tj ET Q q 0 0 0 rg BT 338.72 104.50 Td (gains, ) Tj ET Q q 0 0 0 rg BT 357.68 104.50 Td (net ) Tj ET Q q 0 0 0 rg BT 368.93 104.50 Td (as ) Tj ET Q q 0 0 0 rg BT 376.94 104.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 403.85 104.50 Td (by ) Tj ET Q q 0 0 0 rg BT 412.82 104.50 Td (the ) Tj ET Q q 0 0 0 rg BT 424.08 104.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 448.10 104.50 Td (described ) Tj ET Q q 0 0 0 rg BT 478.73 104.50 Td (in ) Tj ET Q q 0 0 0 rg BT 485.77 104.50 Td (the ) Tj ET Q q 0 0 0 rg BT 497.03 104.50 Td ("Adjustments" ) Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 90.00 98.00 Td (column, ) Tj ET Q q 0 0 0 rg BT 114.93 98.00 Td (as ) Tj ET Q q 0 0 0 rg BT 122.88 98.00 Td (further ) Tj ET Q q 0 0 0 rg BT 143.93 98.00 Td (described ) Tj ET Q q 0 0 0 rg BT 174.50 98.00 Td (above ) Tj ET Q q 0 0 0 rg BT 194.25 98.00 Td (under ) Tj ET Q q 0 0 0 rg BT 213.03 98.00 Td (the ) Tj ET Q q 0 0 0 rg BT 224.23 98.00 Td (heading ) Tj ET Q q 0 0 0 rg BT 249.76 98.00 Td ("What ) Tj ET Q q 0 0 0 rg BT 270.23 98.00 Td (is ) Tj ET Q q 0 0 0 rg BT 276.36 98.00 Td (Core ) Tj ET Q q 0 0 0 rg BT 292.25 98.00 Td (Earnings?") Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 72.00 89.50 Td (\(4\) ) Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 90.00 89.50 Td (References ) Tj ET Q q 0 0 0 rg BT 123.07 89.50 Td (in ) Tj ET Q q 0 0 0 rg BT 129.52 89.50 Td (this ) Tj ET Q q 0 0 0 rg BT 140.90 89.50 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 169.99 89.50 Td (Review ) Tj ET Q q 0 0 0 rg BT 191.74 89.50 Td (to ) Tj ET Q q 0 0 0 rg BT 199.03 89.50 Td (core ) Tj ET Q q 0 0 0 rg BT 212.95 89.50 Td (general ) Tj ET Q q 0 0 0 rg BT 236.13 89.50 Td (and ) Tj ET Q q 0 0 0 rg BT 248.36 89.50 Td (administrative ) Tj ET Q q 0 0 0 rg BT 290.19 89.50 Td (expenses ) Tj ET Q q 0 0 0 rg BT 318.56 89.50 Td (refer ) Tj ET Q q 0 0 0 rg BT 333.19 89.50 Td (to ) Tj ET Q q 0 0 0 rg BT 340.48 89.50 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 359.46 89.50 Td (general ) Tj ET Q q 0 0 0 rg BT 382.64 89.50 Td (and ) Tj ET Q q 0 0 0 rg BT 394.88 89.50 Td (administrative ) Tj ET Q q 0 0 0 rg BT 436.70 89.50 Td (expenses ) Tj ET Q q 0 0 0 rg BT 465.08 89.50 Td (as ) Tj ET Q q 0 0 0 rg BT 472.50 89.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 498.81 89.50 Td (by ) Tj ET Q q 0 0 0 rg BT 507.19 89.50 Td (the ) Tj ET Q q 0 0 0 rg BT 517.86 89.50 Td (amount ) Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 90.00 83.00 Td (described ) Tj ET Q q 0 0 0 rg BT 120.57 83.00 Td (in ) Tj ET Q q 0 0 0 rg BT 127.55 83.00 Td (the ) Tj ET Q q 0 0 0 rg BT 138.75 83.00 Td ("Adjustments" ) Tj ET Q q 0 0 0 rg BT 183.54 83.00 Td (column, ) Tj ET Q q 0 0 0 rg BT 208.46 83.00 Td (as ) Tj ET Q q 0 0 0 rg BT 216.41 83.00 Td (further ) Tj ET Q q 0 0 0 rg BT 237.47 83.00 Td (described ) Tj ET Q q 0 0 0 rg BT 268.04 83.00 Td (above ) Tj ET Q q 0 0 0 rg BT 287.79 83.00 Td (under ) Tj ET Q q 0 0 0 rg BT 306.57 83.00 Td (the ) Tj ET Q q 0 0 0 rg BT 317.77 83.00 Td (heading ) Tj ET Q q 0 0 0 rg BT 343.30 83.00 Td ("What ) Tj ET Q q 0 0 0 rg BT 363.76 83.00 Td (is ) Tj ET Q q 0 0 0 rg BT 369.90 83.00 Td (Core ) Tj ET Q q 0 0 0 rg BT 385.79 83.00 Td (Earnings?") 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Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 499.20 Td (management's ) Tj ET Q q 0 0 0 rg BT 148.45 499.20 Td (definition ) Tj ET Q q 0 0 0 rg BT 198.79 499.20 Td (of ) Tj ET Q q 0 0 0 rg BT 212.48 499.20 Td (core ) Tj ET Q q 0 0 0 rg BT 237.78 499.20 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 286.70 499.20 Td (as ) Tj ET Q q 0 0 0 rg BT 301.00 499.20 Td (described ) Tj ET Q q 0 0 0 rg BT 353.58 499.20 Td (above. ) Tj ET Q q 0 0 0 rg BT 390.92 499.20 Td (Core ) Tj ET Q q 0 0 0 rg BT 418.66 499.20 Td (ROE ) Tj ET Q q 0 0 0 rg BT 444.78 499.20 Td (reflects ) Tj ET Q q 0 0 0 rg BT 483.91 499.20 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 517.78 499.20 Td (ROE ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 483.55 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 117.60 483.55 Td (to ) Tj ET Q q 0 0 0 rg BT 130.99 483.55 Td (reflect ) Tj ET Q q 0 0 0 rg BT 164.75 483.55 Td (core ) Tj ET Q q 0 0 0 rg BT 189.37 483.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 234.55 483.55 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 297.25 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Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 446.35 Td (For ) Tj ET Q q 0 0 0 rg BT 90.93 446.35 Td (each ) Tj ET Q q 0 0 0 rg BT 116.81 446.35 Td (of ) Tj ET Q q 0 0 0 rg BT 129.23 446.35 Td (our ) Tj ET Q q 0 0 0 rg BT 148.16 446.35 Td (business ) Tj ET Q q 0 0 0 rg BT 192.57 446.35 Td (segments, ) Tj ET Q q 0 0 0 rg BT 245.73 446.35 Td (we ) Tj ET Q q 0 0 0 rg BT 262.42 446.35 Td (calculate ) Tj ET Q q 0 0 0 rg BT 308.25 446.35 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 363.27 446.35 Td (core ) Tj ET Q q 0 0 0 rg BT 387.30 446.35 Td (return ) Tj ET Q q 0 0 0 rg BT 419.25 446.35 Td (contribution ) Tj ET Q q 0 0 0 rg BT 481.55 446.35 Td (\(or ) Tj ET Q q 0 0 0 rg BT 497.22 446.35 Td (segment ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 430.70 Td (core ) Tj ET Q q 0 0 0 rg BT 96.92 430.70 Td (ROE\) ) Tj ET Q q 0 0 0 rg BT 125.53 430.70 Td (in ) Tj ET Q q 0 0 0 rg BT 137.82 430.70 Td (a ) Tj ET Q q 0 0 0 rg BT 147.06 430.70 Td (manner ) Tj ET Q q 0 0 0 rg BT 187.67 430.70 Td (consistent ) Tj ET Q q 0 0 0 rg BT 240.69 430.70 Td (with ) Tj ET Q q 0 0 0 rg BT 264.58 430.70 Td (management's ) Tj ET Q q 0 0 0 rg BT 340.66 430.70 Td (definition ) Tj ET Q q 0 0 0 rg BT 390.62 430.70 Td (of ) Tj ET Q q 0 0 0 rg BT 403.93 430.70 Td (core ) Tj ET Q q 0 0 0 rg BT 428.85 430.70 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 477.39 430.70 Td (as ) Tj ET Q q 0 0 0 rg BT 491.32 430.70 Td (described ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 415.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 110.06 415.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 138.53 415.10 Td (return ) Tj ET Q q 0 0 0 rg BT 172.47 415.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 236.76 415.10 Td (for ) Tj ET Q q 0 0 0 rg BT 254.83 415.10 Td (each ) Tj ET Q q 0 0 0 rg BT 282.70 415.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 330.11 415.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 369.97 415.10 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 404.56 415.10 Td (return ) Tj ET Q q 0 0 0 rg BT 438.50 415.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 502.79 415.10 Td (for ) Tj ET Q q 0 0 0 rg BT 520.86 415.10 Td (that ) Tj ET Q q 0 0 0 rg BT 543.06 415.10 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 399.45 Td (segment ) Tj ET Q q 0 0 0 rg BT 117.99 399.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 163.57 399.45 Td (to ) Tj ET Q q 0 0 0 rg BT 176.95 399.45 Td (reflect ) Tj ET Q q 0 0 0 rg BT 210.69 399.45 Td (the ) Tj ET Q q 0 0 0 rg BT 229.80 399.45 Td (portion ) Tj ET Q q 0 0 0 rg BT 268.84 399.45 Td (of ) Tj ET Q q 0 0 0 rg BT 281.83 399.45 Td (core ) Tj ET Q q 0 0 0 rg BT 306.43 399.45 Td (earnings ) Tj ET Q q 0 0 0 rg BT 351.59 399.45 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 414.28 399.45 Td (allocable ) Tj ET Q q 0 0 0 rg BT 461.50 399.45 Td (to ) Tj ET Q q 0 0 0 rg BT 474.88 399.45 Td (that ) Tj ET Q q 0 0 0 rg BT 497.23 399.45 Td (segment ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 383.85 Td (and ) Tj ET Q q 0 0 0 rg BT 94.51 383.85 Td (is ) Tj ET Q q 0 0 0 rg BT 105.79 383.85 Td (shown ) Tj ET Q q 0 0 0 rg BT 141.14 383.85 Td (and ) Tj ET Q q 0 0 0 rg BT 163.64 383.85 Td (reconciled ) Tj ET Q q 0 0 0 rg BT 218.53 383.85 Td (to ) Tj ET Q q 0 0 0 rg BT 232.67 383.85 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 266.59 383.85 Td (return ) Tj ET Q q 0 0 0 rg BT 299.86 383.85 Td (contribution ) Tj ET Q q 0 0 0 rg BT 363.48 383.85 Td (for ) Tj ET Q q 0 0 0 rg BT 380.87 383.85 Td (each ) Tj ET Q q 0 0 0 rg BT 408.07 383.85 Td (segment ) Tj ET Q q 0 0 0 rg BT 454.81 383.85 Td (in ) Tj ET Q q 0 0 0 rg BT 467.53 383.85 Td (the ) Tj ET Q q 0 0 0 rg BT 487.39 383.85 Td (tables ) Tj ET Q q 0 0 0 rg BT 520.87 383.85 Td (that ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 368.25 Td (follow.) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 345.20 Td (What ) Tj ET Q q 0 0 0 rg BT 104.63 345.20 Td (ar) Tj ET Q q 0 0 0 rg BT 114.89 345.20 Td (e ) Tj ET Q q 0 0 0 rg BT 124.63 345.20 Td (Cor) Tj ET Q q 0 0 0 rg BT 144.91 345.20 Td (e ) Tj ET Q q 0 0 0 rg BT 154.65 345.20 Td (Mor) Tj ET Q q 0 0 0 rg BT 177.70 345.20 Td (tgag) Tj ET Q q 0 0 0 rg BT 200.64 345.20 Td (e ) Tj ET Q q 0 0 0 rg BT 210.39 345.20 Td (Banking ) Tj ET Q q 0 0 0 rg BT 258.90 345.20 Td (Results ) Tj ET Q q 0 0 0 rg BT 301.15 345.20 Td (and ) Tj ET Q q 0 0 0 rg BT 324.66 345.20 Td (Cor) Tj ET Q q 0 0 0 rg BT 344.93 345.20 Td (e ) Tj ET Q q 0 0 0 rg BT 354.67 345.20 Td (In) Tj ET Q q 0 0 0 rg BT 365.46 345.20 Td (v) Tj ET Q q 0 0 0 rg BT 371.23 345.20 Td (estment ) Tj ET Q q 0 0 0 rg BT 417.48 345.20 Td (Results? ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 323.55 Td (For ) Tj ET Q q 0 0 0 rg BT 91.96 323.55 Td (each ) Tj ET Q q 0 0 0 rg BT 118.88 323.55 Td (of ) Tj ET Q q 0 0 0 rg BT 132.32 323.55 Td (our ) Tj ET Q q 0 0 0 rg BT 152.29 323.55 Td (residential ) Tj ET Q q 0 0 0 rg BT 206.46 323.55 Td (lending ) Tj ET Q q 0 0 0 rg BT 247.21 323.55 Td (and ) Tj ET Q q 0 0 0 rg BT 269.43 323.55 Td (business ) Tj ET Q q 0 0 0 rg BT 314.87 323.55 Td (purpose ) Tj ET Q q 0 0 0 rg BT 359.07 323.55 Td (lending ) Tj ET Q q 0 0 0 rg BT 399.82 323.55 Td (segments, ) Tj ET Q q 0 0 0 rg BT 454.02 323.55 Td (we ) Tj ET Q q 0 0 0 rg BT 471.75 323.55 Td (calculate ) Tj ET Q q 0 0 0 rg BT 518.60 323.55 Td (core ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 307.95 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 123.05 307.95 Td (banking ) Tj ET Q q 0 0 0 rg BT 164.97 307.95 Td (results ) Tj ET Q q 0 0 0 rg BT 198.92 307.95 Td (and ) Tj ET Q q 0 0 0 rg BT 220.05 307.95 Td (core ) Tj ET Q q 0 0 0 rg BT 244.03 307.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 300.39 307.95 Td (results ) Tj ET Q q 0 0 0 rg BT 334.34 307.95 Td (in ) Tj ET Q q 0 0 0 rg BT 345.68 307.95 Td (a ) Tj ET Q q 0 0 0 rg BT 353.98 307.95 Td (manner ) Tj ET Q q 0 0 0 rg BT 393.65 307.95 Td (consistent ) Tj ET Q q 0 0 0 rg BT 445.73 307.95 Td (with ) Tj ET Q q 0 0 0 rg BT 468.68 307.95 Td (managements ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 292.35 Td (definition ) Tj ET Q q 0 0 0 rg BT 124.26 292.35 Td (of ) Tj ET Q q 0 0 0 rg BT 139.87 292.35 Td (core ) Tj ET Q q 0 0 0 rg BT 167.09 292.35 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 217.94 292.35 Td (as ) Tj ET Q q 0 0 0 rg BT 234.16 292.35 Td (described ) Tj ET Q q 0 0 0 rg BT 288.66 292.35 Td (above. ) Tj ET Q q 0 0 0 rg BT 327.92 292.35 Td (Core ) Tj ET Q q 0 0 0 rg BT 357.59 292.35 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 411.88 292.35 Td (banking ) Tj ET Q q 0 0 0 rg BT 457.04 292.35 Td (results ) Tj ET Q q 0 0 0 rg BT 494.23 292.35 Td (and ) Tj ET Q q 0 0 0 rg BT 518.61 292.35 Td (core ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 276.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 131.87 276.70 Td (results ) Tj ET Q q 0 0 0 rg BT 169.33 276.70 Td (for ) Tj ET Q q 0 0 0 rg BT 188.86 276.70 Td (these ) Tj ET Q q 0 0 0 rg BT 221.66 276.70 Td (segments ) Tj ET Q q 0 0 0 rg BT 275.23 276.70 Td (reflect ) Tj ET Q q 0 0 0 rg BT 311.87 276.70 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 347.93 276.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 402.50 276.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 447.93 276.70 Td (results ) Tj ET Q q 0 0 0 rg BT 485.39 276.70 Td (and ) Tj ET Q q 0 0 0 rg BT 510.04 276.70 Td (GAAP ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 261.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 127.91 261.10 Td (results ) Tj ET Q q 0 0 0 rg BT 161.42 261.10 Td (for ) Tj ET Q q 0 0 0 rg BT 176.99 261.10 Td (these ) Tj ET Q q 0 0 0 rg BT 205.83 261.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 255.44 261.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 299.95 261.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.27 261.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 344.95 261.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.99 261.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 400.97 261.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.89 261.10 Td (core ) Tj ET Q q 0 0 0 rg BT 436.43 261.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 480.52 261.10 Td (adjustments ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 245.45 Td (allocable ) Tj ET Q q 0 0 0 rg BT 118.00 245.45 Td (to ) Tj ET Q q 0 0 0 rg BT 130.17 245.45 Td (the ) Tj ET Q q 0 0 0 rg BT 148.06 245.45 Td (respective ) Tj ET Q q 0 0 0 rg BT 200.17 245.45 Td (components ) Tj ET Q q 0 0 0 rg BT 263.29 245.45 Td (of ) Tj ET Q q 0 0 0 rg BT 275.07 245.45 Td (these ) Tj ET Q q 0 0 0 rg BT 303.76 245.45 Td (segments ) Tj ET Q q 0 0 0 rg BT 353.22 245.45 Td (and ) Tj ET Q q 0 0 0 rg BT 373.76 245.45 Td (are ) Tj ET Q q 0 0 0 rg BT 391.03 245.45 Td (shown ) Tj ET Q q 0 0 0 rg BT 424.41 245.45 Td (and ) Tj ET Q q 0 0 0 rg BT 444.95 245.45 Td (reconciled ) Tj ET Q q 0 0 0 rg BT 497.87 245.45 Td (to ) Tj ET Q q 0 0 0 rg BT 510.04 245.45 Td (GAAP ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 229.85 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 122.64 229.85 Td (banking ) Tj ET Q q 0 0 0 rg BT 164.14 229.85 Td (results ) Tj ET Q q 0 0 0 rg BT 197.68 229.85 Td (and ) Tj ET Q q 0 0 0 rg BT 218.40 229.85 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 250.54 229.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 306.49 229.85 Td (results ) Tj ET Q q 0 0 0 rg BT 340.02 229.85 Td (for ) Tj ET Q q 0 0 0 rg BT 355.63 229.85 Td (each ) Tj ET Q q 0 0 0 rg BT 381.05 229.85 Td (segment ) Tj ET Q q 0 0 0 rg BT 426.00 229.85 Td (in ) Tj ET Q q 0 0 0 rg BT 436.94 229.85 Td (the ) Tj ET Q q 0 0 0 rg BT 455.01 229.85 Td (tables ) Tj ET Q q 0 0 0 rg BT 486.71 229.85 Td (that ) Tj ET Q q 0 0 0 rg BT 508.02 229.85 Td (follow.) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 203.80 Td (What ) Tj ET Q q 0 0 0 rg BT 104.63 203.80 Td (is ) Tj ET Q q 0 0 0 rg BT 116.63 203.80 Td (Cor) Tj ET Q q 0 0 0 rg BT 136.90 203.80 Td (e ) Tj ET Q q 0 0 0 rg BT 146.65 203.80 Td (Pr) Tj ET Q q 0 0 0 rg BT 158.91 203.80 Td (e-T) Tj ET Q q 0 0 0 rg BT 177.09 203.80 Td (ax ) Tj ET Q q 0 0 0 rg BT 193.21 203.80 Td (Marg) Tj ET Q q 0 0 0 rg BT 221.81 203.80 Td (in? ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 182.20 Td (Core ) Tj ET Q q 0 0 0 rg BT 98.05 182.20 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 134.87 182.20 Td (margin ) Tj ET Q q 0 0 0 rg BT 171.09 182.20 Td (is ) Tj ET Q q 0 0 0 rg BT 180.63 182.20 Td (a ) Tj ET Q q 0 0 0 rg BT 188.54 182.20 Td (measure ) Tj ET Q q 0 0 0 rg BT 232.32 182.20 Td (of ) Tj ET Q q 0 0 0 rg BT 244.31 182.20 Td (profitability ) Tj ET Q q 0 0 0 rg BT 302.08 182.20 Td (that ) Tj ET Q q 0 0 0 rg BT 323.43 182.20 Td (indicates ) Tj ET Q q 0 0 0 rg BT 369.23 182.20 Td (how ) Tj ET Q q 0 0 0 rg BT 392.02 182.20 Td (much ) Tj ET Q q 0 0 0 rg BT 421.13 182.20 Td (of ) Tj ET Q q 0 0 0 rg BT 433.12 182.20 Td (each ) Tj ET Q q 0 0 0 rg BT 458.57 182.20 Td (dollar ) Tj ET Q q 0 0 0 rg BT 488.68 182.20 Td (of ) Tj ET Q q 0 0 0 rg BT 500.67 182.20 Td (revenue ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 166.55 Td (is ) Tj ET Q q 0 0 0 rg BT 83.49 166.55 Td (left ) Tj ET Q q 0 0 0 rg BT 103.31 166.55 Td (over ) Tj ET Q q 0 0 0 rg BT 129.07 166.55 Td (after ) Tj ET Q q 0 0 0 rg BT 155.61 166.55 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 208.69 166.55 Td (other ) Tj ET Q q 0 0 0 rg BT 238.93 166.55 Td (than ) Tj ET Q q 0 0 0 rg BT 264.69 166.55 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 297.38 166.55 Td (For ) Tj ET Q q 0 0 0 rg BT 317.83 166.55 Td (each ) Tj ET Q q 0 0 0 rg BT 345.23 166.55 Td (of ) Tj ET Q q 0 0 0 rg BT 359.17 166.55 Td (our ) Tj ET Q q 0 0 0 rg BT 379.63 166.55 Td (residential ) Tj ET Q q 0 0 0 rg BT 434.29 166.55 Td (lending ) Tj ET Q q 0 0 0 rg BT 475.53 166.55 Td (and ) Tj ET Q q 0 0 0 rg BT 498.24 166.55 Td (business ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 150.95 Td (purpose ) Tj ET Q q 0 0 0 rg BT 116.09 150.95 Td (lending ) Tj ET Q q 0 0 0 rg BT 156.72 150.95 Td (segments, ) Tj ET Q q 0 0 0 rg BT 210.80 150.95 Td (we ) Tj ET Q q 0 0 0 rg BT 228.41 150.95 Td (calculate ) Tj ET Q q 0 0 0 rg BT 275.15 150.95 Td (core ) Tj ET Q q 0 0 0 rg BT 300.09 150.95 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 338.26 150.95 Td (margin ) Tj ET Q q 0 0 0 rg BT 375.83 150.95 Td (on ) Tj ET Q q 0 0 0 rg BT 392.02 150.95 Td (a ) Tj ET Q q 0 0 0 rg BT 401.28 150.95 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 457.22 150.95 Td (core ) Tj ET Q q 0 0 0 rg BT 482.16 150.95 Td (basis ) Tj ET Q q 0 0 0 rg BT 510.16 150.95 Td (as ) Tj ET Q q 0 0 0 rg BT 524.10 150.95 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 135.35 Td (sum ) Tj ET Q q 0 0 0 rg BT 94.97 135.35 Td (of ) Tj ET Q q 0 0 0 rg BT 107.55 135.35 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 158.81 135.35 Td (banking ) Tj ET Q q 0 0 0 rg BT 200.94 135.35 Td (net ) Tj ET Q q 0 0 0 rg BT 219.62 135.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 258.85 135.35 Td (income ) Tj ET Q q 0 0 0 rg BT 297.72 135.35 Td (and ) Tj ET Q q 0 0 0 rg BT 319.06 135.35 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 370.33 135.35 Td (banking ) Tj ET Q q 0 0 0 rg BT 412.45 135.35 Td (activities, ) Tj ET Q q 0 0 0 rg BT 460.67 135.35 Td (less ) Tj ET Q q 0 0 0 rg BT 481.60 135.35 Td (general ) Tj ET Q q 0 0 0 rg BT 521.47 135.35 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 119.70 Td (administrative ) Tj ET Q q 0 0 0 rg BT 145.70 119.70 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 199.70 119.70 Td (divided ) Tj ET Q q 0 0 0 rg BT 241.66 119.70 Td (by ) Tj ET Q q 0 0 0 rg BT 258.76 119.70 Td (the ) Tj ET Q q 0 0 0 rg BT 279.74 119.70 Td (sum ) Tj ET Q q 0 0 0 rg BT 305.00 119.70 Td (of ) Tj ET Q q 0 0 0 rg BT 319.86 119.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 373.41 119.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 417.82 119.70 Td (net ) Tj ET Q q 0 0 0 rg BT 438.79 119.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 480.30 119.70 Td (income ) Tj ET Q q 0 0 0 rg BT 521.46 119.70 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 104.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 123.48 104.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 165.81 104.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 214.24 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.00 104.10 Td (each ) Tj ET Q q 0 0 0 rg BT 252.25 104.10 Td (case, ) Tj ET Q q 0 0 0 rg BT 280.13 104.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 325.52 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 337.28 104.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 394.71 104.10 Td (with ) Tj ET Q q 0 0 0 rg BT 418.08 104.10 Td (calculating ) Tj ET Q q 0 0 0 rg BT 473.65 104.10 Td (core ) Tj ET Q q 0 0 0 rg BT 498.05 104.10 Td (earnings ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 88.45 Td (as ) Tj ET Q q 0 0 0 rg BT 85.16 88.45 Td (described ) Tj ET Q q 0 0 0 rg BT 136.60 88.45 Td (above. ) Tj ET Q q 0 0 0 rg BT 172.79 88.45 Td (Core ) 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ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 237.00 559.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 263.70 559.60 Td (14) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 288.00 559.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 314.70 559.60 Td (11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 339.00 559.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 370.75 559.60 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 390.00 559.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 421.75 559.60 Td (9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 441.00 559.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 476.75 559.60 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 492.00 559.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 518.70 559.60 Td (37) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 544.48 Td (Fr) Tj ET Q q 0 0 0 rg BT 94.60 544.48 Td (om mortg) Tj ET Q q 0 0 0 rg BT 132.75 544.48 Td (ag) Tj ET Q q 0 0 0 rg BT 141.64 544.48 Td (e banking activities) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 268.75 544.60 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 319.75 544.60 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.75 544.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 544.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 544.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 544.60 Td (7) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 525.48 Td (Non-in) Tj ET Q q 0 0 0 rg BT 107.17 525.48 Td (t) Tj ET Q q 0 0 0 rg BT 110.26 525.48 Td (er) Tj ET Q q 0 0 0 rg BT 118.18 525.48 Td (es) Tj ET Q q 0 0 0 rg BT 126.51 525.48 Td (t inc) Tj ET Q q 0 0 0 rg BT 142.93 525.48 Td (ome) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 510.48 Td (Mortg) Tj ET Q q 0 0 0 rg BT 111.01 510.48 Td (ag) Tj ET Q q 0 0 0 rg BT 119.90 510.48 Td (e banking activities, ne) Tj ET Q q 0 0 0 rg BT 207.80 510.48 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 263.70 510.60 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 314.70 510.60 Td (30) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.75 510.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 510.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 510.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 518.70 510.60 Td (46) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 495.48 Td (In) Tj ET Q q 0 0 0 rg BT 94.31 495.48 Td (v) Tj ET Q q 0 0 0 rg BT 98.47 495.48 Td (es) Tj ET Q q 0 0 0 rg BT 106.81 495.48 Td (tmen) Tj ET Q q 0 0 0 rg BT 127.21 495.48 Td (t f) Tj ET Q q 0 0 0 rg BT 135.30 495.48 Td (air v) Tj ET Q q 0 0 0 rg BT 151.62 495.48 Td (alue chang) Tj ET Q q 0 0 0 rg BT 193.13 495.48 Td (es, ne) Tj ET Q q 0 0 0 rg BT 215.74 495.48 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 260.65 495.60 Td (\(11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.85 495.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 316.70 495.60 Td (\(5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 324.85 495.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 370.75 495.60 Td (8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 421.75 495.60 Td (9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 473.70 495.60 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 481.85 495.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 519.75 495.60 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 480.48 Td (Other inc) Tj ET Q q 0 0 0 rg BT 122.80 480.48 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 154.30 480.48 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 268.75 480.60 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 319.75 480.60 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 370.75 480.60 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 480.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 480.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 480.60 Td (5) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 465.98 Td (R) Tj ET Q q 0 0 0 rg BT 92.07 465.98 Td (ealiz) Tj ET Q q 0 0 0 rg BT 109.28 465.98 Td (ed g) Tj ET Q q 0 0 0 rg BT 125.42 465.98 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 154.98 465.98 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 268.75 465.60 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 315.75 465.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.75 465.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 421.75 465.60 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 465.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 465.60 Td (6) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 451.48 Td (T) Tj ET Q q 0 0 0 rg BT 90.79 451.48 Td (ot) Tj ET Q q 0 0 0 rg BT 98.86 451.48 Td (al non-in) Tj ET Q q 0 0 0 rg BT 132.72 451.48 Td (t) Tj ET Q q 0 0 0 rg BT 135.80 451.48 Td (er) Tj ET Q q 0 0 0 rg BT 143.72 451.48 Td (es) Tj ET Q q 0 0 0 rg BT 152.05 451.48 Td (t inc) Tj ET Q q 0 0 0 rg BT 168.49 451.48 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 200.01 451.48 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 268.75 451.60 Td (9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 314.70 451.60 Td (26) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 370.75 451.60 Td (9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 416.70 451.60 Td (14) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 473.70 451.60 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 481.85 451.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 518.70 451.60 Td (58) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 430.48 Td (Gener) Tj ET Q q 0 0 0 rg BT 104.65 430.48 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 160.26 430.48 Td (tr) Tj ET Q q 0 0 0 rg BT 166.60 430.48 Td (a) Tj ET Q q 0 0 0 rg BT 171.01 430.48 Td (tiv) Tj ET Q q 0 0 0 rg BT 180.58 430.48 Td (e e) Tj ET Q q 0 0 0 rg BT 192.06 430.48 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 260.65 430.60 Td (\(10) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.85 430.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 311.65 430.60 Td (\(15) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 324.85 430.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 367.70 430.60 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 375.85 430.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 418.70 430.60 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 426.85 430.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.65 430.60 Td (\(15) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 481.85 430.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 515.65 430.60 Td (\(42) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 528.85 430.60 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 415.48 Td (Other e) Tj ET Q q 0 0 0 rg BT 110.31 415.48 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 264.75 415.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 316.70 415.60 Td (\(4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 324.85 415.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.75 415.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 415.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 473.70 415.60 Td (\(3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 481.85 415.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 520.70 415.60 Td (\(7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 528.85 415.60 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 400.48 Td (Pr) Tj ET Q q 0 0 0 rg BT 89.07 400.48 Td (o) Tj ET Q q 0 0 0 rg BT 94.04 400.48 Td (vision f) Tj ET Q q 0 0 0 rg BT 121.25 400.48 Td (or inc) Tj ET Q q 0 0 0 rg BT 142.83 400.48 Td (ome t) Tj ET Q q 0 0 0 rg BT 165.37 400.48 Td (a) Tj ET Q q 0 0 0 rg BT 169.83 400.48 Td (x) Tj ET Q q 0 0 0 rg BT 173.70 400.48 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 265.70 400.60 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.85 400.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 316.70 400.60 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 324.85 400.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.75 400.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 418.70 400.60 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 426.85 400.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 400.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 520.70 400.60 Td (\(4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 528.85 400.60 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.00 385.60 Td (GAAP Ne) Tj ET Q q 0 0 0 rg BT 122.66 385.60 Td (t Inc) Tj ET Q q 0 0 0 rg BT 140.55 385.60 Td (ome) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 237.00 385.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 263.70 385.60 Td (16) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 288.00 385.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 314.70 385.60 Td (19) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 339.00 385.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 365.70 385.60 Td (11) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 390.00 385.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 416.70 385.60 Td (21) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 441.00 385.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 468.55 385.60 Td (\(18) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 481.85 385.60 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 492.00 385.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 518.70 385.60 Td (49) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 366.60 Td (Cor) Tj ET Q q 0 0 0 rg BT 94.96 366.60 Td (e earnings adjus) Tj ET Q q 0 0 0 rg BT 160.62 366.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 182.09 366.60 Td (ts:) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 351.60 Td (Elimina) Tj ET Q q 0 0 0 rg BT 116.75 351.60 Td (t) Tj ET Q q 0 0 0 rg BT 120.00 351.60 Td (e mark) Tj ET Q q 0 0 0 rg BT 147.81 351.60 Td (-t) Tj ET Q q 0 0 0 rg BT 153.98 351.60 Td (o-mark) Tj ET Q q 0 0 0 rg BT 182.92 351.60 Td (e) Tj ET Q q 0 0 0 rg BT 187.71 351.60 Td (t chang) Tj ET Q q 0 0 0 rg BT 217.48 351.60 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 338.60 Td (on long-t) Tj ET Q q 0 0 0 rg BT 123.67 338.60 Td (erm in) Tj ET Q q 0 0 0 rg BT 149.80 338.60 Td (v) Tj ET Q q 0 0 0 rg BT 154.18 338.60 Td (es) Tj ET Q q 0 0 0 rg BT 162.96 338.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 184.43 338.60 Td (ts and) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 325.60 Td (associa) Tj ET Q q 0 0 0 rg BT 116.15 325.60 Td (t) Tj ET Q q 0 0 0 rg BT 119.40 325.60 Td (ed deriv) Tj ET Q q 0 0 0 rg BT 152.29 325.60 Td (a) Tj ET Q q 0 0 0 rg BT 156.96 325.60 Td (tiv) Tj ET Q q 0 0 0 rg BT 167.03 325.60 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 268.75 325.60 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 319.75 325.60 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 367.70 325.60 Td (\(6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 375.85 325.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 418.70 325.60 Td (\(8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 426.85 325.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 476.75 325.60 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 515.65 325.60 Td (\(11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 528.85 325.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 310.60 Td (Include cumula) Tj ET Q q 0 0 0 rg BT 148.80 310.60 Td (tiv) Tj ET Q q 0 0 0 rg BT 158.87 310.60 Td (e g) Tj ET Q q 0 0 0 rg BT 170.67 310.60 Td (ain on long-) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 297.60 Td (t) Tj ET Q q 0 0 0 rg BT 90.30 297.60 Td (erm in) Tj ET Q q 0 0 0 rg BT 116.42 297.60 Td (v) Tj ET Q q 0 0 0 rg BT 120.80 297.60 Td (es) Tj ET Q q 0 0 0 rg BT 129.59 297.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 151.05 297.60 Td (ts sold, ne) Tj ET Q q 0 0 0 rg BT 192.22 297.60 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 268.75 297.60 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 315.75 297.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 370.75 297.60 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 416.70 297.60 Td (12) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 297.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 518.70 297.60 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 282.60 Td (Elimina) Tj ET Q q 0 0 0 rg BT 116.75 282.60 Td (t) Tj ET Q q 0 0 0 rg BT 120.00 282.60 Td (e pur) Tj ET Q q 0 0 0 rg BT 141.11 282.60 Td (chase acc) Tj ET Q q 0 0 0 rg BT 179.66 282.60 Td (oun) Tj ET Q q 0 0 0 rg BT 195.35 282.60 Td (ting) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 269.60 Td (adjus) Tj ET Q q 0 0 0 rg BT 108.55 269.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 130.01 269.60 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 264.75 269.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 319.75 269.60 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.75 269.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 269.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 476.75 269.60 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 269.60 Td (7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 254.60 Td (Elimina) Tj ET Q q 0 0 0 rg BT 116.75 254.60 Td (t) Tj ET Q q 0 0 0 rg BT 120.00 254.60 Td (e c) Tj ET Q q 0 0 0 rg BT 131.37 254.60 Td (orpor) Tj ET Q q 0 0 0 rg BT 154.00 254.60 Td (a) Tj ET Q q 0 0 0 rg BT 158.64 254.60 Td (t) Tj ET Q q 0 0 0 rg BT 161.89 254.60 Td (e acquisition and) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 241.60 Td (r) Tj ET Q q 0 0 0 rg BT 90.42 241.60 Td (ela) Tj ET Q q 0 0 0 rg BT 102.37 241.60 Td (t) Tj ET Q q 0 0 0 rg BT 105.62 241.60 Td (ed e) Tj ET Q q 0 0 0 rg BT 122.95 241.60 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 264.75 241.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 319.75 241.60 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.75 241.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 241.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 241.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 241.60 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 226.60 Td (Inc) Tj ET Q q 0 0 0 rg BT 98.96 226.60 Td (ome t) Tj ET Q q 0 0 0 rg BT 122.71 226.60 Td (a) Tj ET Q q 0 0 0 rg BT 127.39 226.60 Td (x adjus) Tj ET Q q 0 0 0 rg BT 155.48 226.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 176.94 226.60 Td (ts associa) Tj ET Q q 0 0 0 rg BT 215.57 226.60 Td (t) Tj ET Q q 0 0 0 rg BT 218.82 226.60 Td (ed) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 213.60 Td (with c) Tj ET Q q 0 0 0 rg BT 111.49 213.60 Td (or) Tj ET Q q 0 0 0 rg BT 120.15 213.60 Td (e earnings 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gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 431.5 m 332.5 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 417.5 m 332.5 417.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 415.5 m 332.5 415.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 431.5 m 336.5 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 417.5 m 336.5 417.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 415.5 m 336.5 415.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 431.5 m 383.5 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 417.5 m 383.5 417.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 415.5 m 383.5 415.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 431.5 m 387.5 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 417.5 m 387.5 417.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 415.5 m 387.5 415.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 431.5 m 434.5 431.5 l s 0 0 0 RG /GS0 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j 3 M 489.5 161.5 m 536.5 161.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 177.5 m 540.5 161.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 161.5 m 540.5 161.5 l s BT /F4 13.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 134.50 694.25 Td (R) Tj ET Q q 1 1 1 rg BT 141.63 694.25 Td (ec) Tj ET Q q 1 1 1 rg BT 153.55 694.25 Td (oncilia) Tj ET Q q 1 1 1 rg BT 188.83 694.25 Td (tion t) Tj ET Q q 1 1 1 rg BT 217.81 694.25 Td (o Non-GAAP Cor) Tj ET Q q 1 1 1 rg BT 306.49 694.25 Td (e E) Tj ET Q q 1 1 1 rg BT 322.14 694.25 Td (arnings b) Tj ET Q q 1 1 1 rg BT 371.52 694.25 Td (y Business Segmen) Tj ET Q q 1 1 1 rg BT 472.92 694.25 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 1 1 1 rg BT 284.05 680.00 Td (\($ in millions\)) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 316.20 668.00 Td (Thr) Tj ET Q q 1 1 1 rg BT 327.25 668.00 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 352.62 668.00 Td (ths Ended Sep) Tj ET Q q 1 1 1 rg BT 399.35 668.00 Td (t) Tj ET Q q 1 1 1 rg BT 402.06 668.00 Td 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637.00 Td (R) Tj ET Q q 1 1 1 rg BT 396.55 637.00 Td (esiden) Tj ET Q q 1 1 1 rg BT 418.25 637.00 Td (tial) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 390.15 629.00 Td (In) Tj ET Q q 1 1 1 rg BT 396.52 629.00 Td (v) Tj ET Q q 1 1 1 rg BT 400.21 629.00 Td (es) Tj ET Q q 1 1 1 rg BT 407.35 629.00 Td (tmen) Tj ET Q q 1 1 1 rg BT 424.87 629.00 Td (ts) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 444.85 629.00 Td (Corpor) Tj ET Q q 1 1 1 rg BT 467.58 629.00 Td (a) Tj ET Q q 1 1 1 rg BT 471.40 629.00 Td (t) Tj ET Q q 1 1 1 rg BT 474.09 629.00 Td (e) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 504.40 629.00 Td (T) Tj ET Q q 1 1 1 rg BT 507.67 629.00 Td (ot) Tj ET Q q 1 1 1 rg BT 514.67 629.00 Td (al) Tj ET Q BT /F7 9.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 81.00 610.38 Td (Ne) Tj ET Q q 0 0 0 rg BT 91.83 610.38 Td (t in) Tj ET Q q 0 0 0 rg BT 104.27 610.38 Td (t) Tj ET Q q 0 0 0 rg BT 107.35 610.38 Td (er) Tj ET Q q 0 0 0 rg BT 115.28 610.38 Td (es) Tj ET Q q 0 0 0 rg BT 123.60 610.38 Td (t inc) Tj ET Q q 0 0 0 rg BT 140.03 610.38 Td (ome) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 595.38 Td (Fr) Tj ET Q q 0 0 0 rg BT 94.60 595.38 Td (om portf) Tj ET Q q 0 0 0 rg BT 128.57 595.38 Td (olio in) Tj ET Q q 0 0 0 rg BT 152.09 595.38 Td (v) Tj ET Q q 0 0 0 rg BT 156.25 595.38 Td (es) Tj ET Q q 0 0 0 rg BT 164.59 595.38 Td (tmen) Tj ET Q q 0 0 0 rg BT 184.99 595.38 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 237.00 595.50 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 263.70 595.50 Td (14) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 288.00 595.50 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 316.70 595.50 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 339.00 595.50 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 370.75 595.50 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 390.00 595.50 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 421.75 595.50 Td (8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 441.00 595.50 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 476.75 595.50 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 492.00 595.50 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 518.70 595.50 Td (28) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 580.38 Td (Fr) Tj ET Q q 0 0 0 rg BT 94.60 580.38 Td (om mortg) Tj ET Q q 0 0 0 rg BT 132.75 580.38 Td (ag) Tj ET Q q 0 0 0 rg BT 141.64 580.38 Td (e banking activities) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 268.75 580.50 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 316.70 580.50 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.75 580.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 580.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 580.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 580.50 Td (6) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 561.38 Td (Non-in) Tj ET Q q 0 0 0 rg BT 107.17 561.38 Td (t) Tj ET Q q 0 0 0 rg BT 110.26 561.38 Td (er) Tj ET Q q 0 0 0 rg BT 118.18 561.38 Td (es) Tj ET Q q 0 0 0 rg BT 126.51 561.38 Td (t inc) Tj ET Q q 0 0 0 rg BT 142.93 561.38 Td (ome) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 546.38 Td (Mortg) Tj ET Q q 0 0 0 rg BT 111.01 546.38 Td (ag) Tj ET Q q 0 0 0 rg BT 119.90 546.38 Td (e banking activities, ne) Tj ET Q q 0 0 0 rg BT 207.80 546.38 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 268.75 546.50 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 316.70 546.50 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.75 546.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 546.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 546.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 518.70 546.50 Td (10) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 531.38 Td (In) Tj ET Q q 0 0 0 rg BT 94.31 531.38 Td (v) Tj ET Q q 0 0 0 rg BT 98.47 531.38 Td (es) Tj ET Q q 0 0 0 rg BT 106.81 531.38 Td (tmen) Tj ET Q q 0 0 0 rg BT 127.21 531.38 Td (t f) Tj ET Q q 0 0 0 rg BT 135.30 531.38 Td (air v) Tj ET Q q 0 0 0 rg BT 151.62 531.38 Td (alue chang) Tj ET Q q 0 0 0 rg BT 193.13 531.38 Td (es, ne) Tj ET Q q 0 0 0 rg BT 215.74 531.38 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 260.65 531.50 Td (\(11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.85 531.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 313.65 531.50 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 321.80 531.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 370.75 531.50 Td (7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 416.70 531.50 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 531.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 518.70 531.50 Td (11) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 516.38 Td (Other inc) Tj ET Q q 0 0 0 rg BT 122.80 516.38 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 154.30 516.38 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 268.75 516.50 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 316.70 516.50 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 370.75 516.50 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 516.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 516.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 516.50 Td (4) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 501.88 Td (R) Tj ET Q q 0 0 0 rg BT 92.07 501.88 Td (ealiz) Tj ET Q q 0 0 0 rg BT 109.28 501.88 Td (ed g) Tj ET Q q 0 0 0 rg BT 125.42 501.88 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 154.98 501.88 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 264.75 501.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 312.70 501.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.75 501.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 421.75 501.50 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 501.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 523.75 501.50 Td (5) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 487.38 Td (T) Tj ET Q q 0 0 0 rg BT 90.79 487.38 Td (ot) Tj ET Q q 0 0 0 rg BT 98.86 487.38 Td (al non-in) Tj ET Q q 0 0 0 rg BT 132.72 487.38 Td (t) Tj ET Q q 0 0 0 rg BT 135.80 487.38 Td (er) Tj ET Q q 0 0 0 rg BT 143.72 487.38 Td (es) Tj ET Q q 0 0 0 rg BT 152.05 487.38 Td (t inc) Tj ET Q q 0 0 0 rg BT 168.49 487.38 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 200.01 487.38 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 265.70 487.50 Td (\(4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.85 487.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 316.70 487.50 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 370.75 487.50 Td (8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 416.70 487.50 Td (21) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 487.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 518.70 487.50 Td (30) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 466.38 Td (Gener) Tj ET Q q 0 0 0 rg BT 104.65 466.38 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 160.26 466.38 Td (tr) Tj ET Q q 0 0 0 rg BT 166.60 466.38 Td (a) Tj ET Q q 0 0 0 rg BT 171.01 466.38 Td (tiv) Tj ET Q q 0 0 0 rg BT 180.58 466.38 Td (e e) Tj ET Q q 0 0 0 rg BT 192.06 466.38 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 265.70 466.50 Td (\(6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.85 466.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 313.65 466.50 Td (\(7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 321.80 466.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.75 466.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 418.70 466.50 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 426.85 466.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.65 466.50 Td (\(13) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 481.85 466.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 515.65 466.50 Td (\(27) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 528.85 466.50 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 451.38 Td (Other e) Tj ET Q q 0 0 0 rg BT 110.31 451.38 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 264.75 451.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 313.65 451.50 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 321.80 451.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.75 451.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 451.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 451.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 520.70 451.50 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 528.85 451.50 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 436.38 Td (Pr) Tj ET Q q 0 0 0 rg BT 89.07 436.38 Td (o) Tj ET Q q 0 0 0 rg BT 94.04 436.38 Td (vision f) Tj ET Q q 0 0 0 rg BT 121.25 436.38 Td (or inc) Tj ET Q q 0 0 0 rg BT 142.83 436.38 Td (ome t) Tj ET Q q 0 0 0 rg BT 165.37 436.38 Td (a) Tj ET Q q 0 0 0 rg BT 169.83 436.38 Td (x) Tj ET Q q 0 0 0 rg BT 173.70 436.38 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 264.75 436.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 312.70 436.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.75 436.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 436.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 436.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 519.75 436.50 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.00 421.50 Td (GAAP Ne) Tj ET Q q 0 0 0 rg BT 122.66 421.50 Td (t Inc) Tj ET Q q 0 0 0 rg BT 140.55 421.50 Td (ome) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 237.00 421.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 268.75 421.50 Td (9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 288.00 421.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 313.60 421.50 Td (\(1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 321.80 421.50 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 339.00 421.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 365.70 421.50 Td (10) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 390.00 421.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 416.70 421.50 Td (29) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 441.00 421.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 468.55 421.50 Td (\(13) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 481.85 421.50 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 492.00 421.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 518.70 421.50 Td (34) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 402.50 Td (Cor) Tj ET Q q 0 0 0 rg BT 94.96 402.50 Td (e earnings adjus) Tj ET Q q 0 0 0 rg BT 160.62 402.50 Td (tmen) Tj ET Q q 0 0 0 rg BT 182.09 402.50 Td (ts:) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 387.50 Td (Elimina) Tj ET Q q 0 0 0 rg BT 116.75 387.50 Td (t) Tj ET Q q 0 0 0 rg BT 120.00 387.50 Td (e mark) Tj ET Q q 0 0 0 rg BT 147.81 387.50 Td (-t) Tj ET Q q 0 0 0 rg BT 153.98 387.50 Td (o-mark) Tj ET Q q 0 0 0 rg BT 182.92 387.50 Td (e) Tj ET Q q 0 0 0 rg BT 187.71 387.50 Td (t chang) Tj ET Q q 0 0 0 rg BT 217.48 387.50 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 374.50 Td (on long-t) Tj ET Q q 0 0 0 rg BT 123.67 374.50 Td (erm in) Tj ET Q q 0 0 0 rg BT 149.80 374.50 Td (v) Tj ET Q q 0 0 0 rg BT 154.18 374.50 Td (es) Tj ET Q q 0 0 0 rg BT 162.96 374.50 Td (tmen) Tj ET Q q 0 0 0 rg BT 184.43 374.50 Td (ts and) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 361.50 Td (associa) Tj ET Q q 0 0 0 rg BT 116.15 361.50 Td (t) Tj ET Q q 0 0 0 rg BT 119.40 361.50 Td (ed deriv) Tj ET Q q 0 0 0 rg BT 152.29 361.50 Td (a) Tj ET Q q 0 0 0 rg BT 156.96 361.50 Td (tiv) Tj ET Q q 0 0 0 rg BT 167.03 361.50 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 268.75 361.50 Td (4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 316.70 361.50 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 367.70 361.50 Td (\(4) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 375.85 361.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 413.65 361.50 Td (\(15) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 426.85 361.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 361.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 515.65 361.50 Td (\(14) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 528.85 361.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 346.50 Td (Include cumula) Tj ET Q q 0 0 0 rg BT 148.80 346.50 Td (tiv) Tj ET Q q 0 0 0 rg BT 158.87 346.50 Td (e g) Tj ET Q q 0 0 0 rg BT 170.67 346.50 Td (ain on long-) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 333.50 Td (t) Tj ET Q q 0 0 0 rg BT 90.30 333.50 Td (erm in) Tj ET Q q 0 0 0 rg BT 116.42 333.50 Td (v) Tj ET Q q 0 0 0 rg BT 120.80 333.50 Td (es) Tj ET Q q 0 0 0 rg BT 129.59 333.50 Td (tmen) Tj ET Q q 0 0 0 rg BT 151.05 333.50 Td (ts sold, ne) Tj ET Q q 0 0 0 rg BT 192.22 333.50 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 268.75 333.50 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 312.70 333.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 365.70 333.50 Td (10) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 421.75 333.50 Td (9) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 333.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 518.70 333.50 Td (20) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 318.50 Td (Elimina) Tj ET Q q 0 0 0 rg BT 116.75 318.50 Td (t) Tj ET Q q 0 0 0 rg BT 120.00 318.50 Td (e pur) Tj ET Q q 0 0 0 rg BT 141.11 318.50 Td (chase acc) Tj ET Q q 0 0 0 rg BT 179.66 318.50 Td (oun) Tj ET Q q 0 0 0 rg BT 195.35 318.50 Td (ting) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 305.50 Td (adjus) Tj ET Q q 0 0 0 rg BT 108.55 305.50 Td (tmen) Tj ET Q q 0 0 0 rg BT 130.01 305.50 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 264.75 305.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 312.70 305.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.75 305.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 417.75 305.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 472.75 305.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 520.70 305.50 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 528.85 305.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 290.50 Td (Elimina) Tj ET Q q 0 0 0 rg BT 116.75 290.50 Td (t) Tj ET Q q 0 0 0 rg BT 120.00 290.50 Td (e c) Tj ET Q q 0 0 0 rg BT 131.37 290.50 Td (orpor) Tj ET Q q 0 0 0 rg BT 154.00 290.50 Td (a) Tj ET Q q 0 0 0 rg BT 158.64 290.50 Td (t) Tj ET Q q 0 0 0 rg BT 161.89 290.50 Td (e acquisition and) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 277.50 Td (r) Tj ET Q q 0 0 0 rg BT 90.42 277.50 Td (ela) Tj ET Q 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0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 410.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 410.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 376.50 410.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 380.50 410.90 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 430.50 410.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 434.50 410.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 483.50 410.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 410.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 410.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 395.90 49.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 395.90 4.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 395.90 49.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 395.90 4.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 389.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 389.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 389.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 389.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 374.90 49.00 -54.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 374.90 4.00 -54.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 374.90 49.00 -54.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 374.90 4.00 -54.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 320.90 49.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 320.90 4.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 320.90 49.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 320.90 4.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 293.90 49.00 -28.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 293.90 4.00 -28.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 293.90 49.00 -28.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 293.90 4.00 -28.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 265.90 49.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 265.90 4.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 265.90 49.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 265.90 4.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 238.90 49.00 -41.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 238.90 4.00 -41.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 238.90 49.00 -41.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 238.90 4.00 -41.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 197.90 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 197.90 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 197.90 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 197.90 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 72.50 193.90 144.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 216.50 193.90 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 266.50 193.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 270.50 193.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 319.50 193.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 193.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 193.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 376.50 193.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 380.50 193.90 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 430.50 193.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 434.50 193.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 483.50 193.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 193.90 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 193.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 178.90 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 178.90 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 178.90 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 178.90 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 174.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 174.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 174.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 174.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 160.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 160.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 160.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 160.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 146.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 146.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 146.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 146.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 132.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 132.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 132.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 132.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 118.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 118.90 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 118.90 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 118.90 4.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 674.9 m 72.5 670.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 674.9 m 216.5 674.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 674.9 m 266.5 674.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 674.9 m 270.5 674.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 674.9 m 319.5 674.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 674.9 m 323.5 674.9 l s 0 0 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 650.9 m 540.5 638.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 638.9 m 72.5 626.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 626.9 m 266.5 626.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 626.9 m 270.5 626.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 626.9 m 319.5 626.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 626.9 m 323.5 626.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 626.9 m 372.5 626.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 626.9 m 376.5 626.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 626.9 m 380.5 626.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 626.9 m 430.5 626.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 626.9 m 434.5 626.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 626.9 m 483.5 626.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 626.9 m 487.5 626.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 626.9 m 536.5 626.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 638.9 m 540.5 626.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 626.9 m 72.5 614.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 614.9 m 266.5 614.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 614.9 m 270.5 614.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 614.9 m 319.5 614.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 614.9 m 323.5 614.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 614.9 m 372.5 614.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 614.9 m 430.5 614.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 614.9 m 434.5 614.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 614.9 m 483.5 614.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 614.9 m 487.5 614.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 614.9 m 536.5 614.9 l s 0 0 0 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(esiden) Tj ET Q q 1 1 1 rg BT 519.69 597.02 Td (tial) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 497.65 588.52 Td (Lending) Tj ET Q BT /F7 9.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 81.00 569.77 Td (Ne) Tj ET Q q 0 0 0 rg BT 91.83 569.77 Td (t in) Tj ET Q q 0 0 0 rg BT 104.27 569.77 Td (t) Tj ET Q q 0 0 0 rg BT 107.35 569.77 Td (er) Tj ET Q q 0 0 0 rg BT 115.28 569.77 Td (es) Tj ET Q q 0 0 0 rg BT 123.60 569.77 Td (t inc) Tj ET Q q 0 0 0 rg BT 140.03 569.77 Td (ome) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 219.00 569.77 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 249.50 569.77 Td (14) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 273.00 569.77 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 307.35 569.77 Td (5) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 326.00 569.77 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 355.55 569.77 Td (20) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 383.00 569.77 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 413.55 569.77 Td (14) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 437.00 569.77 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 471.35 569.77 Td (5) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 490.00 569.77 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 519.55 569.77 Td (19) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 550.77 Td (Non-in) Tj ET Q q 0 0 0 rg BT 107.17 550.77 Td (t) Tj ET Q q 0 0 0 rg BT 110.26 550.77 Td (er) Tj ET Q q 0 0 0 rg BT 118.18 550.77 Td (es) Tj ET Q q 0 0 0 rg BT 126.51 550.77 Td (t inc) Tj ET Q q 0 0 0 rg BT 142.93 550.77 Td (ome) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 535.77 Td (Mortg) Tj ET Q q 0 0 0 rg BT 111.01 535.77 Td (ag) Tj ET Q q 0 0 0 rg BT 119.90 535.77 Td (e banking activities, ne) Tj ET Q q 0 0 0 rg BT 207.80 535.77 Td (t) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 250.50 535.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 302.55 535.77 Td (17) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 355.55 535.77 Td (17) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 414.55 535.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 471.35 535.77 Td (5) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 524.35 535.77 Td (5) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 521.27 Td (In) Tj ET Q q 0 0 0 rg BT 94.31 521.27 Td (v) Tj ET Q q 0 0 0 rg BT 98.47 521.27 Td (es) Tj ET Q q 0 0 0 rg BT 106.81 521.27 Td (tmen) Tj ET Q q 0 0 0 rg BT 127.21 521.27 Td (t f) Tj ET Q q 0 0 0 rg BT 135.30 521.27 Td (air v) Tj ET Q q 0 0 0 rg BT 151.62 521.27 Td (alue chang) Tj ET Q q 0 0 0 rg BT 193.13 521.27 Td (es,) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 511.77 Td (ne) Tj ET Q q 0 0 0 rg BT 96.69 511.77 Td (t) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 246.65 511.77 Td (\(11) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 259.20 511.77 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 303.55 511.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 352.65 511.77 Td (\(11) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 365.20 511.77 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 410.65 511.77 Td (\(11) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 423.20 511.77 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 467.55 511.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 516.65 511.77 Td (\(11) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 529.20 511.77 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 496.77 Td (Other inc) Tj ET Q q 0 0 0 rg BT 122.80 496.77 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 154.30 496.77 Td (t) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 254.35 496.77 Td (3) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 303.55 496.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 360.35 496.77 Td (3) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 418.35 496.77 Td (2) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 467.55 496.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 524.35 496.77 Td (2) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 481.77 Td (R) Tj ET Q q 0 0 0 rg BT 91.99 481.77 Td (ealiz) Tj ET Q q 0 0 0 rg BT 109.17 481.77 Td (ed g) Tj ET Q q 0 0 0 rg BT 125.33 481.77 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 154.95 481.77 Td (t) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 254.35 481.77 Td (1) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 303.55 481.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 360.35 481.77 Td (1) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 414.55 481.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 467.55 481.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 520.55 481.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 466.77 Td (T) Tj ET Q q 0 0 0 rg BT 85.21 466.77 Td (ot) Tj ET Q q 0 0 0 rg BT 92.92 466.77 Td (al non-in) Tj ET Q q 0 0 0 rg BT 126.77 466.77 Td (t) Tj ET Q q 0 0 0 rg BT 129.86 466.77 Td (er) Tj ET Q q 0 0 0 rg BT 137.78 466.77 Td (es) Tj ET Q q 0 0 0 rg BT 146.11 466.77 Td (t inc) Tj ET Q q 0 0 0 rg BT 162.53 466.77 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 194.03 466.77 Td (t) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 251.50 466.77 Td (\(8) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 259.20 466.77 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 302.55 466.77 Td (17) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 360.35 466.77 Td (9) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 415.50 466.77 Td (\(9) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 423.20 466.77 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 471.35 466.77 Td (5) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 521.50 466.77 Td (\(4) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 529.20 466.77 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 448.27 Td (Gener) Tj ET Q q 0 0 0 rg BT 104.65 448.27 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 160.26 448.27 Td (tr) Tj ET Q q 0 0 0 rg BT 166.60 448.27 Td (a) Tj ET Q q 0 0 0 rg BT 171.01 448.27 Td (tiv) Tj ET Q q 0 0 0 rg BT 180.58 448.27 Td (e) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 438.77 Td (e) Tj ET Q q 0 0 0 rg BT 85.65 438.77 Td (xpenses) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 251.50 438.77 Td (\(2) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 259.20 438.77 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 304.50 438.77 Td (\(9) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 312.20 438.77 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 352.65 438.77 Td (\(10) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 365.20 438.77 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 415.50 438.77 Td (\(1) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 423.20 438.77 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 468.50 438.77 Td (\(5) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 476.20 438.77 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 521.50 438.77 Td (\(6) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 529.20 438.77 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 419.77 Td (Pr) Tj ET Q q 0 0 0 rg BT 89.14 419.77 Td (o) Tj ET Q q 0 0 0 rg BT 94.06 419.77 Td (vision f) Tj ET Q q 0 0 0 rg BT 121.35 419.77 Td (or inc) Tj ET Q q 0 0 0 rg BT 142.87 419.77 Td (ome t) Tj ET Q q 0 0 0 rg BT 165.43 419.77 Td (a) Tj ET Q q 0 0 0 rg BT 169.88 419.77 Td (x) Tj ET Q q 0 0 0 rg BT 173.82 419.77 Td (es) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 250.50 419.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 304.50 419.77 Td (\(2) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 312.20 419.77 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 357.50 419.77 Td (\(2) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 365.20 419.77 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 414.55 419.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 467.55 419.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 520.55 419.77 Td () Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 85.00 400.77 Td (Ne) Tj ET Q q 0 0 0 rg BT 96.01 400.77 Td (t inc) Tj ET Q q 0 0 0 rg BT 112.80 400.77 Td (ome) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 219.00 400.77 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 254.35 400.77 Td (5) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 273.00 400.77 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 302.55 400.77 Td (11) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 326.00 400.77 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 355.55 400.77 Td (16) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 383.00 400.77 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 418.35 400.77 Td (4) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 437.00 400.77 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 471.35 400.77 Td (5) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 490.00 400.77 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 524.35 400.77 Td (9) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 379.77 Td (Cor) Tj ET Q q 0 0 0 rg BT 94.26 379.77 Td (e earnings adjus) Tj ET Q q 0 0 0 rg BT 156.64 379.77 Td (tmen) Tj ET Q q 0 0 0 rg BT 177.04 379.77 Td (ts:) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 362.82 Td (Elimina) Tj ET Q q 0 0 0 rg BT 115.27 362.82 Td (t) Tj ET Q q 0 0 0 rg BT 118.35 362.82 Td (e mark) Tj ET Q q 0 0 0 rg BT 144.77 362.82 Td (-t) Tj ET Q q 0 0 0 rg BT 150.63 362.82 Td (o-mark) Tj ET Q q 0 0 0 rg BT 178.12 362.82 Td (e) Tj ET Q q 0 0 0 rg BT 182.67 362.82 Td (t) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 350.47 Td (chang) Tj ET Q q 0 0 0 rg BT 109.98 350.47 Td (es on long-t) Tj ET Q q 0 0 0 rg BT 155.38 350.47 Td (erm) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 338.13 Td (in) Tj ET Q q 0 0 0 rg BT 94.09 338.13 Td (v) Tj ET Q q 0 0 0 rg BT 98.26 338.13 Td (es) Tj ET Q q 0 0 0 rg BT 106.60 338.13 Td (tmen) Tj ET Q q 0 0 0 rg BT 126.99 338.13 Td (ts and associa) Tj ET Q q 0 0 0 rg BT 180.37 338.13 Td (t) Tj ET Q q 0 0 0 rg BT 183.46 338.13 Td (ed) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 325.77 Td (deriv) Tj ET Q q 0 0 0 rg BT 106.43 325.77 Td (a) Tj ET Q q 0 0 0 rg BT 110.87 325.77 Td (tiv) Tj ET Q q 0 0 0 rg BT 120.43 325.77 Td (es) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 254.35 325.77 Td (1) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 303.55 325.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 356.55 325.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 418.35 325.77 Td (4) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 467.55 325.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 520.55 325.77 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 311.17 Td (Include cumula) Tj ET Q q 0 0 0 rg BT 145.71 311.17 Td (tiv) Tj ET Q q 0 0 0 rg BT 155.28 311.17 Td (e g) Tj ET Q q 0 0 0 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rg /GS0 gs 323.50 482.50 49.00 -24.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 482.50 4.00 -24.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 482.50 49.00 -24.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 482.50 4.00 -24.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 458.50 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 458.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 458.50 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 458.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 443.50 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 443.50 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 443.50 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 443.50 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 439.50 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 439.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 439.50 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 439.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 424.50 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 424.50 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 424.50 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 424.50 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 72.50 420.50 144.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 216.50 420.50 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 266.50 420.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 270.50 420.50 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 319.50 420.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 420.50 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 420.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 376.50 420.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 380.50 420.50 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 430.50 420.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 434.50 420.50 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 483.50 420.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 420.50 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 420.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 405.50 49.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 405.50 4.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 405.50 49.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 405.50 4.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 399.50 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 399.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 399.50 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 399.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 384.50 49.00 -54.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 384.50 4.00 -54.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 384.50 49.00 -54.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 384.50 4.00 -54.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 330.50 49.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 330.50 4.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 330.50 49.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 330.50 4.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 303.50 49.00 -28.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 303.50 4.00 -28.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 303.50 49.00 -28.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 303.50 4.00 -28.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 275.50 49.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 275.50 4.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 275.50 49.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 275.50 4.00 -27.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 248.50 49.00 -41.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 248.50 4.00 -41.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 248.50 49.00 -41.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 248.50 4.00 -41.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 207.50 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 207.50 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 207.50 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 207.50 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 72.50 203.50 144.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 216.50 203.50 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 266.50 203.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 270.50 203.50 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 319.50 203.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 203.50 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 203.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 376.50 203.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 380.50 203.50 50.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 430.50 203.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 434.50 203.50 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 483.50 203.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 203.50 49.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 203.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 188.50 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 188.50 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 188.50 49.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 188.50 4.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 184.50 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 184.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 184.50 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 184.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 170.50 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 170.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 170.50 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 170.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 156.50 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 156.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 156.50 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 156.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 142.50 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 142.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 142.50 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 142.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 323.50 128.50 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 372.50 128.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 128.50 49.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 536.50 128.50 4.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 710.5 m 72.5 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 710.5 m 216.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 710.5 m 266.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 710.5 m 270.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 710.5 m 319.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 710.5 m 323.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 710.5 m 372.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 710.5 m 376.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 710.5 m 380.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 710.5 m 430.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 710.5 m 434.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 710.5 m 483.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 710.5 m 487.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 710.5 m 536.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 710.5 m 540.5 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 710.5 m 540.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 702.5 m 72.5 682.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 702.5 m 540.5 682.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 682.5 m 72.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 682.5 m 540.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 670.5 m 72.5 658.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 658.5 m 266.5 658.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 658.5 m 270.5 658.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 658.5 m 319.5 658.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 658.5 m 323.5 658.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 658.5 m 372.5 658.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 658.5 m 376.5 658.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 658.5 m 380.5 658.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 658.5 m 430.5 658.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 658.5 m 434.5 658.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 658.5 m 483.5 658.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 658.5 m 487.5 658.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 658.5 m 536.5 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 670.5 m 540.5 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 658.5 m 72.5 646.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 646.5 m 266.5 646.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 646.5 m 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gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 420.5 m 434.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 420.5 m 483.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 420.5 m 487.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 420.5 m 536.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 424.5 m 540.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 420.5 m 540.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 420.5 m 72.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 420.5 m 216.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 406.5 m 216.5 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 404.5 m 216.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 420.5 m 266.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 406.5 m 266.5 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 404.5 m 266.5 404.5 l s 0 0 0 RG /GS0 gs 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 406.5 m 376.5 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 404.5 m 376.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 420.5 m 380.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 406.5 m 380.5 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 404.5 m 380.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 420.5 m 430.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 406.5 m 430.5 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 404.5 m 430.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 420.5 m 434.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 406.5 m 434.5 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 404.5 m 434.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 420.5 m 483.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 406.5 m 483.5 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 404.5 m 483.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 420.5 m 487.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 406.5 m 487.5 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 404.5 m 487.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 420.5 m 536.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 406.5 m 536.5 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 404.5 m 536.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 420.5 m 540.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 420.5 m 540.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 406.5 m 540.5 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 404.5 m 540.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 405.5 m 72.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 405.5 m 540.5 399.5 l s 0 0 0 RG /GS0 gs 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0 J 0 j 3 M 487.5 189.5 m 536.5 189.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 187.5 m 536.5 187.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 203.5 m 540.5 188.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 203.5 m 540.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 189.5 m 540.5 189.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 187.5 m 540.5 187.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 188.5 m 72.5 184.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 188.5 m 540.5 184.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 184.5 m 72.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 184.5 m 540.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 170.5 m 72.5 156.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 170.5 m 540.5 156.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 156.5 m 72.5 142.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 156.5 m 540.5 142.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 142.5 m 72.5 128.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 142.5 m 540.5 128.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 128.5 m 72.5 114.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 114.5 m 216.5 114.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 114.5 m 266.5 114.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 114.5 m 270.5 114.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 114.5 m 319.5 114.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 114.5 m 323.5 114.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 114.5 m 372.5 114.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 114.5 m 376.5 114.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 114.5 m 380.5 114.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 114.5 m 430.5 114.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 114.5 m 434.5 114.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 114.5 m 483.5 114.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 114.5 m 487.5 114.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 114.5 m 536.5 114.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 128.5 m 540.5 114.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 114.5 m 540.5 114.5 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 105.30 699.00 401.32 -14.00 re f /GS0 gs q 1 1 1 rg BT 105.30 688.50 Td (Business Purpose Lending: R) Tj ET Q q 1 1 1 rg BT 269.64 688.50 Td (ec) Tj ET Q q 1 1 1 rg BT 282.48 688.50 Td (oncilia) Tj ET Q q 1 1 1 rg BT 320.47 688.50 Td (tion t) Tj ET Q q 1 1 1 rg BT 351.69 688.50 Td (o Non-GAAP Cor) Tj ET Q q 1 1 1 rg BT 447.19 688.50 Td (e E) Tj ET Q q 1 1 1 rg BT 464.04 688.50 Td (arnings) Tj ET Q BT /F7 9.00 Tf ET q 1 1 1 rg BT 281.30 673.25 Td (\($ in 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/F4 8.50 Tf ET q 1 1 1 rg BT 333.00 620.63 Td (Purpose) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 333.65 612.13 Td (Lending) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 383.40 613.13 Td (In) Tj ET Q q 1 1 1 rg BT 390.17 613.13 Td (v) Tj ET Q q 1 1 1 rg BT 394.09 613.13 Td (es) Tj ET Q q 1 1 1 rg BT 401.67 613.13 Td (tmen) Tj ET Q q 1 1 1 rg BT 420.29 613.13 Td (ts) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 441.35 621.63 Td (Mortg) Tj ET Q q 1 1 1 rg BT 463.27 621.63 Td (ag) Tj ET Q q 1 1 1 rg BT 471.38 621.63 Td (e) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 444.35 613.13 Td (Banking) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 502.90 637.63 Td (T) Tj ET Q q 1 1 1 rg BT 506.37 637.63 Td (ot) Tj ET Q q 1 1 1 rg BT 513.81 637.63 Td (al) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 496.25 629.13 Td (Business) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 497.00 620.63 Td (Purpose) Tj ET Q BT /F4 8.50 Tf ET q 1 1 1 rg BT 497.65 612.13 Td (Lending) Tj ET Q BT /F7 9.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 81.00 594.38 Td (Ne) Tj ET Q q 0 0 0 rg BT 91.83 594.38 Td (t in) Tj ET Q q 0 0 0 rg BT 104.27 594.38 Td (t) Tj ET Q q 0 0 0 rg BT 107.35 594.38 Td (er) Tj ET Q q 0 0 0 rg BT 115.28 594.38 Td (es) Tj ET Q q 0 0 0 rg BT 123.60 594.38 Td (t inc) Tj ET Q q 0 0 0 rg BT 140.03 594.38 Td (ome) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 219.00 594.38 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 249.50 594.38 Td (11) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 273.00 594.38 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 307.35 594.38 Td (2) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 326.00 594.38 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 355.55 594.38 Td (13) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 383.00 594.38 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 418.35 594.38 Td (2) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 437.00 594.38 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 468.45 594.38 Td (1) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 490.00 594.38 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 521.45 594.38 Td (3) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 575.38 Td (Non-in) Tj ET Q q 0 0 0 rg BT 107.17 575.38 Td (t) Tj ET Q q 0 0 0 rg BT 110.26 575.38 Td (er) Tj ET Q q 0 0 0 rg BT 118.18 575.38 Td (es) Tj ET Q q 0 0 0 rg BT 126.51 575.38 Td (t inc) Tj ET Q q 0 0 0 rg BT 142.93 575.38 Td (ome) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 560.38 Td (Mortg) Tj ET Q q 0 0 0 rg BT 111.01 560.38 Td (ag) Tj ET Q q 0 0 0 rg BT 119.90 560.38 Td (e banking activities, ne) Tj ET Q q 0 0 0 rg BT 207.80 560.38 Td (t) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 250.50 560.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 302.55 560.38 Td (30) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 355.55 560.38 Td (30) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 414.55 560.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 468.45 560.38 Td (4) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 521.45 560.38 Td (4) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 545.88 Td (In) Tj ET Q q 0 0 0 rg BT 94.31 545.88 Td (v) Tj ET Q q 0 0 0 rg BT 98.47 545.88 Td (es) Tj ET Q q 0 0 0 rg BT 106.81 545.88 Td (tmen) Tj ET Q q 0 0 0 rg BT 127.21 545.88 Td (t f) Tj ET Q q 0 0 0 rg BT 135.30 545.88 Td (air v) Tj ET Q q 0 0 0 rg BT 151.62 545.88 Td (alue chang) Tj ET Q q 0 0 0 rg BT 193.13 545.88 Td (es,) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 536.38 Td (ne) Tj ET Q q 0 0 0 rg BT 96.69 536.38 Td (t) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 251.50 536.38 Td (\(5) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 259.20 536.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 303.55 536.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 357.50 536.38 Td (\(5) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 365.20 536.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 410.65 536.38 Td (\(11) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 423.20 536.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 464.65 536.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 518.60 536.38 Td (\(1) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 526.30 536.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 521.38 Td (Other inc) Tj ET Q q 0 0 0 rg BT 122.80 521.38 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 154.30 521.38 Td (t) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 250.50 521.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 307.35 521.38 Td (1) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 360.35 521.38 Td (2) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 414.55 521.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 468.45 521.38 Td (2) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 521.45 521.38 Td (2) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 87.00 506.38 Td (R) Tj ET Q q 0 0 0 rg BT 91.99 506.38 Td (ealiz) Tj ET Q q 0 0 0 rg BT 109.17 506.38 Td (ed g) Tj ET Q q 0 0 0 rg BT 125.33 506.38 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 154.95 506.38 Td (t) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 250.50 506.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 303.55 506.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 356.55 506.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 414.55 506.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 464.65 506.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 517.65 506.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 491.38 Td (T) Tj ET Q q 0 0 0 rg BT 85.21 491.38 Td (ot) Tj ET Q q 0 0 0 rg BT 92.92 491.38 Td (al non-in) Tj ET Q q 0 0 0 rg BT 126.77 491.38 Td (t) Tj ET Q q 0 0 0 rg BT 129.86 491.38 Td (er) Tj ET Q q 0 0 0 rg BT 137.78 491.38 Td (es) Tj ET Q q 0 0 0 rg BT 146.11 491.38 Td (t inc) Tj ET Q q 0 0 0 rg BT 162.53 491.38 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 194.03 491.38 Td (t) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 251.50 491.38 Td (\(5) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 259.20 491.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 302.55 491.38 Td (31) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 355.55 491.38 Td (26) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 415.50 491.38 Td (\(1) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 423.20 491.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 468.45 491.38 Td (6) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 521.45 491.38 Td (5) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 472.88 Td (Gener) Tj ET Q q 0 0 0 rg BT 104.65 472.88 Td (al and adminis) Tj ET Q q 0 0 0 rg BT 160.26 472.88 Td (tr) Tj ET Q q 0 0 0 rg BT 166.60 472.88 Td (a) Tj ET Q q 0 0 0 rg BT 171.01 472.88 Td (tiv) Tj ET Q q 0 0 0 rg BT 180.58 472.88 Td (e) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 463.38 Td (e) Tj ET Q q 0 0 0 rg BT 85.65 463.38 Td (xpenses) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 251.50 463.38 Td (\(1) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 259.20 463.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 299.65 463.38 Td (\(15) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 312.20 463.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 352.65 463.38 Td (\(15) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 365.20 463.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 414.55 463.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 465.60 463.38 Td (\(7) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 473.30 463.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 518.60 463.38 Td (\(7) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 526.30 463.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 448.38 Td (Other e) Tj ET Q q 0 0 0 rg BT 110.31 448.38 Td (xpenses) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 250.50 448.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 304.50 448.38 Td (\(4) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 312.20 448.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 357.50 448.38 Td (\(4) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 365.20 448.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 414.55 448.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 465.60 448.38 Td (\(2) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 473.30 448.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 518.60 448.38 Td (\(2) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 526.30 448.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 429.38 Td (Pr) Tj ET Q q 0 0 0 rg BT 89.14 429.38 Td (o) Tj ET Q q 0 0 0 rg BT 94.06 429.38 Td (vision f) Tj ET Q q 0 0 0 rg BT 121.35 429.38 Td (or inc) Tj ET Q q 0 0 0 rg BT 142.87 429.38 Td (ome t) Tj ET Q q 0 0 0 rg BT 165.43 429.38 Td (a) Tj ET Q q 0 0 0 rg BT 169.88 429.38 Td (x) Tj ET Q q 0 0 0 rg BT 173.82 429.38 Td (es) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 250.50 429.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 304.50 429.38 Td (\(1) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 312.20 429.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 357.50 429.38 Td (\(1) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 365.20 429.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 414.55 429.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 464.65 429.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 517.65 429.38 Td () Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 85.00 410.38 Td (Ne) Tj ET Q q 0 0 0 rg BT 96.01 410.38 Td (t inc) Tj ET Q q 0 0 0 rg BT 112.80 410.38 Td (ome) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 219.00 410.38 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 254.35 410.38 Td (6) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 273.00 410.38 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 302.55 410.38 Td (13) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 326.00 410.38 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 355.55 410.38 Td (19) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 383.00 410.38 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 418.35 410.38 Td (1) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 437.00 410.38 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 465.50 410.38 Td (\(2) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 473.30 410.38 Td (\)) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 490.00 410.38 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 518.50 410.38 Td (\(1) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 526.30 410.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 389.38 Td (Cor) Tj ET Q q 0 0 0 rg BT 94.26 389.38 Td (e earnings adjus) Tj ET Q q 0 0 0 rg BT 156.64 389.38 Td (tmen) Tj ET Q q 0 0 0 rg BT 177.04 389.38 Td (ts:) Tj ET Q BT /F7 9.50 Tf ET q 0 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BT /F7 9.50 Tf ET q 0 0 0 rg BT 365.20 212.38 Td (\)) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 414.55 212.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 464.65 212.38 Td () Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 517.65 212.38 Td () Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 85.00 193.38 Td (Non-GAAP Cor) Tj ET Q q 0 0 0 rg BT 142.55 193.38 Td (e E) Tj ET Q q 0 0 0 rg BT 153.99 193.38 Td (arnings) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 219.00 193.38 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 254.35 193.38 Td (7) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 273.00 193.38 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 302.55 193.38 Td (17) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 326.00 193.38 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 355.55 193.38 Td (24) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 383.00 193.38 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 418.35 193.38 Td (2) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 437.00 193.38 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 464.65 193.38 Td () Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 490.00 193.38 Td ($) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 521.45 193.38 Td (2) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 174.88 Td (A) Tj ET Q q 0 0 0 rg BT 86.41 174.88 Td (v) Tj ET Q q 0 0 0 rg BT 90.57 174.88 Td (er) Tj ET Q q 0 0 0 rg BT 98.46 174.88 Td (ag) Tj ET Q q 0 0 0 rg BT 107.35 174.88 Td (e equity) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 219.00 174.88 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 244.75 174.88 Td (172) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 273.00 174.88 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 297.75 174.88 Td (255) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 326.00 174.88 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 350.75 174.88 Td (427) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 383.00 174.88 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 413.55 174.88 Td (32) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 437.00 174.88 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 463.65 174.88 Td (55) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 490.00 174.88 Td ($) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 516.65 174.88 Td (87) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 160.88 Td (GAAP R) Tj ET Q q 0 0 0 rg BT 110.15 160.88 Td (OE) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 249.50 160.88 Td (13) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 259.20 160.88 Td (%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 302.55 160.88 Td (21) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 312.20 160.88 Td (%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 355.55 160.88 Td (18) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 365.20 160.88 Td (%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 413.55 160.88 Td (13) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 423.20 160.88 Td (%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 460.75 160.88 Td (\(12) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 473.30 160.88 Td (\)%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 518.60 160.88 Td (\(3) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 526.30 160.88 Td (\)%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 146.88 Td (Cor) Tj ET Q q 0 0 0 rg BT 94.32 146.88 Td (e R) Tj ET Q q 0 0 0 rg BT 106.25 146.88 Td (OE) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 249.50 146.88 Td (16) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 259.20 146.88 Td (%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 302.55 146.88 Td (27) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 312.20 146.88 Td (%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 355.55 146.88 Td (23) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 365.20 146.88 Td (%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 413.55 146.88 Td (24) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 423.20 146.88 Td (%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 465.60 146.88 Td (\(1) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 473.30 146.88 Td (\)%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 521.45 146.88 Td (8) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 529.20 146.88 Td (%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 81.00 132.88 Td (GAAP pr) Tj ET Q q 0 0 0 rg BT 113.28 132.88 Td (e-t) Tj ET Q q 0 0 0 rg BT 123.98 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702.95 Td (per ) Tj ET Q q 0 0 0 rg BT 314.39 702.95 Td (shar) Tj ET Q q 0 0 0 rg BT 335.91 702.95 Td (e ) Tj ET Q q 0 0 0 rg BT 345.01 702.95 Td (calculated? ) Tj ET Q q 0 0 0 rg BT 406.15 702.95 Td ( ) Tj ET Q q 0 0 0 rg BT 408.24 702.95 Td (Wher) Tj ET Q q 0 0 0 rg BT 437.26 702.95 Td (e ) Tj ET Q q 0 0 0 rg BT 446.36 702.95 Td (is ) Tj ET Q q 0 0 0 rg BT 457.71 702.95 Td (a ) Tj ET Q q 0 0 0 rg BT 466.81 702.95 Td (r) Tj ET Q q 0 0 0 rg BT 471.32 702.95 Td (econciliation ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 689.75 Td (of ) Tj ET Q q 0 0 0 rg BT 87.91 689.75 Td (basic ) Tj ET Q q 0 0 0 rg BT 119.57 689.75 Td (and ) Tj ET Q q 0 0 0 rg BT 144.23 689.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 186.65 689.75 Td (Cor) Tj ET Q q 0 0 0 rg BT 206.93 689.75 Td (e ) Tj ET Q q 0 0 0 rg BT 217.83 689.75 Td (Ear) Tj ET Q q 0 0 0 rg BT 236.56 689.75 Td (nings ) Tj ET Q q 0 0 0 rg BT 270.09 689.75 Td (per ) Tj ET Q q 0 0 0 rg BT 292.62 689.75 Td (shar) Tj ET Q q 0 0 0 rg BT 314.14 689.75 Td (e ) Tj ET Q q 0 0 0 rg BT 325.04 689.75 Td (to ) Tj ET Q q 0 0 0 rg BT 341.20 689.75 Td (basic ) Tj ET Q q 0 0 0 rg BT 372.87 689.75 Td (and ) Tj ET Q q 0 0 0 rg BT 397.52 689.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 439.95 689.75 Td (ear) Tj ET Q q 0 0 0 rg BT 456.67 689.75 Td (nings ) Tj ET Q q 0 0 0 rg BT 490.21 689.75 Td (per ) Tj ET Q q 0 0 0 rg BT 512.74 689.75 Td (shar) Tj ET Q q 0 0 0 rg BT 534.25 689.75 Td (e ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 676.55 Td (calculated ) Tj ET Q q 0 0 0 rg BT 129.40 676.55 Td (in ) Tj ET Q q 0 0 0 rg BT 143.78 676.55 Td (accor) Tj ET Q q 0 0 0 rg BT 172.68 676.55 Td (dance ) Tj ET Q q 0 0 0 rg BT 207.81 676.55 Td (with ) Tj ET Q q 0 0 0 rg BT 235.57 676.55 Td (GAAP?) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 651.95 Td (We ) Tj ET Q q 0 0 0 rg BT 91.06 651.95 Td (use ) Tj ET Q q 0 0 0 rg BT 110.75 651.95 Td (core ) Tj ET Q q 0 0 0 rg BT 134.90 651.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 179.62 651.95 Td (as ) Tj ET Q q 0 0 0 rg BT 192.78 651.95 Td (described ) Tj ET Q q 0 0 0 rg BT 244.21 651.95 Td (above ) Tj ET Q q 0 0 0 rg BT 277.35 651.95 Td (to ) Tj ET Q q 0 0 0 rg BT 290.29 651.95 Td (calculate ) Tj ET Q q 0 0 0 rg BT 336.23 651.95 Td (basic ) Tj ET Q q 0 0 0 rg BT 364.05 651.95 Td (and ) Tj ET Q q 0 0 0 rg BT 385.36 651.95 Td (diluted ) Tj ET Q q 0 0 0 rg BT 422.74 651.95 Td (core ) Tj ET Q q 0 0 0 rg BT 446.90 651.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 491.62 651.95 Td (per ) Tj ET Q q 0 0 0 rg BT 510.87 651.95 Td (share. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 636.30 Td (To ) Tj ET Q q 0 0 0 rg BT 86.80 636.30 Td (calculate ) Tj ET Q q 0 0 0 rg BT 133.17 636.30 Td (these ) Tj ET Q q 0 0 0 rg BT 163.05 636.30 Td (measures, ) Tj ET Q q 0 0 0 rg BT 215.55 636.30 Td (we ) Tj ET Q q 0 0 0 rg BT 232.79 636.30 Td (follow ) Tj ET Q q 0 0 0 rg BT 265.51 636.30 Td (the ) Tj ET Q q 0 0 0 rg BT 284.59 636.30 Td (same ) Tj ET Q q 0 0 0 rg BT 313.65 636.30 Td (methodology ) Tj ET Q q 0 0 0 rg BT 383.06 636.30 Td (for ) Tj ET Q q 0 0 0 rg BT 399.67 636.30 Td (calculating ) Tj ET Q q 0 0 0 rg BT 455.41 636.30 Td (basic ) Tj ET Q q 0 0 0 rg BT 483.66 636.30 Td (and ) Tj ET Q q 0 0 0 rg BT 505.39 636.30 Td (diluted ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 620.70 Td (earnings ) Tj ET Q q 0 0 0 rg BT 117.20 620.70 Td (per ) Tj ET Q q 0 0 0 rg BT 136.93 620.70 Td (share ) Tj ET Q q 0 0 0 rg BT 166.26 620.70 Td (for ) Tj ET Q q 0 0 0 rg BT 182.93 620.70 Td (GAAP, ) Tj ET Q q 0 0 0 rg BT 217.51 620.70 Td (but ) Tj ET Q q 0 0 0 rg BT 237.24 620.70 Td (substitute ) Tj ET Q q 0 0 0 rg BT 288.54 620.70 Td (core ) Tj ET Q q 0 0 0 rg BT 313.17 620.70 Td (earnings ) Tj ET Q q 0 0 0 rg BT 358.37 620.70 Td (for ) Tj ET Q q 0 0 0 rg BT 375.05 620.70 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 408.25 620.70 Td (earnings ) Tj ET Q q 0 0 0 rg BT 453.45 620.70 Td (in ) Tj ET Q q 0 0 0 rg BT 465.45 620.70 Td (the ) Tj ET Q q 0 0 0 rg BT 484.59 620.70 Td (calculation. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 605.05 Td (A ) Tj ET Q q 0 0 0 rg BT 81.70 605.05 Td (detailed ) Tj ET Q q 0 0 0 rg BT 124.16 605.05 Td (presentation ) Tj ET Q q 0 0 0 rg BT 187.83 605.05 Td (of ) Tj ET Q q 0 0 0 rg BT 199.76 605.05 Td (these ) Tj ET Q q 0 0 0 rg BT 228.60 605.05 Td (calculations ) Tj ET Q q 0 0 0 rg BT 287.80 605.05 Td (is ) Tj ET Q q 0 0 0 rg BT 297.28 605.05 Td (presented ) Tj ET Q q 0 0 0 rg BT 349.13 605.05 Td (in ) Tj ET Q q 0 0 0 rg BT 360.03 605.05 Td (Table ) Tj ET Q q 0 0 0 rg BT 388.46 605.05 Td (2 ) Tj ET Q q 0 0 0 rg BT 396.73 605.05 Td (of ) Tj ET Q q 0 0 0 rg BT 408.66 605.05 Td (the ) Tj ET Q q 0 0 0 rg BT 426.70 605.05 Td (Financial ) Tj ET Q q 0 0 0 rg BT 471.84 605.05 Td (Tables ) Tj ET Q q 0 0 0 rg BT 504.96 605.05 Td (section ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 589.45 Td (of ) Tj ET Q q 0 0 0 rg BT 84.84 589.45 Td (the ) Tj ET Q q 0 0 0 rg BT 103.79 589.45 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 154.74 589.45 Td (to ) Tj ET Q q 0 0 0 rg BT 167.98 589.45 Td (this ) Tj ET Q q 0 0 0 rg BT 188.14 589.45 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 238.27 589.45 Td (Review.) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 567.25 Td (What ) Tj ET Q q 0 0 0 rg BT 105.94 567.25 Td (f) Tj ET Q q 0 0 0 rg BT 109.94 567.25 Td (actor) Tj ET Q q 0 0 0 rg BT 137.57 567.25 Td (s ) Tj ET Q q 0 0 0 rg BT 147.38 567.25 Td (should ) Tj ET Q q 0 0 0 rg BT 187.84 567.25 Td (be ) Tj ET Q q 0 0 0 rg BT 205.77 567.25 Td (consider) Tj ET Q q 0 0 0 rg BT 250.55 567.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 268.49 567.25 Td (when ) Tj ET Q q 0 0 0 rg BT 302.55 567.25 Td (compar) Tj ET Q q 0 0 0 rg BT 344.35 567.25 Td (ing ) Tj ET Q q 0 0 0 rg BT 366.67 567.25 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 432.50 567.25 Td (Cor) Tj ET Q q 0 0 0 rg BT 452.78 567.25 Td (e ) Tj ET Q q 0 0 0 rg BT 463.83 567.25 Td (Ear) Tj ET Q q 0 0 0 rg BT 482.56 567.25 Td (nings ) Tj ET Q q 0 0 0 rg BT 516.26 567.25 Td (\(and ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 554.05 Td (r) Tj ET Q q 0 0 0 rg BT 76.51 554.05 Td (elated ) Tj ET Q q 0 0 0 rg BT 112.01 554.05 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 176.54 554.05 Td (measur) Tj ET Q q 0 0 0 rg BT 215.04 554.05 Td (es\) ) Tj ET Q q 0 0 0 rg BT 233.54 554.05 Td (to ) Tj ET Q q 0 0 0 rg BT 248.54 554.05 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 287.43 554.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 336.70 554.05 Td (measur) Tj ET Q q 0 0 0 rg BT 375.21 554.05 Td (es?) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 529.45 Td (We ) Tj ET Q q 0 0 0 rg BT 94.31 529.45 Td (caution ) Tj ET Q q 0 0 0 rg BT 136.38 529.45 Td (that ) Tj ET Q q 0 0 0 rg BT 161.52 529.45 Td (core ) Tj ET Q q 0 0 0 rg BT 188.92 529.45 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 239.94 529.45 Td (core ) Tj ET Q q 0 0 0 rg BT 267.34 529.45 Td (other ) Tj ET Q q 0 0 0 rg BT 299.42 529.45 Td (income, ) Tj ET Q q 0 0 0 rg BT 344.55 529.45 Td (core ) Tj ET Q q 0 0 0 rg BT 371.95 529.45 Td (realized ) Tj ET Q q 0 0 0 rg BT 416.05 529.45 Td (gains, ) Tj ET Q q 0 0 0 rg BT 450.98 529.45 Td (core ) Tj ET Q q 0 0 0 rg BT 478.38 529.45 Td (general ) Tj ET Q q 0 0 0 rg BT 521.46 529.45 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 513.80 Td (administrative ) Tj ET Q q 0 0 0 rg BT 144.22 513.80 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 196.74 513.80 Td (core ) Tj ET Q q 0 0 0 rg BT 221.73 513.80 Td (provision ) Tj ET Q q 0 0 0 rg BT 269.94 513.80 Td (for ) Tj ET Q q 0 0 0 rg BT 286.97 513.80 Td (income ) Tj ET Q q 0 0 0 rg BT 326.64 513.80 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 358.76 513.80 Td (core ) Tj ET Q q 0 0 0 rg BT 383.76 513.80 Td (segment ) Tj ET Q q 0 0 0 rg BT 430.14 513.80 Td (contribution, ) Tj ET Q q 0 0 0 rg BT 496.46 513.80 Td (and ) Tj ET Q q 0 0 0 rg BT 518.60 513.80 Td (core ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 498.20 Td (earnings ) Tj ET Q q 0 0 0 rg BT 115.90 498.20 Td (per ) Tj ET Q q 0 0 0 rg BT 134.34 498.20 Td (share ) Tj ET Q q 0 0 0 rg BT 162.37 498.20 Td (should ) Tj ET Q q 0 0 0 rg BT 197.12 498.20 Td (not ) Tj ET Q q 0 0 0 rg BT 215.36 498.20 Td (be ) Tj ET Q q 0 0 0 rg BT 230.15 498.20 Td (utilized ) Tj ET Q q 0 0 0 rg BT 267.33 498.20 Td (in ) Tj ET Q q 0 0 0 rg BT 278.04 498.20 Td (isolation, ) Tj ET Q q 0 0 0 rg BT 324.18 498.20 Td (nor ) Tj ET Q q 0 0 0 rg BT 342.42 498.20 Td (should ) Tj ET Q q 0 0 0 rg BT 377.18 498.20 Td (they ) Tj ET Q q 0 0 0 rg BT 400.32 498.20 Td (be ) Tj ET Q q 0 0 0 rg BT 415.11 498.20 Td (considered ) Tj ET Q q 0 0 0 rg BT 471.45 498.20 Td (as ) Tj ET Q q 0 0 0 rg BT 483.80 498.20 Td (alternatives ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 482.55 Td (to ) Tj ET Q q 0 0 0 rg BT 84.21 482.55 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 116.22 482.55 Td (net ) Tj ET Q q 0 0 0 rg BT 134.14 482.55 Td (income, ) Tj ET Q q 0 0 0 rg BT 175.31 482.55 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 207.31 482.55 Td (other ) Tj ET Q q 0 0 0 rg BT 235.42 482.55 Td (income, ) Tj ET Q q 0 0 0 rg BT 276.59 482.55 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 308.59 482.55 Td (realized ) Tj ET Q q 0 0 0 rg BT 348.73 482.55 Td (gains, ) Tj ET Q q 0 0 0 rg BT 379.70 482.55 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 411.70 482.55 Td (general ) Tj ET Q q 0 0 0 rg BT 450.81 482.55 Td (and ) Tj ET Q q 0 0 0 rg BT 471.40 482.55 Td (administrative ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 466.95 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 123.64 466.95 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 156.32 466.95 Td (provision ) Tj ET Q q 0 0 0 rg BT 203.65 466.95 Td (for ) Tj ET Q q 0 0 0 rg BT 219.79 466.95 Td (income ) Tj ET Q q 0 0 0 rg BT 258.58 466.95 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 289.83 466.95 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 322.51 466.95 Td (segment ) Tj ET Q q 0 0 0 rg BT 368.01 466.95 Td (contribution, ) Tj ET Q q 0 0 0 rg BT 433.45 466.95 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 466.13 466.95 Td (net ) Tj ET Q q 0 0 0 rg BT 484.74 466.95 Td (income ) Tj ET Q q 0 0 0 rg BT 523.52 466.95 Td (per ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 451.35 Td (share, ) Tj ET Q q 0 0 0 rg BT 104.20 451.35 Td (or ) Tj ET Q q 0 0 0 rg BT 117.43 451.35 Td (other ) Tj ET Q q 0 0 0 rg BT 146.56 451.35 Td (measurements ) Tj ET Q q 0 0 0 rg BT 221.13 451.35 Td (of ) Tj ET Q q 0 0 0 rg BT 233.97 451.35 Td (results ) Tj ET Q q 0 0 0 rg BT 268.39 451.35 Td (of ) Tj ET Q q 0 0 0 rg BT 281.22 451.35 Td (operations ) Tj ET Q q 0 0 0 rg BT 336.63 451.35 Td (computed ) Tj ET Q q 0 0 0 rg BT 390.21 451.35 Td (in ) Tj ET Q q 0 0 0 rg BT 402.03 451.35 Td (accordance ) Tj ET Q q 0 0 0 rg BT 461.34 451.35 Td (with ) Tj ET Q q 0 0 0 rg BT 484.76 451.35 Td (GAAP.) 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Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 678.35 Td (The ) Tj ET Q q 0 0 0 rg BT 95.10 678.35 Td (following ) Tj ET Q q 0 0 0 rg BT 144.66 678.35 Td (table ) Tj ET Q q 0 0 0 rg BT 174.05 678.35 Td (presents ) Tj ET Q q 0 0 0 rg BT 220.15 678.35 Td (the ) Tj ET Q q 0 0 0 rg BT 240.60 678.35 Td (components ) Tj ET Q q 0 0 0 rg BT 306.28 678.35 Td (of ) Tj ET Q q 0 0 0 rg BT 320.61 678.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 378.93 678.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 398.73 678.35 Td (value ) Tj ET Q q 0 0 0 rg BT 429.17 678.35 Td (changes, ) Tj ET Q q 0 0 0 rg BT 477.54 678.35 Td (net, ) Tj ET Q q 0 0 0 rg BT 501.04 678.35 Td (that ) Tj ET Q q 0 0 0 rg BT 524.73 678.35 Td (are ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 662.70 Td (included ) Tj ET Q q 0 0 0 rg BT 117.39 662.70 Td (and ) Tj ET Q q 0 0 0 rg BT 138.96 662.70 Td (excluded ) Tj ET Q q 0 0 0 rg BT 187.02 662.70 Td (from ) Tj ET Q q 0 0 0 rg BT 212.64 662.70 Td (core ) Tj ET Q q 0 0 0 rg BT 237.06 662.70 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 285.09 662.70 Td (by ) Tj ET Q q 0 0 0 rg BT 300.14 662.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 356.93 662.70 Td (type, ) Tj ET Q q 0 0 0 rg BT 384.80 662.70 Td (for ) Tj ET Q q 0 0 0 rg BT 401.25 662.70 Td (the ) Tj ET Q q 0 0 0 rg BT 420.17 662.70 Td (fourth ) Tj ET Q q 0 0 0 rg BT 452.51 662.70 Td (and ) Tj ET Q q 0 0 0 rg BT 474.08 662.70 Td (third ) Tj ET Q q 0 0 0 rg BT 499.70 662.70 Td (quarters ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 84.84 647.10 Td (2019.) 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323.6 m 539.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 313.6 m 71.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 313.6 m 415.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 299.6 m 415.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 297.6 m 415.5 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 313.6 m 472.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 299.6 m 472.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 297.6 m 472.5 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 313.6 m 476.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 299.6 m 476.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 297.6 m 476.5 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 313.6 m 533.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 299.6 m 533.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 297.6 m 533.5 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 313.6 m 539.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 313.6 m 539.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 299.6 m 539.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 297.6 m 539.5 297.6 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 129.45 604.60 Td (Componen) Tj ET Q q 1 1 1 rg BT 192.76 604.60 Td (ts of In) Tj ET Q q 1 1 1 rg BT 232.53 604.60 Td (v) Tj ET Q q 1 1 1 rg BT 239.02 604.60 Td (es) Tj ET Q q 1 1 1 rg BT 251.50 604.60 Td (tmen) Tj ET Q q 1 1 1 rg BT 282.17 604.60 Td (t P) Tj ET Q q 1 1 1 rg BT 297.42 604.60 Td (ortf) Tj ET Q q 1 1 1 rg BT 318.99 604.60 Td (olio F) Tj ET Q q 1 1 1 rg BT 350.13 604.60 Td (air V) Tj ET Q q 1 1 1 rg BT 376.12 604.60 Td (alue Chang) Tj ET Q q 1 1 1 rg BT 440.03 604.60 Td (es, Ne) Tj ET Q q 1 1 1 rg BT 475.62 604.60 Td (t) Tj ET Q BT /F4 14.00 Tf ET q 1 1 1 rg BT 248.15 584.60 Td (b) Tj ET Q q 1 1 1 rg BT 255.59 584.60 Td (y In) Tj ET Q q 1 1 1 rg BT 276.43 584.60 Td (v) Tj ET Q q 1 1 1 rg BT 282.92 584.60 Td (es) Tj ET Q q 1 1 1 rg BT 295.40 584.60 Td (tmen) Tj ET Q q 1 1 1 rg BT 326.07 584.60 Td (t T) Tj ET Q q 1 1 1 rg BT 340.59 584.60 Td (ype) Tj ET Q BT /F7 9.00 Tf ET q 1 1 1 rg BT 280.30 569.35 Td (\($ in millions\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 435.00 557.35 Td (Thr) Tj ET Q q 1 1 1 rg BT 447.43 557.35 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 475.97 557.35 Td (ths Ended) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 421.35 545.35 Td (12/31/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 484.65 545.35 Td (9/30/2019) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 84.00 528.60 Td (Mark) Tj ET Q q 0 0 0 rg BT 105.21 528.60 Td (e) Tj ET Q q 0 0 0 rg BT 110.00 528.60 Td (t v) Tj ET Q q 0 0 0 rg BT 120.03 528.60 Td (alua) Tj ET Q q 0 0 0 rg BT 137.03 528.60 Td (tion chang) Tj ET Q q 0 0 0 rg BT 179.61 528.60 Td (es on:) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 513.60 Td (R) Tj ET Q q 0 0 0 rg BT 89.34 513.60 Td (esiden) Tj ET Q q 0 0 0 rg BT 115.87 513.60 Td (tial loans held-) Tj ET Q q 0 0 0 rg BT 175.40 513.60 Td (f) Tj ET Q q 0 0 0 rg BT 178.30 513.60 Td (or) Tj ET Q q 0 0 0 rg BT 186.81 513.60 Td (-in) Tj ET Q q 0 0 0 rg BT 197.19 513.60 Td (v) Tj ET Q q 0 0 0 rg BT 201.57 513.60 Td (es) Tj ET Q q 0 0 0 rg BT 210.35 513.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 231.82 513.60 Td (t a) Tj ET Q q 0 0 0 rg BT 242.13 513.60 Td (t f) Tj ET Q q 0 0 0 rg BT 250.65 513.60 Td (air v) Tj ET Q q 0 0 0 rg BT 267.82 513.60 Td (alue) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 90.50 498.60 Td (Chang) Tj ET Q q 0 0 0 rg BT 115.75 498.60 Td (e in f) Tj ET Q q 0 0 0 rg BT 135.66 498.60 Td (air v) Tj ET Q q 0 0 0 rg BT 152.86 498.60 Td (alue fr) Tj ET Q q 0 0 0 rg BT 178.81 498.60 Td (om the r) Tj ET Q q 0 0 0 rg BT 213.53 498.60 Td (eduction in basis ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 283.90 503.37 Td (\(1\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 418.00 498.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 460.50 498.60 Td (\(3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.65 498.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 479.00 498.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.70 498.60 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 529.85 498.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 90.00 483.60 Td (Other f) Tj ET Q q 0 0 0 rg BT 118.80 483.60 Td (air v) Tj ET Q q 0 0 0 rg BT 136.01 483.60 Td (alue chang) Tj ET Q q 0 0 0 rg BT 179.73 483.60 Td (es ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 190.88 488.37 Td (\(2\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 455.45 483.60 Td (\(10) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.65 483.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 519.70 483.60 Td (10) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.00 468.60 Td (T) Tj ET Q q 0 0 0 rg BT 88.52 468.60 Td (ot) Tj ET Q q 0 0 0 rg BT 96.88 468.60 Td (al chang) Tj ET Q q 0 0 0 rg BT 131.03 468.60 Td (e in f) Tj ET Q q 0 0 0 rg BT 151.43 468.60 Td (air v) Tj ET Q q 0 0 0 rg BT 169.22 468.60 Td (alue of r) Tj ET Q q 0 0 0 rg BT 203.50 468.60 Td (esiden) Tj ET Q q 0 0 0 rg BT 230.64 468.60 Td (tial loans held-) Tj ET Q q 0 0 0 rg BT 291.81 468.60 Td (f) Tj ET Q q 0 0 0 rg BT 294.86 468.60 Td (or) Tj ET Q q 0 0 0 rg BT 303.61 468.60 Td (-in) Tj ET Q q 0 0 0 rg BT 314.33 468.60 Td (v) Tj ET Q q 0 0 0 rg BT 318.94 468.60 Td (es) Tj ET Q q 0 0 0 rg BT 327.86 468.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 349.76 468.60 Td (t) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 455.35 468.60 Td (\(13) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 468.65 468.60 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 524.75 468.60 Td (8) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 443.60 Td (R) Tj ET Q q 0 0 0 rg BT 89.34 443.60 Td (eal es) Tj ET Q q 0 0 0 rg BT 112.41 443.60 Td (t) Tj ET Q q 0 0 0 rg BT 115.64 443.60 Td (a) Tj ET Q q 0 0 0 rg BT 120.32 443.60 Td (t) Tj ET Q q 0 0 0 rg BT 123.57 443.60 Td (e securities classified as tr) Tj ET Q q 0 0 0 rg BT 228.66 443.60 Td (ading) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 90.50 428.60 Td (Chang) Tj ET Q q 0 0 0 rg BT 115.75 428.60 Td (e in f) Tj ET Q q 0 0 0 rg BT 135.66 428.60 Td (air v) Tj ET Q q 0 0 0 rg BT 152.86 428.60 Td (alue fr) Tj ET Q q 0 0 0 rg BT 178.81 428.60 Td (om the r) Tj ET Q q 0 0 0 rg BT 213.53 428.60 Td (eduction in basis ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 283.90 433.37 Td (\(1\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 460.50 428.60 Td (\(6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.65 428.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 520.75 428.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 90.00 413.60 Td (Other f) Tj ET Q q 0 0 0 rg BT 118.80 413.60 Td (air v) Tj ET Q q 0 0 0 rg BT 136.01 413.60 Td (alue chang) Tj ET Q q 0 0 0 rg BT 179.73 413.60 Td (es ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 190.88 418.37 Td (\(2\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 463.55 413.60 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 519.70 413.60 Td (42) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.00 398.60 Td (T) Tj ET Q q 0 0 0 rg BT 88.52 398.60 Td (ot) Tj ET Q q 0 0 0 rg BT 96.88 398.60 Td (al chang) Tj ET Q q 0 0 0 rg BT 131.03 398.60 Td (e in f) Tj ET Q q 0 0 0 rg BT 151.43 398.60 Td (air v) Tj ET Q q 0 0 0 rg BT 169.22 398.60 Td (alue of r) Tj ET Q q 0 0 0 rg BT 203.50 398.60 Td (eal es) Tj ET Q q 0 0 0 rg BT 227.10 398.60 Td (t) Tj ET Q q 0 0 0 rg BT 230.46 398.60 Td (a) Tj ET Q q 0 0 0 rg BT 235.30 398.60 Td (t) Tj ET Q q 0 0 0 rg BT 238.66 398.60 Td (e securities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 460.45 398.60 Td (\(4) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 468.65 398.60 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 519.70 398.60 Td (42) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 373.60 Td (Risk manag) Tj ET Q q 0 0 0 rg BT 129.89 373.60 Td (emen) Tj ET Q q 0 0 0 rg BT 152.99 373.60 Td (t deriv) Tj ET Q q 0 0 0 rg BT 178.98 373.60 Td (a) Tj ET Q q 0 0 0 rg BT 183.68 373.60 Td (tiv) Tj ET Q q 0 0 0 rg BT 193.74 373.60 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 90.00 358.60 Td (In) Tj ET Q q 0 0 0 rg BT 97.68 358.60 Td (t) Tj ET Q q 0 0 0 rg BT 100.92 358.60 Td (er) Tj ET Q q 0 0 0 rg BT 109.25 358.60 Td (es) Tj ET Q q 0 0 0 rg BT 118.03 358.60 Td (t c) Tj ET Q q 0 0 0 rg BT 127.78 358.60 Td (omponen) Tj ET Q q 0 0 0 rg BT 166.96 358.60 Td (t of hedg) Tj ET Q q 0 0 0 rg BT 203.27 358.60 Td (es ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 214.41 363.37 Td (\(3\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 460.50 358.60 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.65 358.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 520.75 358.60 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 90.00 343.60 Td (Other f) Tj ET Q q 0 0 0 rg BT 118.80 343.60 Td (air v) Tj ET Q q 0 0 0 rg BT 136.01 343.60 Td (alue chang) Tj ET Q q 0 0 0 rg BT 179.73 343.60 Td (es ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 190.88 348.37 Td (\(4\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.50 343.60 Td (19) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 516.65 343.60 Td (\(37) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 529.85 343.60 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.00 328.60 Td (T) Tj ET Q q 0 0 0 rg BT 88.09 328.60 Td (ot) Tj ET Q q 0 0 0 rg BT 96.83 328.60 Td (al chang) Tj ET Q q 0 0 0 rg BT 130.97 328.60 Td (e in f) Tj ET Q q 0 0 0 rg BT 151.35 328.60 Td (air v) Tj ET Q q 0 0 0 rg BT 169.15 328.60 Td (alue of risk manag) Tj ET Q q 0 0 0 rg BT 245.07 328.60 Td (emen) Tj ET Q q 0 0 0 rg BT 268.55 328.60 Td (t deriv) Tj ET Q q 0 0 0 rg BT 295.27 328.60 Td (a) Tj ET Q q 0 0 0 rg BT 300.11 328.60 Td (tiv) Tj ET Q q 0 0 0 rg BT 310.67 328.60 Td (es) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 458.50 328.60 Td (17) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 516.55 328.60 Td (\(37) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 529.85 328.60 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 303.60 Td (T) Tj ET Q q 0 0 0 rg BT 90.09 303.60 Td (ot) Tj ET Q q 0 0 0 rg BT 98.83 303.60 Td (al in) Tj ET Q q 0 0 0 rg BT 116.17 303.60 Td (v) Tj ET Q q 0 0 0 rg BT 120.80 303.60 Td (es) Tj ET Q q 0 0 0 rg BT 129.72 303.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 151.63 303.60 Td (t portf) Tj ET Q q 0 0 0 rg BT 178.13 303.60 Td (olio f) Tj ET Q q 0 0 0 rg BT 199.06 303.60 Td (air v) Tj ET Q q 0 0 0 rg BT 216.85 303.60 Td (alue chang) Tj ET Q q 0 0 0 rg BT 261.39 303.60 Td (es, ne) Tj ET Q q 0 0 0 rg BT 285.58 303.60 Td (t) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 418.00 303.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 463.55 303.60 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 479.00 303.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 519.70 303.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 282.45 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 282.45 Td (Reflects ) Tj ET Q q 0 0 0 rg BT 118.44 282.45 Td (the ) Tj ET Q q 0 0 0 rg BT 131.60 282.45 Td (change ) Tj ET Q q 0 0 0 rg BT 158.53 282.45 Td (in ) Tj ET Q q 0 0 0 rg BT 166.83 282.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 179.56 282.45 Td (value ) Tj ET Q q 0 0 0 rg BT 199.54 282.45 Td (due ) Tj ET Q q 0 0 0 rg BT 214.79 282.45 Td (to ) Tj ET Q q 0 0 0 rg BT 224.06 282.45 Td (principal ) Tj ET Q q 0 0 0 rg BT 255.12 282.45 Td (changes, ) Tj ET Q q 0 0 0 rg BT 287.33 282.45 Td (which ) Tj ET Q q 0 0 0 rg BT 308.83 282.45 Td (is ) Tj ET Q q 0 0 0 rg BT 316.15 282.45 Td (calculated ) Tj ET Q q 0 0 0 rg BT 352.51 282.45 Td (as ) Tj ET Q q 0 0 0 rg BT 361.92 282.45 Td (the ) Tj ET Q q 0 0 0 rg BT 375.09 282.45 Td (change ) Tj ET Q q 0 0 0 rg BT 402.02 282.45 Td (in ) Tj ET Q q 0 0 0 rg BT 410.32 282.45 Td (principal ) Tj ET Q q 0 0 0 rg BT 441.38 282.45 Td (on ) Tj ET Q q 0 0 0 rg BT 452.33 282.45 Td (a ) Tj ET Q q 0 0 0 rg BT 458.55 282.45 Td (given ) Tj ET Q q 0 0 0 rg BT 479.21 282.45 Td (investment ) Tj ET Q q 0 0 0 rg BT 518.20 282.45 Td (during ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 271.80 Td (the ) Tj ET Q q 0 0 0 rg BT 102.39 271.80 Td (period, ) Tj ET Q q 0 0 0 rg BT 128.09 271.80 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 163.25 271.80 Td (by ) Tj ET Q q 0 0 0 rg BT 173.00 271.80 Td (the ) Tj ET Q q 0 0 0 rg BT 185.38 271.80 Td (amount ) Tj ET Q q 0 0 0 rg BT 212.49 271.80 Td (that ) Tj ET Q q 0 0 0 rg BT 227.09 271.80 Td (the ) Tj ET Q q 0 0 0 rg BT 239.48 271.80 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 277.00 271.80 Td (price ) Tj ET Q q 0 0 0 rg BT 295.21 271.80 Td (for ) Tj ET Q q 0 0 0 rg BT 305.91 271.80 Td (that ) Tj ET Q q 0 0 0 rg BT 320.51 271.80 Td (investment ) Tj ET Q q 0 0 0 rg BT 358.72 271.80 Td (is ) Tj ET Q q 0 0 0 rg BT 365.27 271.80 Td (above ) Tj ET Q q 0 0 0 rg BT 387.52 271.80 Td (or ) Tj ET Q q 0 0 0 rg BT 396.01 271.80 Td (below ) Tj ET Q q 0 0 0 rg BT 417.97 271.80 Td (par ) Tj ET Q q 0 0 0 rg BT 430.49 271.80 Td (in ) Tj ET Q q 0 0 0 rg BT 438.01 271.80 Td (percentage ) Tj ET Q q 0 0 0 rg BT 477.75 271.80 Td (terms ) Tj ET Q q 0 0 0 rg BT 498.17 271.80 Td (or ) Tj ET Q q 0 0 0 rg BT 506.66 271.80 Td (for ) Tj ET Q q 0 0 0 rg BT 517.37 271.80 Td (certain ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 261.15 Td (securities, ) Tj ET Q q 0 0 0 rg BT 126.14 261.15 Td (the ) Tj ET Q q 0 0 0 rg BT 139.93 261.15 Td (change ) Tj ET Q q 0 0 0 rg BT 167.48 261.15 Td (in ) Tj ET Q q 0 0 0 rg BT 176.40 261.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 189.75 261.15 Td (value ) Tj ET Q q 0 0 0 rg BT 210.35 261.15 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 244.68 261.15 Td (the ) Tj ET Q q 0 0 0 rg BT 258.47 261.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 292.82 261.15 Td (receipt ) Tj ET Q q 0 0 0 rg BT 318.95 261.15 Td (of ) Tj ET Q q 0 0 0 rg BT 328.57 261.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 346.39 261.15 Td (flows. ) Tj ET Q q 0 0 0 rg BT 368.51 261.15 Td (During ) Tj ET Q q 0 0 0 rg BT 394.23 261.15 Td (the ) Tj ET Q q 0 0 0 rg BT 408.02 261.15 Td (third ) Tj ET Q q 0 0 0 rg BT 426.37 261.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 453.61 261.15 Td (of ) Tj ET Q q 0 0 0 rg BT 463.23 261.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 484.94 261.15 Td (we ) Tj ET Q q 0 0 0 rg BT 497.48 261.15 Td (updated ) Tj ET Q q 0 0 0 rg BT 528.90 261.15 Td (our ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 250.50 Td (calculation ) Tj ET Q q 0 0 0 rg BT 128.60 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 138.16 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 151.90 250.50 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 184.50 250.50 Td (change ) Tj ET Q q 0 0 0 rg BT 211.99 250.50 Td (in ) Tj ET Q q 0 0 0 rg BT 220.86 250.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 240.42 250.50 Td (for ) Tj ET Q q 0 0 0 rg BT 252.48 250.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 278.00 250.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 320.75 250.50 Td (accounted ) Tj ET Q q 0 0 0 rg BT 358.81 250.50 Td (for ) Tj ET Q q 0 0 0 rg BT 370.86 250.50 Td (under ) Tj ET Q q 0 0 0 rg BT 393.34 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 407.08 250.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 420.38 250.50 Td (value ) Tj ET Q q 0 0 0 rg BT 440.92 250.50 Td (option. ) Tj ET Q q 0 0 0 rg BT 467.85 250.50 Td (Prior ) Tj ET Q q 0 0 0 rg BT 486.28 250.50 Td (period ) Tj ET Q q 0 0 0 rg BT 511.25 250.50 Td (amounts ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 239.85 Td (presented ) Tj ET Q q 0 0 0 rg BT 125.97 239.85 Td (above ) Tj ET Q q 0 0 0 rg BT 148.76 239.85 Td (have ) Tj ET Q q 0 0 0 rg BT 166.69 239.85 Td (been ) Tj ET Q q 0 0 0 rg BT 185.87 239.85 Td (conformed.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 226.20 Td (\(2\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 226.20 Td (Reflects ) Tj ET Q q 0 0 0 rg BT 118.15 226.20 Td (changes ) Tj ET Q q 0 0 0 rg BT 147.99 226.20 Td (in ) Tj ET Q q 0 0 0 rg BT 156.00 226.20 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 198.46 226.20 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 242.03 226.20 Td (and ) Tj ET Q q 0 0 0 rg BT 256.72 226.20 Td (credit ) Tj ET Q q 0 0 0 rg BT 277.78 226.20 Td (spreads ) Tj ET Q q 0 0 0 rg BT 305.80 226.20 Td (on ) Tj ET Q q 0 0 0 rg BT 316.46 226.20 Td (our ) Tj ET Q q 0 0 0 rg BT 329.61 226.20 Td (residential ) Tj ET Q q 0 0 0 rg BT 366.08 226.20 Td (loans, ) Tj ET Q q 0 0 0 rg BT 387.71 226.20 Td (trading ) Tj ET Q q 0 0 0 rg BT 413.77 226.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 446.91 226.20 Td (and ) Tj ET Q q 0 0 0 rg BT 461.60 226.20 Td (conforming ) Tj ET Q q 0 0 0 rg BT 502.11 226.20 Td (risk-sharing ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 215.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 131.79 215.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 162.59 215.55 Td (due ) Tj ET Q q 0 0 0 rg BT 177.46 215.55 Td (to ) Tj ET Q q 0 0 0 rg BT 186.33 215.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 216.07 215.55 Td (in ) Tj ET Q q 0 0 0 rg BT 223.98 215.55 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 263.01 215.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.79 215.55 Td (rates. ) Tj ET Q q 0 0 0 rg BT 310.05 215.55 Td (This ) Tj ET Q q 0 0 0 rg BT 325.46 215.55 Td (item ) Tj ET Q q 0 0 0 rg BT 342.25 215.55 Td (is ) Tj ET Q q 0 0 0 rg BT 349.19 215.55 Td (excluded ) Tj ET Q q 0 0 0 rg BT 381.83 215.55 Td (from ) Tj ET Q q 0 0 0 rg BT 399.18 215.55 Td (management's ) Tj ET Q q 0 0 0 rg BT 450.58 215.55 Td (definition ) Tj ET Q q 0 0 0 rg BT 484.18 215.55 Td (of ) Tj ET Q q 0 0 0 rg BT 492.79 215.55 Td (core ) Tj ET Q q 0 0 0 rg BT 509.31 215.55 Td (earnings.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 201.90 Td (\(3\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 201.90 Td (Reflects ) Tj ET Q q 0 0 0 rg BT 118.19 201.90 Td (the ) Tj ET Q q 0 0 0 rg BT 131.11 201.90 Td (net ) Tj ET Q q 0 0 0 rg BT 144.03 201.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 170.95 201.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 187.90 201.90 Td (or ) Tj ET Q q 0 0 0 rg BT 196.92 201.90 Td (received ) Tj ET Q q 0 0 0 rg BT 227.48 201.90 Td (on ) Tj ET Q q 0 0 0 rg BT 238.18 201.90 Td (hedges ) Tj ET Q q 0 0 0 rg BT 265.14 201.90 Td (associated ) Tj ET Q q 0 0 0 rg BT 302.50 201.90 Td (with ) Tj ET Q q 0 0 0 rg BT 318.47 201.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 330.96 201.90 Td (value ) Tj ET Q q 0 0 0 rg BT 350.69 201.90 Td (investments.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 188.25 Td (\(4\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 188.25 Td (Reflects ) Tj ET Q q 0 0 0 rg BT 118.06 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 130.85 188.25 Td (change ) Tj ET Q q 0 0 0 rg BT 157.40 188.25 Td (in ) Tj ET Q q 0 0 0 rg BT 165.33 188.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 177.68 188.25 Td (value ) Tj ET Q q 0 0 0 rg BT 197.28 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.90 188.25 Td (our ) Tj ET Q q 0 0 0 rg BT 218.96 188.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 232.01 188.25 Td (management ) Tj ET Q q 0 0 0 rg BT 278.28 188.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 316.06 188.25 Td (that ) Tj ET Q q 0 0 0 rg BT 331.07 188.25 Td (are ) Tj ET Q q 0 0 0 rg BT 343.44 188.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 380.67 188.25 Td (with ) Tj ET Q q 0 0 0 rg BT 396.50 188.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 426.25 188.25 Td (in ) Tj ET Q q 0 0 0 rg BT 434.17 188.25 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 473.22 188.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 500.02 188.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 518.21 188.25 Td (during ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 177.60 Td (the ) Tj ET Q q 0 0 0 rg BT 102.92 177.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 129.16 177.60 Td (This ) Tj ET Q q 0 0 0 rg BT 144.72 177.60 Td (item ) Tj ET Q q 0 0 0 rg BT 161.65 177.60 Td (is ) Tj ET Q q 0 0 0 rg BT 168.73 177.60 Td (excluded ) Tj ET Q q 0 0 0 rg BT 201.52 177.60 Td (from ) Tj ET Q q 0 0 0 rg BT 219.02 177.60 Td (management's ) Tj ET Q q 0 0 0 rg BT 270.57 177.60 Td (definition ) Tj ET Q q 0 0 0 rg BT 304.31 177.60 Td (of ) Tj ET Q q 0 0 0 rg BT 313.06 177.60 Td (core ) Tj ET Q q 0 0 0 rg BT 329.74 177.60 Td (earnings.) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 155.40 Td (What ) Tj ET Q q 0 0 0 rg BT 104.63 155.40 Td (is ) Tj ET Q q 0 0 0 rg BT 116.63 155.40 Td (Cor) Tj ET Q q 0 0 0 rg BT 136.90 155.40 Td (e ) Tj ET Q q 0 0 0 rg BT 146.65 155.40 Td (Net ) Tj ET Q q 0 0 0 rg BT 170.28 155.40 Td (Inter) Tj ET Q q 0 0 0 rg BT 195.93 155.40 Td (est ) Tj ET Q q 0 0 0 rg BT 214.31 155.40 Td (Income? ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 130.75 Td (Core ) Tj ET Q q 0 0 0 rg BT 98.05 130.75 Td (net ) Tj ET Q q 0 0 0 rg BT 116.14 130.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 154.79 130.75 Td (income ) Tj ET Q q 0 0 0 rg BT 193.07 130.75 Td (is ) Tj ET Q q 0 0 0 rg BT 202.61 130.75 Td (a ) Tj ET Q q 0 0 0 rg BT 210.53 130.75 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 265.12 130.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 308.90 130.75 Td (of ) Tj ET Q q 0 0 0 rg BT 320.89 130.75 Td (Redwoods ) Tj ET Q q 0 0 0 rg BT 376.51 130.75 Td (net ) Tj ET Q q 0 0 0 rg BT 394.60 130.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 433.25 130.75 Td (income. ) Tj ET Q q 0 0 0 rg BT 474.59 130.75 Td (Management ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 115.15 Td (has ) Tj ET Q q 0 0 0 rg BT 92.70 115.15 Td (defined ) Tj ET Q q 0 0 0 rg BT 134.58 115.15 Td (core ) Tj ET Q q 0 0 0 rg BT 160.16 115.15 Td (net ) Tj ET Q q 0 0 0 rg BT 180.23 115.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 220.85 115.15 Td (income ) Tj ET Q q 0 0 0 rg BT 261.11 115.15 Td (as ) Tj ET Q q 0 0 0 rg BT 275.69 115.15 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 309.85 115.15 Td (net ) Tj ET Q q 0 0 0 rg BT 329.92 115.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 370.54 115.15 Td (income ) Tj ET Q q 0 0 0 rg BT 410.80 115.15 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 457.36 115.15 Td (to ) Tj ET Q q 0 0 0 rg BT 471.72 115.15 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 484.27 115.15 Td (include ) Tj ET Q q 0 0 0 rg BT 524.11 115.15 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 99.55 Td (change ) Tj ET Q q 0 0 0 rg BT 111.74 99.55 Td (in ) Tj ET Q q 0 0 0 rg BT 124.16 99.55 Td (basis ) Tj ET Q q 0 0 0 rg BT 152.26 99.55 Td (for ) Tj ET Q q 0 0 0 rg BT 169.35 99.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 188.27 99.55 Td (value ) Tj ET Q q 0 0 0 rg BT 217.81 99.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 279.92 99.55 Td (\(including ) Tj ET Q q 0 0 0 rg BT 331.47 99.55 Td (loans ) Tj ET Q q 0 0 0 rg BT 360.80 99.55 Td (held-for-investment ) Tj ET Q q 0 0 0 rg BT 459.97 99.55 Td (at ) Tj ET Q q 0 0 0 rg BT 472.99 99.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 491.91 99.55 Td (value ) Tj ET Q q 0 0 0 rg BT 521.45 99.55 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 83.90 Td (real ) Tj ET Q q 0 0 0 rg BT 93.06 83.90 Td (estate ) Tj ET Q q 0 0 0 rg BT 126.13 83.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 174.88 83.90 Td (classified ) Tj ET Q q 0 0 0 rg BT 222.42 83.90 Td (as ) Tj ET Q q 0 0 0 rg BT 235.95 83.90 Td (trading, ) Tj ET Q q 0 0 0 rg BT 277.37 83.90 Td (among ) Tj ET Q q 0 0 0 rg BT 314.95 83.90 Td (others\) ) Tj ET Q q 0 0 0 rg BT 351.71 83.90 Td (and ) Tj ET Q q 0 0 0 rg BT 373.39 83.90 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 387.53 83.90 Td (include ) Tj ET Q q 0 0 0 rg BT 426.32 83.90 Td (net ) Tj ET Q q 0 0 0 rg BT 445.34 83.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 484.92 83.90 Td (received ) Tj ET Q q 0 0 0 rg BT 529.82 83.90 Td (or ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 68.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 96.85 68.30 Td (on ) Tj ET Q q 0 0 0 rg BT 112.55 68.30 Td (hedges ) Tj ET Q q 0 0 0 rg BT 152.08 68.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 206.88 68.30 Td (with ) Tj ET Q q 0 0 0 rg BT 230.30 68.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 248.62 68.30 Td (value ) Tj ET Q q 0 0 0 rg BT 277.56 68.30 Td (investments. ) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 204.90 733.94 Td (N O N - G A A P M E A S U R E M E N T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (48) Tj ET Q BT /F1 10.00 Tf ET BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 702.95 Td (What ) Tj ET Q q 0 0 0 rg BT 104.10 702.95 Td (ar) Tj ET Q q 0 0 0 rg BT 114.36 702.95 Td (e ) Tj ET Q q 0 0 0 rg BT 123.57 702.95 Td (the ) Tj ET Q q 0 0 0 rg BT 143.67 702.95 Td (Cor) Tj ET Q q 0 0 0 rg BT 163.94 702.95 Td (e ) Tj ET Q q 0 0 0 rg BT 173.15 702.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 196.25 702.95 Td (Inter) Tj ET Q q 0 0 0 rg BT 221.90 702.95 Td (est ) Tj ET Q q 0 0 0 rg BT 239.75 702.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 284.10 702.95 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 351.45 702.95 Td (that ) Tj ET Q q 0 0 0 rg BT 375.68 702.95 Td (r) Tj ET Q q 0 0 0 rg BT 380.19 702.95 Td (elate ) Tj ET Q q 0 0 0 rg BT 408.28 702.95 Td (to ) Tj ET Q q 0 0 0 rg BT 421.71 702.95 Td (including ) Tj ET Q q 0 0 0 rg BT 482.45 702.95 Td (the ) Tj ET Q q 0 0 0 rg BT 502.55 702.95 Td (chang) Tj ET Q q 0 0 0 rg BT 534.25 702.95 Td (e ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 689.75 Td (in ) Tj ET Q q 0 0 0 rg BT 86.24 689.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 115.22 689.75 Td (for ) Tj ET Q q 0 0 0 rg BT 134.58 689.75 Td (f) Tj ET Q q 0 0 0 rg BT 138.58 689.75 Td (air ) Tj ET Q q 0 0 0 rg BT 156.44 689.75 Td (v) Tj ET Q q 0 0 0 rg BT 162.33 689.75 Td (alue ) Tj ET Q q 0 0 0 rg BT 187.81 689.75 Td (in) Tj ET Q q 0 0 0 rg BT 197.71 689.75 Td (v) Tj ET Q q 0 0 0 rg BT 203.49 689.75 Td (estments ) Tj ET Q q 0 0 0 rg BT 254.10 689.75 Td (\(including ) Tj ET Q q 0 0 0 rg BT 312.48 689.75 Td (loans ) Tj ET Q q 0 0 0 rg BT 343.59 689.75 Td (held-for-in) Tj ET Q q 0 0 0 rg BT 401.64 689.75 Td (v) Tj ET Q q 0 0 0 rg BT 407.42 689.75 Td (estment ) Tj ET Q q 0 0 0 rg BT 453.53 689.75 Td (at ) Tj ET Q q 0 0 0 rg BT 467.26 689.75 Td (f) Tj ET Q q 0 0 0 rg BT 471.26 689.75 Td (air ) Tj ET Q q 0 0 0 rg BT 489.11 689.75 Td (v) Tj ET Q q 0 0 0 rg BT 495.01 689.75 Td (alue ) Tj ET Q q 0 0 0 rg BT 520.49 689.75 Td (and ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 676.55 Td (r) Tj ET Q q 0 0 0 rg BT 76.51 676.55 Td (eal ) Tj ET Q q 0 0 0 rg BT 95.26 676.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 129.26 676.55 Td (secur) Tj ET Q q 0 0 0 rg BT 157.56 676.55 Td (ities ) Tj ET Q q 0 0 0 rg BT 182.94 676.55 Td (classified ) Tj ET Q q 0 0 0 rg BT 234.33 676.55 Td (as ) Tj ET Q q 0 0 0 rg BT 248.58 676.55 Td (trading,) Tj ET Q q 0 0 0 rg BT 289.65 676.55 Td ( ) Tj ET Q q 0 0 0 rg BT 293.64 676.55 Td (among ) Tj ET Q q 0 0 0 rg BT 334.89 676.55 Td (other) Tj ET Q q 0 0 0 rg BT 363.39 676.55 Td (s\)?) 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(investments ) Tj ET Q q 0 0 0 rg BT 133.15 573.85 Td (that ) Tj ET Q q 0 0 0 rg BT 154.99 573.85 Td (do ) Tj ET Q q 0 0 0 rg BT 170.92 573.85 Td (not ) Tj ET Q q 0 0 0 rg BT 189.91 573.85 Td (generally ) Tj ET Q q 0 0 0 rg BT 237.63 573.85 Td (receive ) Tj ET Q q 0 0 0 rg BT 275.37 573.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 299.88 573.85 Td (flows ) Tj ET Q q 0 0 0 rg BT 327.62 573.85 Td (until ) Tj ET Q q 0 0 0 rg BT 351.49 573.85 Td (maturity. ) Tj ET Q q 0 0 0 rg BT 397.34 573.85 Td ( ) Tj ET Q q 0 0 0 rg BT 400.04 573.85 Td (We ) Tj ET Q q 0 0 0 rg BT 419.03 573.85 Td (include ) Tj ET Q q 0 0 0 rg BT 457.38 573.85 Td (these ) Tj ET Q q 0 0 0 rg BT 486.77 573.85 Td (change ) Tj ET Q q 0 0 0 rg BT 531.26 573.85 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 558.20 Td (basis ) Tj ET Q q 0 0 0 rg BT 106.10 558.20 Td (amounts ) Tj ET Q q 0 0 0 rg BT 152.22 558.20 Td (in ) Tj ET Q q 0 0 0 rg BT 164.92 558.20 Td (core ) Tj ET Q q 0 0 0 rg BT 190.26 558.20 Td (net ) Tj ET Q q 0 0 0 rg BT 210.10 558.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 250.47 558.20 Td (income ) Tj ET Q q 0 0 0 rg BT 290.49 558.20 Td (as ) Tj ET Q q 0 0 0 rg BT 304.83 558.20 Td (we ) Tj ET Q q 0 0 0 rg BT 322.84 558.20 Td (view ) Tj ET Q q 0 0 0 rg BT 348.78 558.20 Td (them ) Tj ET Q q 0 0 0 rg BT 378.00 558.20 Td (similarly ) Tj ET Q q 0 0 0 rg BT 421.23 558.20 Td (to ) Tj ET Q q 0 0 0 rg BT 435.35 558.20 Td (discount ) Tj ET Q q 0 0 0 rg BT 481.06 558.20 Td (accretion ) Tj ET Q q 0 0 0 rg BT 529.83 558.20 Td (or ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 542.60 Td (premium ) Tj ET Q q 0 0 0 rg BT 118.12 542.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 181.35 542.60 Td (on ) Tj ET Q q 0 0 0 rg BT 196.32 542.60 Td (an ) Tj ET Q q 0 0 0 rg BT 210.48 542.60 Td (available-for-sale ) Tj ET Q q 0 0 0 rg BT 295.30 542.60 Td (security, ) Tj ET Q q 0 0 0 rg BT 338.15 542.60 Td (which ) Tj ET Q q 0 0 0 rg BT 368.60 542.60 Td (is ) Tj ET Q q 0 0 0 rg BT 378.26 542.60 Td (incorporated ) Tj ET Q q 0 0 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374.40 504.75 Td (r) Tj ET Q q 0 0 0 rg BT 378.91 504.75 Td (elate ) Tj ET Q q 0 0 0 rg BT 406.85 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 420.19 504.75 Td (including ) Tj ET Q q 0 0 0 rg BT 480.78 504.75 Td (net ) Tj ET Q q 0 0 0 rg BT 500.86 504.75 Td (inter) Tj ET Q q 0 0 0 rg BT 525.64 504.75 Td (est ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 491.55 Td (r) Tj ET Q q 0 0 0 rg BT 76.51 491.55 Td (ecei) Tj ET Q q 0 0 0 rg BT 97.15 491.55 Td (v) Tj ET Q q 0 0 0 rg BT 102.93 491.55 Td (ed ) Tj ET Q q 0 0 0 rg BT 119.55 491.55 Td (or ) Tj ET Q q 0 0 0 rg BT 135.18 491.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 162.18 491.55 Td (on ) Tj ET Q q 0 0 0 rg BT 179.94 491.55 Td (hedg) Tj ET Q q 0 0 0 rg BT 205.76 491.55 Td (es ) Tj ET Q q 0 0 0 rg BT 220.00 491.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 277.52 491.55 Td (with ) Tj ET Q q 0 0 0 rg BT 305.27 491.55 Td (f) Tj ET Q q 0 0 0 rg BT 309.27 491.55 Td (air ) Tj ET Q q 0 0 0 rg BT 327.27 491.55 Td (v) Tj ET Q q 0 0 0 rg BT 333.16 491.55 Td (alue ) Tj ET Q q 0 0 0 rg BT 358.79 491.55 Td (in) Tj ET Q q 0 0 0 rg BT 368.69 491.55 Td (v) Tj ET Q q 0 0 0 rg BT 374.46 491.55 Td (estments?) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 466.95 Td (Many ) Tj ET Q q 0 0 0 rg BT 102.02 466.95 Td (of ) Tj ET Q q 0 0 0 rg BT 114.90 466.95 Td (our ) Tj ET Q q 0 0 0 rg BT 134.29 466.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 195.84 466.95 Td (pay ) Tj ET Q q 0 0 0 rg BT 216.67 466.95 Td (a ) Tj ET Q q 0 0 0 rg BT 225.48 466.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 252.62 466.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 274.85 466.95 Td (of ) Tj ET Q q 0 0 0 rg BT 287.73 466.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 327.26 466.95 Td (and ) Tj ET Q q 0 0 0 rg BT 348.91 466.95 Td (are ) Tj ET Q q 0 0 0 rg BT 367.28 466.95 Td (financed ) Tj ET Q q 0 0 0 rg BT 412.36 466.95 Td (with ) Tj ET Q q 0 0 0 rg BT 435.82 466.95 Td (floating ) Tj ET Q q 0 0 0 rg BT 476.19 466.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 498.42 466.95 Td (debt. ) Tj ET Q q 0 0 0 rg BT 527.79 466.95 Td (As ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 451.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 114.30 451.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 143.99 451.35 Td (rise, ) Tj ET Q q 0 0 0 rg BT 170.01 451.35 Td (net ) Tj ET Q q 0 0 0 rg BT 191.76 451.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 234.06 451.35 Td (income ) Tj ET Q q 0 0 0 rg BT 276.00 451.35 Td (for ) Tj ET Q q 0 0 0 rg BT 295.30 451.35 Td (these ) Tj ET Q q 0 0 0 rg BT 327.87 451.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 392.20 451.35 Td (decreases. ) Tj ET Q q 0 0 0 rg BT 450.03 451.35 Td (However, ) Tj ET Q q 0 0 0 rg BT 501.54 451.35 Td (if ) Tj ET Q q 0 0 0 rg BT 513.30 451.35 Td (these ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 435.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 133.11 435.70 Td (are ) Tj ET Q q 0 0 0 rg BT 151.05 435.70 Td (hedged ) Tj ET Q q 0 0 0 rg BT 192.22 435.70 Td (with ) Tj ET Q q 0 0 0 rg BT 215.24 435.70 Td (swaps ) Tj ET Q q 0 0 0 rg BT 247.64 435.70 Td (or ) Tj ET Q q 0 0 0 rg BT 260.47 435.70 Td (other ) Tj ET Q q 0 0 0 rg BT 289.20 435.70 Td (derivative ) Tj ET Q q 0 0 0 rg BT 339.72 435.70 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 402.24 435.70 Td (there ) Tj ET Q q 0 0 0 rg BT 430.36 435.70 Td (is ) Tj ET Q q 0 0 0 rg BT 440.35 435.70 Td (an ) Tj ET Q q 0 0 0 rg BT 454.83 435.70 Td (offsetting ) Tj ET Q q 0 0 0 rg BT 503.92 435.70 Td (change ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 420.10 Td (in ) Tj ET Q q 0 0 0 rg BT 84.94 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.02 420.10 Td (net ) Tj ET Q q 0 0 0 rg BT 125.08 420.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 165.70 420.10 Td (received ) Tj ET Q q 0 0 0 rg BT 211.65 420.10 Td (or ) Tj ET Q q 0 0 0 rg BT 226.01 420.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 251.98 420.10 Td (on ) Tj ET Q q 0 0 0 rg BT 268.80 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.88 420.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 344.81 420.10 Td (hedge. ) Tj ET Q q 0 0 0 rg BT 383.84 420.10 Td (By ) Tj ET Q q 0 0 0 rg BT 400.25 420.10 Td (including ) Tj ET Q q 0 0 0 rg BT 449.46 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.54 420.10 Td (net ) Tj ET Q q 0 0 0 rg BT 489.61 420.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 530.22 420.10 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 404.45 Td (associated ) Tj ET Q q 0 0 0 rg BT 127.04 404.45 Td (hedges ) Tj ET Q q 0 0 0 rg BT 166.82 404.45 Td (in ) Tj ET Q q 0 0 0 rg BT 178.87 404.45 Td (core ) Tj ET Q q 0 0 0 rg BT 203.57 404.45 Td (net ) Tj ET Q q 0 0 0 rg BT 222.75 404.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 262.48 404.45 Td (income, ) Tj ET Q q 0 0 0 rg BT 304.91 404.45 Td (it ) Tj ET Q q 0 0 0 rg BT 314.50 404.45 Td (allows ) Tj ET Q q 0 0 0 rg BT 347.94 404.45 Td (us ) Tj ET Q q 0 0 0 rg BT 362.05 404.45 Td (to ) Tj ET Q q 0 0 0 rg BT 375.52 404.45 Td (better ) Tj ET Q q 0 0 0 rg BT 408.73 404.45 Td (assess ) Tj ET Q q 0 0 0 rg BT 442.59 404.45 Td (our ) Tj ET Q q 0 0 0 rg BT 462.18 404.45 Td (hedge-adjusted ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 388.85 Td (returns ) Tj ET Q q 0 0 0 rg BT 109.05 388.85 Td (for ) Tj ET Q q 0 0 0 rg BT 125.54 388.85 Td (investments ) Tj ET Q q 0 0 0 rg BT 187.05 388.85 Td (we ) Tj ET Q q 0 0 0 rg BT 204.17 388.85 Td (hedge.) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 366.65 Td (Wh) Tj ET Q q 0 0 0 rg BT 90.40 366.65 Td (y ) Tj ET Q q 0 0 0 rg BT 98.97 366.65 Td (does ) Tj ET Q q 0 0 0 rg BT 125.30 366.65 Td (manag) Tj ET Q q 0 0 0 rg BT 161.23 366.65 Td (ement ) Tj ET Q q 0 0 0 rg BT 197.18 366.65 Td (belie) Tj ET Q q 0 0 0 rg BT 222.07 366.65 Td (v) Tj ET Q q 0 0 0 rg BT 227.84 366.65 Td (e ) Tj ET Q q 0 0 0 rg BT 235.91 366.65 Td (that ) Tj ET Q q 0 0 0 rg BT 258.99 366.65 Td (Cor) Tj ET Q q 0 0 0 rg BT 279.27 366.65 Td (e ) Tj ET Q q 0 0 0 rg BT 287.33 366.65 Td (Net ) Tj ET Q q 0 0 0 rg BT 309.29 366.65 Td (Inter) Tj ET Q q 0 0 0 rg BT 334.94 366.65 Td (est ) Tj ET Q q 0 0 0 rg BT 351.64 366.65 Td (Income ) Tj ET Q q 0 0 0 rg BT 394.85 366.65 Td (pr) Tj ET Q q 0 0 0 rg BT 406.24 366.65 Td (o) Tj ET Q q 0 0 0 rg BT 412.64 366.65 Td (vides ) Tj ET Q q 0 0 0 rg BT 441.84 366.65 Td (useful ) Tj ET Q q 0 0 0 rg BT 475.30 366.65 Td (infor) Tj ET Q q 0 0 0 rg BT 501.73 366.65 Td (mation ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 353.45 Td (to ) Tj ET Q q 0 0 0 rg BT 88.42 353.45 Td (in) Tj ET Q q 0 0 0 rg BT 98.32 353.45 Td (v) Tj ET Q q 0 0 0 rg BT 104.10 353.45 Td (estor) Tj ET Q q 0 0 0 rg BT 130.35 353.45 Td (s ) Tj ET Q q 0 0 0 rg BT 140.26 353.45 Td (in ) Tj ET Q q 0 0 0 rg BT 156.05 353.45 Td (Redw) Tj ET Q q 0 0 0 rg BT 186.82 353.45 Td (ood? ) Tj ET Q q 0 0 0 rg BT 217.25 353.45 Td ( ) Tj ET Q q 0 0 0 rg BT 222.67 353.45 Td (Ho) Tj ET Q q 0 0 0 rg BT 239.06 353.45 Td (w ) Tj ET Q q 0 0 0 rg BT 253.84 353.45 Td (does ) Tj ET Q q 0 0 0 rg BT 283.26 353.45 Td (manag) Tj ET Q q 0 0 0 rg BT 319.20 353.45 Td (ement ) Tj ET Q q 0 0 0 rg BT 358.24 353.45 Td (use ) Tj ET Q q 0 0 0 rg BT 380.78 353.45 Td (Cor) Tj ET Q q 0 0 0 rg BT 401.05 353.45 Td (e ) Tj ET Q q 0 0 0 rg BT 412.21 353.45 Td (Net ) Tj ET Q q 0 0 0 rg BT 437.26 353.45 Td (Inter) Tj ET Q q 0 0 0 rg BT 462.91 353.45 Td (est ) Tj ET Q q 0 0 0 rg BT 482.70 353.45 Td (Income ) Tj ET Q q 0 0 0 rg BT 529.01 353.45 Td (to ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 340.25 Td (analyze ) Tj ET Q q 0 0 0 rg BT 115.74 340.25 Td (Redw) Tj ET Q q 0 0 0 rg BT 146.51 340.25 Td (ood) Tj ET Q q 0 0 0 rg BT 169.70 340.25 Td (s ) Tj ET Q q 0 0 0 rg BT 178.20 340.25 Td (perfor) Tj ET Q q 0 0 0 rg BT 211.62 340.25 Td (mance?) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 315.65 Td (Management ) Tj ET Q q 0 0 0 rg BT 141.30 315.65 Td (utilizes ) Tj ET Q q 0 0 0 rg BT 178.37 315.65 Td (core ) Tj ET Q q 0 0 0 rg BT 203.65 315.65 Td (net ) Tj ET Q q 0 0 0 rg BT 223.41 315.65 Td (interest ) Tj ET Q q 0 0 0 rg BT 263.72 315.65 Td (income ) Tj ET Q q 0 0 0 rg BT 303.67 315.65 Td (internally ) Tj ET Q q 0 0 0 rg BT 352.34 315.65 Td (as ) Tj ET Q q 0 0 0 rg BT 366.61 315.65 Td (an ) Tj ET Q q 0 0 0 rg BT 382.31 315.65 Td (additional ) Tj ET Q q 0 0 0 rg BT 435.28 315.65 Td (metric ) Tj ET Q q 0 0 0 rg BT 469.90 315.65 Td (to ) Tj ET Q q 0 0 0 rg BT 483.95 315.65 Td (analyze ) Tj ET Q q 0 0 0 rg BT 524.10 315.65 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 300.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 139.65 300.00 Td (of ) Tj ET Q q 0 0 0 rg BT 154.34 300.00 Td (its ) Tj ET Q q 0 0 0 rg BT 170.23 300.00 Td (investments, ) Tj ET Q q 0 0 0 rg BT 236.65 300.00 Td (as ) Tj ET Q q 0 0 0 rg BT 251.96 300.00 Td (it ) Tj ET Q q 0 0 0 rg BT 263.16 300.00 Td (believes ) Tj ET Q q 0 0 0 rg BT 308.42 300.00 Td (it ) Tj ET Q q 0 0 0 rg BT 319.62 300.00 Td (presents ) Tj ET Q q 0 0 0 rg BT 366.08 300.00 Td (a ) Tj ET Q q 0 0 0 rg BT 376.70 300.00 Td (more ) Tj ET Q q 0 0 0 rg BT 407.08 300.00 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 486.57 300.00 Td (view ) Tj ET Q q 0 0 0 rg BT 513.48 300.00 Td (of ) Tj ET Q q 0 0 0 rg BT 528.18 300.00 Td (an ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 284.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 134.69 284.40 Td (current ) Tj ET Q q 0 0 0 rg BT 171.69 284.40 Td (return, ) Tj ET Q q 0 0 0 rg BT 206.64 284.40 Td (by ) Tj ET Q q 0 0 0 rg BT 221.26 284.40 Td (including ) Tj ET Q q 0 0 0 rg BT 268.87 284.40 Td (the ) Tj ET Q q 0 0 0 rg BT 287.36 284.40 Td (impact ) Tj ET Q q 0 0 0 rg BT 323.35 284.40 Td (of ) Tj ET Q q 0 0 0 rg BT 335.72 284.40 Td (hedges ) Tj ET Q q 0 0 0 rg BT 374.79 284.40 Td (it ) Tj ET Q q 0 0 0 rg BT 383.67 284.40 Td (uses ) Tj ET Q q 0 0 0 rg BT 407.87 284.40 Td (to ) Tj ET Q q 0 0 0 rg BT 420.64 284.40 Td (manage ) Tj ET Q q 0 0 0 rg BT 462.97 284.40 Td (interest ) Tj ET Q q 0 0 0 rg BT 502.00 284.40 Td (rate ) Tj ET Q q 0 0 0 rg BT 523.72 284.40 Td (risk ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 268.75 Td (on ) Tj ET Q q 0 0 0 rg BT 88.66 268.75 Td (an ) Tj ET Q q 0 0 0 rg BT 104.50 268.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 162.28 268.75 Td (and ) Tj ET Q q 0 0 0 rg BT 184.85 268.75 Td (also ) Tj ET Q q 0 0 0 rg BT 208.42 268.75 Td (including ) Tj ET Q q 0 0 0 rg BT 257.46 268.75 Td (the ) Tj ET Q q 0 0 0 rg BT 277.37 268.75 Td (change ) Tj ET Q q 0 0 0 rg BT 317.47 268.75 Td (in ) Tj ET Q q 0 0 0 rg BT 330.24 268.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 358.70 268.75 Td (of ) Tj ET Q q 0 0 0 rg BT 372.50 268.75 Td (an ) Tj ET Q q 0 0 0 rg BT 388.34 268.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 446.12 268.75 Td (that ) Tj ET Q q 0 0 0 rg BT 469.28 268.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 506.08 268.75 Td (into ) Tj ET Q q 0 0 0 rg BT 529.02 268.75 Td (its ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 253.15 Td (economic ) Tj ET Q q 0 0 0 rg BT 122.95 253.15 Td (yield.) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 230.95 Td (Has ) Tj ET Q q 0 0 0 rg BT 98.18 230.95 Td (the ) Tj ET Q q 0 0 0 rg BT 120.76 230.95 Td (definition ) Tj ET Q q 0 0 0 rg BT 178.48 230.95 Td (of ) Tj ET Q q 0 0 0 rg BT 195.18 230.95 Td (Cor) Tj ET Q q 0 0 0 rg BT 215.45 230.95 Td (e ) Tj ET Q q 0 0 0 rg BT 227.14 230.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 252.71 230.95 Td (Inter) Tj ET Q q 0 0 0 rg BT 278.37 230.95 Td (est ) Tj ET Q q 0 0 0 rg BT 298.69 230.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 345.52 230.95 Td (chang) Tj ET Q q 0 0 0 rg BT 377.22 230.95 Td (ed ) Tj ET Q q 0 0 0 rg BT 395.79 230.95 Td (since ) Tj ET Q q 0 0 0 rg BT 428.24 230.95 Td (Redw) Tj ET Q q 0 0 0 rg BT 459.01 230.95 Td (ood ) Tj ET Q q 0 0 0 rg BT 485.59 230.95 Td (pr) Tj ET Q q 0 0 0 rg BT 496.98 230.95 Td (e) Tj ET Q q 0 0 0 rg BT 502.48 230.95 Td (viously ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 217.75 Td (published ) Tj ET Q q 0 0 0 rg BT 127.24 217.75 Td (its ) Tj ET Q q 0 0 0 rg BT 143.35 217.75 Td (Cor) Tj ET Q q 0 0 0 rg BT 163.62 217.75 Td (e ) Tj ET Q q 0 0 0 rg BT 173.34 217.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 196.94 217.75 Td (Inter) Tj ET Q q 0 0 0 rg BT 222.59 217.75 Td (est ) Tj ET Q q 0 0 0 rg BT 240.94 217.75 Td (Income? ) Tj ET Q q 0 0 0 rg BT 290.19 217.75 Td ( ) Tj ET Q q 0 0 0 rg BT 294.15 217.75 Td (If ) Tj ET Q q 0 0 0 rg BT 306.38 217.75 Td (so) Tj ET Q q 0 0 0 rg BT 317.17 217.75 Td (,) Tj ET Q q 0 0 0 rg BT 319.72 217.75 Td ( ) Tj ET Q q 0 0 0 rg BT 323.69 217.75 Td (has ) Tj ET Q q 0 0 0 rg BT 344.66 217.75 Td (Redw) Tj ET Q q 0 0 0 rg BT 375.43 217.75 Td (ood ) Tj ET Q q 0 0 0 rg BT 400.04 217.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 448.14 217.75 Td (it ) Tj ET Q q 0 0 0 rg BT 459.74 217.75 Td (pr) Tj ET Q q 0 0 0 rg BT 471.13 217.75 Td (esentation ) Tj ET Q q 0 0 0 rg BT 529.25 217.75 Td (of ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 204.55 Td (past ) Tj ET Q q 0 0 0 rg BT 97.25 204.55 Td (per) Tj ET Q q 0 0 0 rg BT 115.17 204.55 Td (iod ) Tj ET Q q 0 0 0 rg BT 136.43 204.55 Td (Cor) Tj ET Q q 0 0 0 rg BT 156.70 204.55 Td (e ) Tj ET Q q 0 0 0 rg BT 166.45 204.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 190.08 204.55 Td (Inter) Tj ET Q q 0 0 0 rg BT 215.73 204.55 Td (est ) Tj ET Q q 0 0 0 rg BT 234.11 204.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 278.99 204.55 Td (to ) Tj ET Q q 0 0 0 rg BT 294.00 204.55 Td (r) Tj ET Q q 0 0 0 rg BT 298.51 204.55 Td (eflect ) Tj ET Q q 0 0 0 rg BT 331.15 204.55 Td (the ) Tj ET Q q 0 0 0 rg BT 351.78 204.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 398.92 204.55 Td (definition? ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 179.95 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 125.70 179.95 Td (with ) Tj ET Q q 0 0 0 rg BT 149.65 179.95 Td (the ) Tj ET Q q 0 0 0 rg BT 169.14 179.95 Td (first ) Tj ET Q q 0 0 0 rg BT 190.61 179.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 229.81 179.95 Td (of ) Tj ET Q q 0 0 0 rg BT 243.18 179.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 274.29 179.95 Td (management ) Tj ET Q q 0 0 0 rg BT 342.88 179.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 388.22 179.95 Td (its ) Tj ET Q q 0 0 0 rg BT 402.78 179.95 Td (calculation ) Tj ET Q q 0 0 0 rg BT 458.73 179.95 Td (of ) Tj ET Q q 0 0 0 rg BT 472.10 179.95 Td (the ) Tj ET Q q 0 0 0 rg BT 491.58 179.95 Td (change ) Tj ET Q q 0 0 0 rg BT 531.25 179.95 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 164.30 Td (basis ) Tj ET Q q 0 0 0 rg BT 99.10 164.30 Td (to ) Tj ET Q q 0 0 0 rg BT 111.92 164.30 Td (include ) Tj ET Q q 0 0 0 rg BT 150.23 164.30 Td (the ) Tj ET Q q 0 0 0 rg BT 168.78 164.30 Td (periodic ) Tj ET Q q 0 0 0 rg BT 211.76 164.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 255.18 164.30 Td (in ) Tj ET Q q 0 0 0 rg BT 266.59 164.30 Td (net ) Tj ET Q q 0 0 0 rg BT 285.12 164.30 Td (present ) Tj ET Q q 0 0 0 rg BT 324.64 164.30 Td (value ) Tj ET Q q 0 0 0 rg BT 353.18 164.30 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 401.85 164.30 Td (the ) Tj ET Q q 0 0 0 rg BT 420.40 164.30 Td (expected ) Tj ET Q q 0 0 0 rg BT 469.10 164.30 Td (receipt ) Tj ET Q q 0 0 0 rg BT 505.76 164.30 Td (of ) Tj ET Q q 0 0 0 rg BT 518.19 164.30 Td (cash ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 148.70 Td (flows ) Tj ET Q q 0 0 0 rg BT 100.52 148.70 Td (on ) Tj ET Q q 0 0 0 rg BT 116.63 148.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 153.29 148.70 Td (types ) Tj ET Q q 0 0 0 rg BT 183.24 148.70 Td (of ) Tj ET Q q 0 0 0 rg BT 196.49 148.70 Td (investments, ) Tj ET Q q 0 0 0 rg BT 261.47 148.70 Td (including ) Tj ET Q q 0 0 0 rg BT 309.97 148.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 371.89 148.70 Td (accounted ) Tj ET Q q 0 0 0 rg BT 426.92 148.70 Td (for ) Tj ET Q q 0 0 0 rg BT 443.82 148.70 Td (under ) Tj ET Q q 0 0 0 rg BT 476.02 148.70 Td (the ) Tj ET Q q 0 0 0 rg BT 495.39 148.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 514.11 148.70 Td (value ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 133.05 Td (option ) Tj ET Q q 0 0 0 rg BT 107.62 133.05 Td (that ) Tj ET Q q 0 0 0 rg BT 130.20 133.05 Td (have ) Tj ET Q q 0 0 0 rg BT 156.87 133.05 Td 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Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 589.50 Td (Core ) Tj ET Q q 0 0 0 rg BT 99.71 589.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 157.35 589.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 176.48 589.50 Td (value ) Tj ET Q q 0 0 0 rg BT 206.24 589.50 Td (changes, ) Tj ET Q q 0 0 0 rg BT 253.94 589.50 Td (net ) Tj ET Q q 0 0 0 rg BT 273.70 589.50 Td (is ) Tj ET Q q 0 0 0 rg BT 284.90 589.50 Td (a ) Tj ET Q q 0 0 0 rg BT 294.48 589.50 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 350.73 589.50 Td (measure ) Tj ET Q q 0 0 0 rg BT 396.18 589.50 Td (of ) Tj ET Q q 0 0 0 rg BT 409.83 589.50 Td (Redwoods ) Tj ET Q q 0 0 0 rg BT 467.11 589.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 524.75 589.50 Td (fair ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 573.85 Td (value ) Tj ET Q q 0 0 0 rg BT 99.80 573.85 Td (changes, ) Tj ET Q q 0 0 0 rg BT 145.54 573.85 Td (net. ) Tj ET Q q 0 0 0 rg BT 166.40 573.85 Td (Core ) Tj ET Q q 0 0 0 rg BT 192.15 573.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 247.84 573.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 265.01 573.85 Td (value ) Tj ET Q q 0 0 0 rg BT 292.81 573.85 Td (changes, ) Tj ET Q q 0 0 0 rg BT 338.55 573.85 Td (net ) Tj ET Q q 0 0 0 rg BT 356.35 573.85 Td (represents ) Tj ET Q q 0 0 0 rg BT 409.38 573.85 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 441.26 573.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 496.95 573.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 514.12 573.85 Td (value ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 558.25 Td (changes, ) Tj ET Q q 0 0 0 rg BT 121.82 558.25 Td (net, ) Tj ET Q q 0 0 0 rg BT 146.76 558.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 195.13 558.25 Td (to ) Tj ET Q q 0 0 0 rg BT 211.30 558.25 Td (exclude ) Tj ET Q q 0 0 0 rg BT 255.62 558.25 Td (mark-to-market ) Tj ET Q q 0 0 0 rg BT 336.95 558.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 383.72 558.25 Td (on ) Tj ET Q q 0 0 0 rg BT 402.35 558.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 457.00 558.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 521.46 558.25 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 542.65 Td (associated ) Tj ET Q q 0 0 0 rg BT 126.80 542.65 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 185.47 542.65 Td (as ) Tj ET Q q 0 0 0 rg BT 198.92 542.65 Td (described ) Tj ET Q q 0 0 0 rg BT 250.65 542.65 Td (above. ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 520.45 Td (Wh) Tj ET Q q 0 0 0 rg BT 90.40 520.45 Td (y ) Tj ET Q q 0 0 0 rg BT 100.49 520.45 Td (does ) Tj ET Q q 0 0 0 rg BT 128.33 520.45 Td (manag) Tj ET Q q 0 0 0 rg BT 164.26 520.45 Td (ement ) Tj ET Q q 0 0 0 rg BT 201.73 520.45 Td (calculate ) Tj ET Q q 0 0 0 rg BT 252.09 520.45 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 316.45 520.45 Td (Cor) Tj ET Q q 0 0 0 rg BT 336.72 520.45 Td (e ) Tj ET Q q 0 0 0 rg BT 346.31 520.45 Td (In) Tj ET Q q 0 0 0 rg BT 357.09 520.45 Td (v) Tj ET Q q 0 0 0 rg BT 362.86 520.45 Td (estment ) Tj ET Q q 0 0 0 rg BT 408.95 520.45 Td (F) Tj ET Q q 0 0 0 rg BT 415.84 520.45 Td (air ) Tj ET Q q 0 0 0 rg BT 431.67 520.45 Td (V) Tj ET Q q 0 0 0 rg BT 439.17 520.45 Td (alue ) Tj ET Q q 0 0 0 rg BT 464.63 520.45 Td (Chang) Tj ET Q q 0 0 0 rg BT 499.34 520.45 Td (es,) Tj ET Q q 0 0 0 rg BT 512.14 520.45 Td ( ) Tj ET Q q 0 0 0 rg BT 515.98 520.45 Td (Net? ) Tj ET Q q 0 0 0 rg BT 543.99 520.45 Td ( ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 507.25 Td (Ho) Tj ET Q q 0 0 0 rg BT 88.39 507.25 Td (w ) Tj ET Q q 0 0 0 rg BT 101.76 507.25 Td (is ) Tj ET Q q 0 0 0 rg BT 113.76 507.25 Td (this ) Tj ET Q q 0 0 0 rg BT 136.65 507.25 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 201.17 507.25 Td (measur) Tj ET Q q 0 0 0 rg BT 239.68 507.25 Td (e ) Tj ET Q q 0 0 0 rg BT 249.42 507.25 Td (used ) Tj ET Q q 0 0 0 rg BT 277.42 507.25 Td (b) Tj ET Q q 0 0 0 rg BT 284.00 507.25 Td (y ) Tj ET Q q 0 0 0 rg BT 294.25 507.25 Td (manag) Tj ET Q q 0 0 0 rg BT 330.19 507.25 Td (ement?) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 482.60 Td (This ) Tj ET Q q 0 0 0 rg BT 95.86 482.60 Td (measure ) Tj ET Q q 0 0 0 rg BT 141.54 482.60 Td (is ) Tj ET Q q 0 0 0 rg BT 152.97 482.60 Td (used ) Tj ET Q q 0 0 0 rg BT 180.71 482.60 Td (in, ) Tj ET Q q 0 0 0 rg BT 196.63 482.60 Td (and ) Tj ET Q q 0 0 0 rg BT 219.28 482.60 Td (results ) Tj ET Q q 0 0 0 rg BT 254.75 482.60 Td (from, ) Tj ET Q q 0 0 0 rg BT 284.52 482.60 Td (the ) Tj ET Q q 0 0 0 rg BT 304.52 482.60 Td (calculation ) Tj ET Q q 0 0 0 rg BT 360.98 482.60 Td (of ) Tj ET Q q 0 0 0 rg BT 374.87 482.60 Td (core ) Tj ET Q q 0 0 0 rg BT 400.37 482.60 Td (net ) Tj ET Q q 0 0 0 rg BT 420.36 482.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 460.89 482.60 Td (income ) Tj ET Q q 0 0 0 rg BT 501.07 482.60 Td (and ) Tj ET Q q 0 0 0 rg BT 523.72 482.60 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 467.00 Td (segments ) Tj ET Q q 0 0 0 rg BT 123.85 467.00 Td (core ) Tj ET Q q 0 0 0 rg BT 148.00 467.00 Td (net ) Tj ET Q q 0 0 0 rg BT 166.63 467.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 205.81 467.00 Td (income. ) Tj ET Q q 0 0 0 rg BT 247.69 467.00 Td (As ) Tj ET Q q 0 0 0 rg BT 262.67 467.00 Td (a ) Tj ET Q q 0 0 0 rg BT 271.13 467.00 Td (result, ) Tj ET Q q 0 0 0 rg BT 303.61 467.00 Td (it ) Tj ET Q q 0 0 0 rg BT 312.65 467.00 Td (is ) Tj ET Q q 0 0 0 rg BT 322.73 467.00 Td (calculated ) Tj ET Q q 0 0 0 rg BT 375.38 467.00 Td (and ) Tj ET Q q 0 0 0 rg BT 396.68 467.00 Td (used ) Tj ET Q q 0 0 0 rg BT 423.07 467.00 Td (for ) Tj ET Q q 0 0 0 rg BT 439.25 467.00 Td (the ) Tj ET Q q 0 0 0 rg BT 457.89 467.00 Td (same ) Tj ET Q q 0 0 0 rg BT 486.52 467.00 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 529.62 467.00 Td (as ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 451.35 Td (described ) Tj ET Q q 0 0 0 rg BT 123.73 451.35 Td (above, ) Tj ET Q q 0 0 0 rg BT 160.22 451.35 Td (that ) Tj ET Q q 0 0 0 rg BT 182.42 451.35 Td (management ) Tj ET Q q 0 0 0 rg BT 250.48 451.35 Td (calculates ) Tj ET Q q 0 0 0 rg BT 301.41 451.35 Td (and ) Tj ET Q q 0 0 0 rg BT 323.01 451.35 Td (uses ) Tj ET Q q 0 0 0 rg BT 347.67 451.35 Td (core ) Tj ET Q q 0 0 0 rg BT 372.13 451.35 Td (net ) Tj ET Q q 0 0 0 rg BT 391.07 451.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 430.56 451.35 Td (income.) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 204.90 733.94 Td (N O N - G A A P M E A S U R E M E N T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (51) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (The ) Tj ET Q q 0 0 0 rg BT 93.40 702.70 Td (following ) Tj ET Q q 0 0 0 rg BT 141.27 702.70 Td (table ) Tj ET Q q 0 0 0 rg BT 168.97 702.70 Td (presents ) Tj ET Q q 0 0 0 rg BT 213.38 702.70 Td (a ) Tj ET Q q 0 0 0 rg BT 221.94 702.70 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 290.20 702.70 Td (of ) Tj ET Q q 0 0 0 rg BT 302.83 702.70 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 335.66 702.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 392.28 702.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 410.40 702.70 Td (value ) Tj ET Q q 0 0 0 rg BT 439.14 702.70 Td (changes, ) Tj ET Q q 0 0 0 rg BT 485.82 702.70 Td (net ) Tj ET Q q 0 0 0 rg BT 504.56 702.70 Td (to ) Tj ET Q q 0 0 0 rg BT 517.60 702.70 Td (non-) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.10 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 105.02 687.10 Td (core ) Tj ET Q q 0 0 0 rg BT 129.48 687.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 186.30 687.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 204.62 687.10 Td (value ) Tj ET Q q 0 0 0 rg BT 233.56 687.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 280.44 687.10 Td (net, ) Tj ET Q q 0 0 0 rg BT 302.44 687.10 Td (for ) Tj ET Q q 0 0 0 rg BT 318.93 687.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.88 687.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 370.27 687.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.87 687.10 Td (third ) Tj ET Q q 0 0 0 rg BT 417.53 687.10 Td (quarters ) Tj ET Q q 0 0 0 rg BT 460.89 687.10 Td (of ) Tj ET Q q 0 0 0 rg BT 473.72 687.10 Td (2019.) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 667.60 468.00 -8.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 659.60 468.00 -39.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 620.60 468.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 608.60 346.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 417.50 608.60 116.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 533.50 608.60 6.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 596.60 346.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 417.50 596.60 56.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 473.50 596.60 4.00 -12.00 re f /GS0 gs 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 596.6 m 71.5 584.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 596.6 m 473.5 596.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 596.6 m 477.5 596.6 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 596.6 m 533.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 596.6 m 539.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 584.6 m 71.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 584.6 m 539.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 580.6 m 71.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 580.6 m 539.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 565.6 m 71.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 565.6 m 539.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 561.6 m 71.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 561.6 m 539.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 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ET Q q 1 1 1 rg BT 163.21 626.60 Td (tion t) Tj ET Q q 1 1 1 rg BT 194.42 626.60 Td (o Non-GAAP Cor) Tj ET Q q 1 1 1 rg BT 289.92 626.60 Td (e In) Tj ET Q q 1 1 1 rg BT 311.18 626.60 Td (v) Tj ET Q q 1 1 1 rg BT 317.67 626.60 Td (es) Tj ET Q q 1 1 1 rg BT 330.15 626.60 Td (tmen) Tj ET Q q 1 1 1 rg BT 360.82 626.60 Td (t F) Tj ET Q q 1 1 1 rg BT 374.88 626.60 Td (air V) Tj ET Q q 1 1 1 rg BT 400.88 626.60 Td (alue Chang) Tj ET Q q 1 1 1 rg BT 464.79 626.60 Td (es, Ne) Tj ET Q q 1 1 1 rg BT 500.37 626.60 Td (t) Tj ET Q BT /F7 9.00 Tf ET q 1 1 1 rg BT 280.30 611.35 Td (\($ in millions\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 436.00 599.35 Td (Thr) Tj ET Q q 1 1 1 rg BT 448.43 599.35 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 476.97 599.35 Td (ths Ended) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 422.85 587.35 Td (12/31/2019) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 485.15 587.35 Td (9/30/2019) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 84.00 570.60 Td (In) Tj ET Q q 0 0 0 rg BT 91.69 570.60 Td (v) Tj ET Q q 0 0 0 rg BT 96.08 570.60 Td (es) Tj ET Q q 0 0 0 rg BT 104.86 570.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 126.32 570.60 Td (t f) Tj ET Q q 0 0 0 rg BT 134.84 570.60 Td (air v) Tj ET Q q 0 0 0 rg BT 152.02 570.60 Td (alue chang) Tj ET Q q 0 0 0 rg BT 195.71 570.60 Td (es, ne) Tj ET Q q 0 0 0 rg BT 219.52 570.60 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 420.00 570.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 464.75 570.60 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 480.00 570.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 519.70 570.60 Td (11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 547.60 Td (Cor) Tj ET Q q 0 0 0 rg BT 97.96 547.60 Td (e adjus) Tj ET Q q 0 0 0 rg BT 126.69 547.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 148.16 547.60 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 96.00 532.60 Td (Elimina) Tj ET Q q 0 0 0 rg BT 125.71 532.60 Td (t) Tj ET Q q 0 0 0 rg BT 128.95 532.60 Td (e mark) Tj ET Q q 0 0 0 rg BT 156.62 532.60 Td (-t) Tj ET Q q 0 0 0 rg BT 162.93 532.60 Td (o-mark) Tj ET Q q 0 0 0 rg BT 191.76 532.60 Td (e) Tj ET Q q 0 0 0 rg BT 196.68 532.60 Td (t chang) Tj ET Q q 0 0 0 rg BT 226.44 532.60 Td (es on long-t) Tj ET Q q 0 0 0 rg BT 274.21 532.60 Td (erm in) Tj ET Q q 0 0 0 rg BT 300.30 532.60 Td (v) Tj ET Q q 0 0 0 rg BT 304.72 532.60 Td (es) Tj ET Q q 0 0 0 rg BT 313.50 532.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 334.97 532.60 Td (ts and associa) Tj ET Q q 0 0 0 rg BT 391.16 532.60 Td (t) Tj ET Q q 0 0 0 rg BT 394.40 532.60 Td (ed) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 96.00 522.60 Td (deriv) Tj ET Q q 0 0 0 rg BT 116.38 522.60 Td (a) Tj ET Q q 0 0 0 rg BT 121.08 522.60 Td (tiv) Tj ET Q q 0 0 0 rg BT 131.14 522.60 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 461.70 522.60 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.85 522.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 516.65 522.60 Td (\(11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 529.85 522.60 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.00 507.60 Td (Non-GAAP Cor) Tj ET Q q 0 0 0 rg BT 144.58 507.60 Td (e In) Tj ET Q q 0 0 0 rg BT 159.76 507.60 Td (v) Tj ET Q q 0 0 0 rg BT 164.40 507.60 Td (es) Tj ET Q q 0 0 0 rg BT 173.31 507.60 Td (tmen) Tj ET Q q 0 0 0 rg BT 195.22 507.60 Td (t F) Tj ET Q q 0 0 0 rg BT 205.26 507.60 Td (air V) Tj ET Q q 0 0 0 rg BT 223.83 507.60 Td (alue Chang) Tj ET Q q 0 0 0 rg BT 269.48 507.60 Td (es, Ne) Tj ET Q q 0 0 0 rg BT 294.90 507.60 Td (t) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 420.00 507.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 460.75 507.60 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 480.00 507.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 520.75 507.60 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 472.70 Td (What ) Tj ET Q q 0 0 0 rg BT 104.77 472.70 Td (f) Tj ET Q q 0 0 0 rg BT 108.77 472.70 Td (actor) Tj ET Q q 0 0 0 rg BT 136.40 472.70 Td (s ) Tj ET Q q 0 0 0 rg BT 145.04 472.70 Td (should ) Tj ET Q q 0 0 0 rg BT 184.32 472.70 Td (be ) Tj ET Q q 0 0 0 rg BT 201.08 472.70 Td (consider) Tj ET Q q 0 0 0 rg BT 245.87 472.70 Td (ed ) Tj ET Q q 0 0 0 rg BT 262.63 472.70 Td (when ) Tj ET Q q 0 0 0 rg BT 295.52 472.70 Td (compar) Tj ET Q q 0 0 0 rg BT 337.32 472.70 Td (ing ) Tj ET Q q 0 0 0 rg BT 358.46 472.70 Td (Non-GAAP ) Tj ET Q q 0 0 0 rg BT 426.00 472.70 Td (Cor) Tj ET Q q 0 0 0 rg BT 446.27 472.70 Td (e ) Tj ET Q q 0 0 0 rg BT 456.16 472.70 Td (In) Tj ET Q q 0 0 0 rg BT 466.94 472.70 Td (v) Tj ET Q q 0 0 0 rg BT 472.71 472.70 Td (estment ) Tj ET Q q 0 0 0 rg BT 519.11 472.70 Td (F) Tj ET Q q 0 0 0 rg BT 526.00 472.70 Td (air ) Tj ET Q BT /F6 12.00 Tf ET q 0 0 0 rg BT 72.00 459.50 Td (V) Tj ET Q q 0 0 0 rg BT 79.50 459.50 Td (alue ) Tj ET Q q 0 0 0 rg BT 105.12 459.50 Td (Chang) Tj ET Q q 0 0 0 rg BT 139.83 459.50 Td (es,) Tj ET Q q 0 0 0 rg BT 152.63 459.50 Td ( ) Tj ET Q q 0 0 0 rg BT 156.63 459.50 Td (Net ) Tj ET Q q 0 0 0 rg BT 180.26 459.50 Td (to ) Tj ET Q q 0 0 0 rg BT 195.26 459.50 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 234.15 459.50 Td (in) Tj ET Q q 0 0 0 rg BT 244.05 459.50 Td (v) Tj ET Q q 0 0 0 rg BT 249.82 459.50 Td (estment ) Tj ET Q q 0 0 0 rg BT 296.07 459.50 Td (f) Tj ET Q q 0 0 0 rg BT 300.07 459.50 Td (air ) Tj ET Q q 0 0 0 rg BT 318.07 459.50 Td (v) Tj ET Q q 0 0 0 rg BT 323.96 459.50 Td (alue ) Tj ET Q q 0 0 0 rg BT 349.59 459.50 Td (chang) Tj ET Q q 0 0 0 rg BT 381.29 459.50 Td (es,) Tj ET Q q 0 0 0 rg BT 394.10 459.50 Td ( ) Tj ET Q q 0 0 0 rg BT 398.09 459.50 Td (net?) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 434.85 Td (We ) Tj ET Q q 0 0 0 rg BT 92.74 434.85 Td (caution ) Tj ET Q q 0 0 0 rg BT 133.25 434.85 Td (that ) Tj ET Q q 0 0 0 rg BT 156.83 434.85 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 213.66 434.85 Td (core ) Tj ET Q q 0 0 0 rg BT 239.49 434.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 297.70 434.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 317.40 434.85 Td (value ) Tj ET Q q 0 0 0 rg BT 347.73 434.85 Td (changes, ) Tj ET Q q 0 0 0 rg BT 395.99 434.85 Td (net ) Tj ET Q q 0 0 0 rg BT 416.32 434.85 Td (should ) Tj ET Q q 0 0 0 rg BT 453.56 434.85 Td (not ) Tj ET Q q 0 0 0 rg BT 474.29 434.85 Td (be ) Tj ET Q q 0 0 0 rg BT 491.57 434.85 Td (utilized ) Tj ET Q q 0 0 0 rg BT 531.24 434.85 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 419.25 Td (isolation ) Tj ET Q q 0 0 0 rg BT 116.97 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 139.34 419.25 Td (should ) Tj ET Q q 0 0 0 rg BT 175.98 419.25 Td (not ) Tj ET Q q 0 0 0 rg BT 196.10 419.25 Td (be ) Tj ET Q q 0 0 0 rg BT 212.76 419.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 270.99 419.25 Td (an ) Tj ET Q q 0 0 0 rg BT 286.64 419.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 341.99 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 356.00 419.25 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 389.79 419.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 447.39 419.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 466.47 419.25 Td (value ) Tj ET Q q 0 0 0 rg BT 496.18 419.25 Td (changes, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 403.65 Td (net.) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 183.20 736.44 Td (F O R W A R D - L O O K I N G S T A T E M E N T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (52) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (As ) Tj ET Q q 0 0 0 rg BT 85.98 702.70 Td (noted ) Tj ET Q q 0 0 0 rg BT 116.85 702.70 Td (above ) Tj ET Q q 0 0 0 rg BT 148.96 702.70 Td (under ) Tj ET Q q 0 0 0 rg BT 179.43 702.70 Td (the ) Tj ET Q q 0 0 0 rg BT 197.07 702.70 Td (heading ) Tj ET Q q 0 0 0 rg BT 238.96 702.70 Td (Forward-Looking ) Tj ET Q q 0 0 0 rg BT 329.52 702.70 Td (Statements, ) Tj ET Q q 0 0 0 rg BT 395.22 702.70 Td (this ) Tj ET Q q 0 0 0 rg BT 414.07 702.70 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 462.88 702.70 Td (Review ) Tj ET Q q 0 0 0 rg BT 499.27 702.70 Td (contains ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.10 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 154.63 687.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 213.62 687.10 Td (within ) Tj ET Q q 0 0 0 rg BT 247.98 687.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.12 687.10 Td (meaning ) Tj ET Q q 0 0 0 rg BT 317.15 687.10 Td (of ) Tj ET Q q 0 0 0 rg BT 332.17 687.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.31 687.10 Td (safe ) Tj ET Q q 0 0 0 rg BT 378.31 687.10 Td (harbor ) Tj ET Q q 0 0 0 rg BT 415.93 687.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 470.46 687.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.48 687.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.62 687.10 Td (Private ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 671.45 Td (Securities ) Tj ET Q q 0 0 0 rg BT 121.69 671.45 Td (Litigation ) Tj ET Q q 0 0 0 rg BT 170.14 671.45 Td (Reform ) Tj ET Q q 0 0 0 rg BT 208.42 671.45 Td (Act ) Tj ET Q q 0 0 0 rg BT 227.56 671.45 Td (of ) Tj ET Q q 0 0 0 rg BT 239.98 671.45 Td (1995. ) Tj ET Q q 0 0 0 rg BT 270.15 671.45 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 353.03 671.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 409.43 671.45 Td (involve ) Tj ET Q q 0 0 0 rg BT 446.71 671.45 Td (numerous ) Tj ET Q q 0 0 0 rg BT 497.85 671.45 Td (risks ) Tj ET Q q 0 0 0 rg BT 521.45 671.45 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 655.85 Td (uncertainties. ) Tj ET Q q 0 0 0 rg BT 139.95 655.85 Td (Our ) Tj ET Q q 0 0 0 rg BT 161.26 655.85 Td (actual ) Tj ET Q q 0 0 0 rg BT 192.76 655.85 Td (results ) Tj ET Q q 0 0 0 rg BT 226.49 655.85 Td (may ) Tj ET Q q 0 0 0 rg BT 249.24 655.85 Td (differ ) Tj ET Q q 0 0 0 rg BT 277.06 655.85 Td (from ) Tj ET Q q 0 0 0 rg BT 302.03 655.85 Td (our ) Tj ET Q q 0 0 0 rg BT 320.69 655.85 Td (expectations, ) Tj ET Q q 0 0 0 rg BT 388.67 655.85 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 440.73 655.85 Td (and ) Tj ET Q q 0 0 0 rg BT 461.65 655.85 Td (projections ) Tj ET Q q 0 0 0 rg BT 518.40 655.85 Td (and, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 640.25 Td (consequently, ) Tj ET Q q 0 0 0 rg BT 143.89 640.25 Td (you ) Tj ET Q q 0 0 0 rg BT 165.25 640.25 Td (should ) Tj ET Q q 0 0 0 rg BT 201.47 640.25 Td (not ) Tj ET Q q 0 0 0 rg BT 221.18 640.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 242.11 640.25 Td (on ) Tj ET Q q 0 0 0 rg BT 258.17 640.25 Td (these ) Tj ET Q q 0 0 0 rg BT 288.29 640.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 369.09 640.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 426.26 640.25 Td (as ) Tj ET Q q 0 0 0 rg BT 440.08 640.25 Td (predictions ) Tj ET Q q 0 0 0 rg BT 498.09 640.25 Td (of ) Tj ET Q q 0 0 0 rg BT 511.29 640.25 Td (future ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 624.60 Td (events. ) Tj ET Q q 0 0 0 rg BT 110.69 624.60 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 194.59 624.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 251.99 624.60 Td (are ) Tj ET Q q 0 0 0 rg BT 270.92 624.60 Td (not ) Tj ET Q q 0 0 0 rg BT 290.86 624.60 Td (historical ) Tj ET Q q 0 0 0 rg BT 338.07 624.60 Td (in ) Tj ET Q q 0 0 0 rg BT 350.47 624.60 Td (nature ) Tj ET Q q 0 0 0 rg BT 385.28 624.60 Td (and ) Tj ET Q q 0 0 0 rg BT 407.48 624.60 Td (can ) Tj ET Q q 0 0 0 rg BT 428.25 624.60 Td (be ) Tj ET Q q 0 0 0 rg BT 444.74 624.60 Td (identified ) Tj ET Q q 0 0 0 rg BT 495.02 624.60 Td (by ) Tj ET Q q 0 0 0 rg BT 510.69 624.60 Td (words ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 609.00 Td (such ) Tj ET Q q 0 0 0 rg BT 96.48 609.00 Td (as ) Tj ET Q q 0 0 0 rg BT 109.13 609.00 Td (anticipate, ) Tj ET Q q 0 0 0 rg BT 174.13 609.00 Td (estimate, ) Tj ET Q q 0 0 0 rg BT 232.82 609.00 Td (will, ) Tj ET Q q 0 0 0 rg BT 265.42 609.00 Td (should, ) Tj ET Q q 0 0 0 rg BT 314.96 609.00 Td (expect, ) Tj ET Q q 0 0 0 rg BT 364.90 609.00 Td (believe, ) Tj ET Q q 0 0 0 rg BT 417.29 609.00 Td (intend, ) Tj ET Q q 0 0 0 rg BT 465.39 609.00 Td (seek, ) Tj ET Q q 0 0 0 rg BT 504.34 609.00 Td (plan, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 593.35 Td (and ) Tj ET Q q 0 0 0 rg BT 94.94 593.35 Td (similar ) Tj ET Q q 0 0 0 rg BT 130.67 593.35 Td (expressions ) Tj ET Q q 0 0 0 rg BT 192.11 593.35 Td (or ) Tj ET Q q 0 0 0 rg BT 206.67 593.35 Td (their ) Tj ET Q q 0 0 0 rg BT 233.25 593.35 Td (negative ) Tj ET Q q 0 0 0 rg BT 280.03 593.35 Td (forms, ) Tj ET Q q 0 0 0 rg BT 315.17 593.35 Td (or ) Tj ET Q q 0 0 0 rg BT 329.73 593.35 Td (by ) Tj ET Q q 0 0 0 rg BT 346.15 593.35 Td (references ) Tj ET Q q 0 0 0 rg BT 401.27 593.35 Td (to ) Tj ET Q q 0 0 0 rg BT 415.84 593.35 Td (strategy, ) Tj ET Q q 0 0 0 rg BT 462.78 593.35 Td (plans, ) Tj ET Q q 0 0 0 rg BT 496.10 593.35 Td (goals, ) Tj ET Q q 0 0 0 rg BT 529.83 593.35 Td (or ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 577.75 Td (intentions. ) Tj ET Q q 0 0 0 rg BT 127.56 577.75 Td (These ) Tj ET Q q 0 0 0 rg BT 161.14 577.75 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 242.76 577.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 300.75 577.75 Td (are ) Tj ET Q q 0 0 0 rg BT 320.26 577.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 359.72 577.75 Td (to ) Tj ET Q q 0 0 0 rg BT 374.13 577.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 399.33 577.75 Td (and ) Tj ET Q q 0 0 0 rg BT 422.11 577.75 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 491.92 577.75 Td (including, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 562.15 Td (among ) Tj ET Q q 0 0 0 rg BT 109.02 562.15 Td (other ) Tj ET Q q 0 0 0 rg BT 137.68 562.15 Td (things, ) Tj ET Q q 0 0 0 rg BT 173.26 562.15 Td (those ) Tj ET Q q 0 0 0 rg BT 202.95 562.15 Td (described ) Tj ET Q q 0 0 0 rg BT 254.21 562.15 Td (in ) Tj ET Q q 0 0 0 rg BT 265.55 562.15 Td (our ) Tj ET Q q 0 0 0 rg BT 284.42 562.15 Td (Annual ) Tj ET Q q 0 0 0 rg BT 321.25 562.15 Td (Report ) Tj ET Q q 0 0 0 rg BT 357.02 562.15 Td (on ) Tj ET Q q 0 0 0 rg BT 372.25 562.15 Td (Form ) Tj ET Q q 0 0 0 rg BT 400.69 562.15 Td (10-K ) Tj ET Q q 0 0 0 rg BT 426.10 562.15 Td (under ) Tj ET Q q 0 0 0 rg BT 457.40 562.15 Td (the ) Tj ET Q q 0 0 0 rg BT 475.88 562.15 Td (caption ) Tj ET Q q 0 0 0 rg BT 515.14 562.15 Td (Risk ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 546.50 Td (Factors. ) Tj ET Q q 0 0 0 rg BT 119.18 546.50 Td (Other ) Tj ET Q q 0 0 0 rg BT 150.67 546.50 Td (risks, ) Tj ET Q q 0 0 0 rg BT 177.46 546.50 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 245.81 546.50 Td (and ) Tj ET Q q 0 0 0 rg BT 267.13 546.50 Td (factors ) Tj ET Q q 0 0 0 rg BT 302.68 546.50 Td (that ) Tj ET Q q 0 0 0 rg BT 324.59 546.50 Td (could ) Tj ET Q q 0 0 0 rg BT 354.66 546.50 Td (cause ) Tj ET Q q 0 0 0 rg BT 385.36 546.50 Td (actual ) Tj ET Q q 0 0 0 rg BT 417.26 546.50 Td (results ) Tj ET Q q 0 0 0 rg BT 451.39 546.50 Td (to ) Tj ET Q q 0 0 0 rg BT 464.34 546.50 Td (differ ) Tj ET Q q 0 0 0 rg BT 492.56 546.50 Td (materially ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 530.90 Td (from ) Tj ET Q q 0 0 0 rg BT 97.28 530.90 Td (those ) Tj ET Q q 0 0 0 rg BT 127.05 530.90 Td (projected ) Tj ET Q q 0 0 0 rg BT 176.97 530.90 Td (are ) Tj ET Q q 0 0 0 rg BT 194.92 530.90 Td (described ) Tj ET Q q 0 0 0 rg BT 246.27 530.90 Td (below ) Tj ET Q q 0 0 0 rg BT 278.88 530.90 Td (and ) Tj ET Q q 0 0 0 rg BT 300.10 530.90 Td (may ) Tj ET Q q 0 0 0 rg BT 323.15 530.90 Td (be ) Tj ET Q q 0 0 0 rg BT 338.66 530.90 Td (described ) Tj ET Q q 0 0 0 rg BT 390.01 530.90 Td (from ) Tj ET Q q 0 0 0 rg BT 415.29 530.90 Td (time ) Tj ET Q q 0 0 0 rg BT 439.75 530.90 Td (to ) Tj ET Q q 0 0 0 rg BT 452.59 530.90 Td (time ) Tj ET Q q 0 0 0 rg BT 477.06 530.90 Td (in ) Tj ET Q q 0 0 0 rg BT 488.48 530.90 Td (reports ) Tj ET Q q 0 0 0 rg BT 525.96 530.90 Td (we ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 515.25 Td (file ) Tj ET Q q 0 0 0 rg BT 90.09 515.25 Td (with ) Tj ET Q q 0 0 0 rg BT 113.89 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.22 515.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 183.70 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 205.68 515.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 257.02 515.25 Td (Commission, ) Tj ET Q q 0 0 0 rg BT 323.82 515.25 Td (including ) Tj ET Q q 0 0 0 rg BT 372.28 515.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 410.52 515.25 Td (on ) Tj ET Q q 0 0 0 rg BT 426.60 515.25 Td (Forms ) Tj ET Q q 0 0 0 rg BT 460.58 515.25 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 489.90 515.25 Td (10-Q, ) Tj ET Q q 0 0 0 rg BT 521.46 515.25 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 499.65 Td (8-K. ) Tj ET Q q 0 0 0 rg BT 95.32 499.65 Td (We ) Tj ET Q q 0 0 0 rg BT 115.17 499.65 Td (undertake ) Tj ET Q q 0 0 0 rg BT 168.22 499.65 Td (no ) Tj ET Q q 0 0 0 rg BT 184.41 499.65 Td (obligation ) Tj ET Q q 0 0 0 rg BT 237.87 499.65 Td (to ) Tj ET Q q 0 0 0 rg BT 251.60 499.65 Td (update ) Tj ET Q q 0 0 0 rg BT 290.18 499.65 Td (or ) Tj ET Q q 0 0 0 rg BT 303.91 499.65 Td (revise ) Tj ET Q q 0 0 0 rg BT 335.77 499.65 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 416.71 499.65 Td (statements, ) Tj ET Q q 0 0 0 rg BT 477.08 499.65 Td (whether ) Tj ET Q q 0 0 0 rg BT 520.35 499.65 Td (as ) Tj ET Q q 0 0 0 rg BT 534.29 499.65 Td (a ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 484.05 Td (result ) Tj ET Q q 0 0 0 rg BT 101.73 484.05 Td (of ) Tj ET Q q 0 0 0 rg BT 114.57 484.05 Td (new ) Tj ET Q q 0 0 0 rg BT 137.80 484.05 Td (information, ) Tj ET Q q 0 0 0 rg BT 200.33 484.05 Td (future ) Tj ET Q q 0 0 0 rg BT 232.10 484.05 Td (events, ) Tj ET Q q 0 0 0 rg BT 270.20 484.05 Td (or ) Tj ET Q q 0 0 0 rg BT 283.43 484.05 Td (otherwise.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 459.40 Td (Statements ) Tj ET Q q 0 0 0 rg BT 130.09 459.40 Td (regarding ) Tj ET Q q 0 0 0 rg BT 180.65 459.40 Td (the ) Tj ET Q q 0 0 0 rg BT 199.45 459.40 Td (following ) Tj ET Q q 0 0 0 rg BT 247.36 459.40 Td (subjects, ) Tj ET Q q 0 0 0 rg BT 293.24 459.40 Td (among ) Tj ET Q q 0 0 0 rg BT 330.59 459.40 Td (others, ) Tj ET Q q 0 0 0 rg BT 367.30 459.40 Td (are ) Tj ET Q q 0 0 0 rg BT 385.48 459.40 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 465.77 459.40 Td (by ) Tj ET Q q 0 0 0 rg BT 480.69 459.40 Td (their ) Tj ET Q q 0 0 0 rg BT 505.78 459.40 Td (nature: ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 443.80 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 84.65 443.80 Td (statements ) Tj ET Q q 0 0 0 rg BT 142.69 443.80 Td (we ) Tj ET Q q 0 0 0 rg BT 161.03 443.80 Td (make ) Tj ET Q q 0 0 0 rg BT 191.82 443.80 Td (regarding ) Tj ET Q q 0 0 0 rg BT 243.77 443.80 Td (Redwood's ) Tj ET Q q 0 0 0 rg BT 302.68 443.80 Td (business ) Tj ET Q q 0 0 0 rg BT 348.73 443.80 Td (strategy ) Tj ET Q q 0 0 0 rg BT 392.51 443.80 Td (and ) Tj ET Q q 0 0 0 rg BT 415.34 443.80 Td (strategic ) Tj ET Q q 0 0 0 rg BT 461.75 443.80 Td (focus, ) Tj ET Q q 0 0 0 rg BT 494.98 443.80 Td (including ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 428.15 Td (statements ) Tj ET Q q 0 0 0 rg BT 129.33 428.15 Td (relating ) Tj ET Q q 0 0 0 rg BT 169.97 428.15 Td (to ) Tj ET Q q 0 0 0 rg BT 183.72 428.15 Td (our ) Tj ET Q q 0 0 0 rg BT 203.58 428.15 Td (overall ) Tj ET Q q 0 0 0 rg BT 239.75 428.15 Td (market ) Tj ET Q q 0 0 0 rg BT 277.13 428.15 Td (position, ) Tj ET Q q 0 0 0 rg BT 323.27 428.15 Td (strategy ) Tj ET Q q 0 0 0 rg BT 366.34 428.15 Td (and ) Tj ET Q q 0 0 0 rg BT 388.46 428.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 440.69 428.15 Td (prospects ) Tj ET Q q 0 0 0 rg BT 492.12 428.15 Td (\(including ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 412.55 Td (trends ) Tj ET Q q 0 0 0 rg BT 105.55 412.55 Td (driving ) Tj ET Q q 0 0 0 rg BT 142.15 412.55 Td (the ) Tj ET Q q 0 0 0 rg BT 160.85 412.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 184.02 412.55 Td (of ) Tj ET Q q 0 0 0 rg BT 196.61 412.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 231.79 412.55 Td (in ) Tj ET Q q 0 0 0 rg BT 243.35 412.55 Td (the ) Tj ET Q q 0 0 0 rg BT 262.06 412.55 Td (housing ) Tj ET Q q 0 0 0 rg BT 303.78 412.55 Td (finance ) Tj ET Q q 0 0 0 rg BT 341.84 412.55 Td (market, ) Tj ET Q q 0 0 0 rg BT 381.51 412.55 Td (our ) Tj ET Q q 0 0 0 rg BT 400.61 412.55 Td (strategic ) Tj ET Q q 0 0 0 rg BT 445.55 412.55 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 494.17 412.55 Td (designed ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 396.95 Td (to ) Tj ET Q q 0 0 0 rg BT 84.51 396.95 Td (capitalize ) Tj ET Q q 0 0 0 rg BT 132.67 396.95 Td (on ) Tj ET Q q 0 0 0 rg BT 147.65 396.95 Td (those ) Tj ET Q q 0 0 0 rg BT 177.09 396.95 Td (trends, ) Tj ET Q q 0 0 0 rg BT 213.23 396.95 Td (our ) Tj ET Q q 0 0 0 rg BT 231.85 396.95 Td (ability ) Tj ET Q q 0 0 0 rg BT 263.50 396.95 Td (to ) Tj ET Q q 0 0 0 rg BT 276.01 396.95 Td (attract ) Tj ET Q q 0 0 0 rg BT 309.68 396.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 344.38 396.95 Td (to ) Tj ET Q q 0 0 0 rg BT 356.89 396.95 Td (finance ) Tj ET Q q 0 0 0 rg BT 394.48 396.95 Td (those ) Tj ET Q q 0 0 0 rg BT 423.92 396.95 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 475.13 396.95 Td (our ) Tj ET Q q 0 0 0 rg BT 493.76 396.95 Td (approach ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 381.30 Td (to ) Tj ET Q q 0 0 0 rg BT 84.91 381.30 Td (raising ) Tj ET Q q 0 0 0 rg BT 119.81 381.30 Td (capital, ) Tj ET Q q 0 0 0 rg BT 157.98 381.30 Td (our ) Tj ET Q q 0 0 0 rg BT 177.00 381.30 Td (ability ) Tj ET Q q 0 0 0 rg BT 209.05 381.30 Td (to ) Tj ET Q q 0 0 0 rg BT 221.96 381.30 Td (pay ) Tj ET Q q 0 0 0 rg BT 242.43 381.30 Td (dividends ) Tj ET Q q 0 0 0 rg BT 292.84 381.30 Td (in ) Tj ET Q q 0 0 0 rg BT 304.33 381.30 Td (the ) Tj ET Q q 0 0 0 rg BT 322.96 381.30 Td (future, ) Tj ET Q q 0 0 0 rg BT 357.47 381.30 Td (and ) Tj ET Q q 0 0 0 rg BT 378.75 381.30 Td (the ) Tj ET Q q 0 0 0 rg BT 397.38 381.30 Td (prospects ) Tj ET Q q 0 0 0 rg BT 447.98 381.30 Td (for ) Tj ET Q q 0 0 0 rg BT 464.14 381.30 Td (federal ) Tj ET Q q 0 0 0 rg BT 501.09 381.30 Td (housing ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 365.70 Td (finance ) Tj ET Q q 0 0 0 rg BT 111.38 365.70 Td (reform\); ) Tj ET Q q 0 0 0 rg BT 154.00 365.70 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 169.13 365.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 227.02 365.70 Td (related ) Tj ET Q q 0 0 0 rg BT 265.56 365.70 Td (to ) Tj ET Q q 0 0 0 rg BT 279.86 365.70 Td (our ) Tj ET Q q 0 0 0 rg BT 300.28 365.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 344.54 365.70 Td (outlook ) Tj ET Q q 0 0 0 rg BT 385.96 365.70 Td (and ) Tj ET Q q 0 0 0 rg BT 408.63 365.70 Td (expectations ) Tj ET Q q 0 0 0 rg BT 475.31 365.70 Td (for ) Tj ET Q q 0 0 0 rg BT 492.87 365.70 Td (2020 ) Tj ET Q q 0 0 0 rg BT 521.46 365.70 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 350.05 Td (future ) Tj ET Q q 0 0 0 rg BT 104.43 350.05 Td (years; ) Tj ET Q q 0 0 0 rg BT 136.67 350.05 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 154.02 350.05 Td (statements ) Tj ET Q q 0 0 0 rg BT 211.50 350.05 Td (related ) Tj ET Q q 0 0 0 rg BT 249.62 350.05 Td (to ) Tj ET Q q 0 0 0 rg BT 263.52 350.05 Td (our ) Tj ET Q q 0 0 0 rg BT 283.52 350.05 Td (residential ) Tj ET Q q 0 0 0 rg BT 337.74 350.05 Td (and ) Tj ET Q q 0 0 0 rg BT 360.01 350.05 Td (business ) Tj ET Q q 0 0 0 rg BT 405.49 350.05 Td (purpose ) Tj ET Q q 0 0 0 rg BT 449.74 350.05 Td (lending ) Tj ET Q q 0 0 0 rg BT 490.54 350.05 Td (platforms, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 334.45 Td (including ) Tj ET Q q 0 0 0 rg BT 121.40 334.45 Td (our ) Tj ET Q q 0 0 0 rg BT 142.06 334.45 Td (positioning ) Tj ET Q q 0 0 0 rg BT 201.42 334.45 Td (in ) Tj ET Q q 0 0 0 rg BT 214.55 334.45 Td (the ) Tj ET Q q 0 0 0 rg BT 234.82 334.45 Td (market ) Tj ET Q q 0 0 0 rg BT 272.99 334.45 Td (and ) Tj ET Q q 0 0 0 rg BT 295.91 334.45 Td (the ) Tj ET Q q 0 0 0 rg BT 316.18 334.45 Td (expansion ) Tj ET Q q 0 0 0 rg BT 370.48 334.45 Td (of ) Tj ET Q q 0 0 0 rg BT 384.63 334.45 Td (our ) Tj ET Q q 0 0 0 rg BT 405.29 334.45 Td (bridge ) Tj ET Q q 0 0 0 rg BT 442.24 334.45 Td (lending ) Tj ET Q q 0 0 0 rg BT 483.69 334.45 Td (business ) Tj ET Q q 0 0 0 rg BT 529.83 334.45 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 318.85 Td (include ) Tj ET Q q 0 0 0 rg BT 111.77 318.85 Td (more ) Tj ET Q q 0 0 0 rg BT 141.34 318.85 Td (robust ) Tj ET Q q 0 0 0 rg BT 176.61 318.85 Td (construction/redevelopment ) Tj ET Q q 0 0 0 rg BT 320.05 318.85 Td (opportunities; ) Tj ET Q q 0 0 0 rg BT 392.99 318.85 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 410.77 318.85 Td (statements ) Tj ET Q q 0 0 0 rg BT 468.64 318.85 Td (relating ) Tj ET Q q 0 0 0 rg BT 509.81 318.85 Td (to ) Tj ET Q q 0 0 0 rg BT 524.10 318.85 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 303.20 Td (potential ) Tj ET Q q 0 0 0 rg BT 118.34 303.20 Td (for ) Tj ET Q q 0 0 0 rg BT 134.32 303.20 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 186.76 303.20 Td (reform ) Tj ET Q q 0 0 0 rg BT 221.89 303.20 Td (and ) Tj ET Q q 0 0 0 rg BT 242.99 303.20 Td (positioning ) Tj ET Q q 0 0 0 rg BT 300.53 303.20 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 350.16 303.20 Td (to ) Tj ET Q q 0 0 0 rg BT 362.89 303.20 Td (capitalize ) Tj ET Q q 0 0 0 rg BT 411.27 303.20 Td (on ) Tj ET Q q 0 0 0 rg BT 426.46 303.20 Td (resulting ) Tj ET Q q 0 0 0 rg BT 471.18 303.20 Td (opportunities, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 287.60 Td (including ) Tj ET Q q 0 0 0 rg BT 120.36 287.60 Td (through ) Tj ET Q q 0 0 0 rg BT 162.41 287.60 Td (the ) Tj ET Q q 0 0 0 rg BT 181.64 287.60 Td (application ) Tj ET Q q 0 0 0 rg BT 239.37 287.60 Td (of ) Tj ET Q q 0 0 0 rg BT 252.49 287.60 Td (technological ) Tj ET Q q 0 0 0 rg BT 321.83 287.60 Td (innovations; ) Tj ET Q q 0 0 0 rg BT 384.26 287.60 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 398.62 287.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 455.71 287.60 Td (we ) Tj ET Q q 0 0 0 rg BT 473.11 287.60 Td (make ) Tj ET Q q 0 0 0 rg BT 502.94 287.60 Td (relating ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 271.95 Td (to ) Tj ET Q q 0 0 0 rg BT 84.81 271.95 Td (our ) Tj ET Q q 0 0 0 rg BT 103.73 271.95 Td (recourse ) Tj ET Q q 0 0 0 rg BT 148.32 271.95 Td (leverage ) Tj ET Q q 0 0 0 rg BT 193.33 271.95 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 221.20 271.95 Td (including ) Tj ET Q q 0 0 0 rg BT 268.86 271.95 Td (our ) Tj ET Q q 0 0 0 rg BT 287.78 271.95 Td (statement ) Tj ET Q q 0 0 0 rg BT 339.48 271.95 Td (that, ) Tj ET Q q 0 0 0 rg BT 364.31 271.95 Td (as ) Tj ET Q q 0 0 0 rg BT 377.34 271.95 Td (we ) Tj ET Q q 0 0 0 rg BT 394.03 271.95 Td (continue ) Tj ET Q q 0 0 0 rg BT 439.25 271.95 Td (to ) Tj ET Q q 0 0 0 rg BT 452.06 271.95 Td (deploy ) Tj ET Q q 0 0 0 rg BT 488.71 271.95 Td (our ) Tj ET Q q 0 0 0 rg BT 507.63 271.95 Td (capital ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 256.35 Td (available ) Tj ET Q q 0 0 0 rg BT 118.16 256.35 Td (for ) Tj ET Q q 0 0 0 rg BT 134.55 256.35 Td (investment, ) Tj ET Q q 0 0 0 rg BT 194.35 256.35 Td (we ) Tj ET Q q 0 0 0 rg BT 211.38 256.35 Td (expect ) Tj ET Q q 0 0 0 rg BT 247.55 256.35 Td (this ) Tj ET Q q 0 0 0 rg BT 267.63 256.35 Td (leverage ) Tj ET Q q 0 0 0 rg BT 312.97 256.35 Td (ratio ) Tj ET Q q 0 0 0 rg BT 338.13 256.35 Td (to ) Tj ET Q q 0 0 0 rg BT 351.27 256.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 394.38 256.35 Td (toward ) Tj ET Q q 0 0 0 rg BT 431.35 256.35 Td (the ) Tj ET Q q 0 0 0 rg BT 450.21 256.35 Td (middle ) Tj ET Q q 0 0 0 rg BT 487.40 256.35 Td (of ) Tj ET Q q 0 0 0 rg BT 500.15 256.35 Td (our ) Tj ET Q q 0 0 0 rg BT 519.41 256.35 Td (3.0x ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 240.75 Td (to ) Tj ET Q q 0 0 0 rg BT 84.91 240.75 Td (4.0x ) Tj ET Q q 0 0 0 rg BT 108.23 240.75 Td (target ) Tj ET Q q 0 0 0 rg BT 140.27 240.75 Td (range; ) Tj ET Q q 0 0 0 rg BT 174.38 240.75 Td (\(vi\) ) Tj ET Q q 0 0 0 rg BT 190.77 240.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 247.27 240.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 287.06 240.75 Td (to ) Tj ET Q q 0 0 0 rg BT 299.97 240.75 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 348.32 240.75 Td (residential ) Tj ET Q q 0 0 0 rg BT 401.56 240.75 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 452.76 240.75 Td (loans ) Tj ET Q q 0 0 0 rg BT 481.17 240.75 Td (in ) Tj ET Q q 0 0 0 rg BT 492.66 240.75 Td (the ) Tj ET Q q 0 0 0 rg BT 511.28 240.75 Td (future ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 225.10 Td (that ) Tj ET Q q 0 0 0 rg BT 93.84 225.10 Td (we ) Tj ET Q q 0 0 0 rg BT 110.60 225.10 Td (have ) Tj ET Q q 0 0 0 rg BT 136.55 225.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 185.88 225.10 Td (for ) Tj ET Q q 0 0 0 rg BT 202.02 225.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 248.94 225.10 Td (or ) Tj ET Q q 0 0 0 rg BT 261.82 225.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 285.71 225.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.58 225.10 Td (purchase, ) Tj ET Q q 0 0 0 rg BT 348.56 225.10 Td (including ) Tj ET Q q 0 0 0 rg BT 396.29 225.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.89 225.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 455.08 225.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.56 225.10 Td (such ) Tj ET Q q 0 0 0 rg BT 492.48 225.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 520.86 225.10 Td (that ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 209.50 Td (we ) Tj ET Q q 0 0 0 rg BT 90.18 209.50 Td (identified ) Tj ET Q q 0 0 0 rg BT 140.93 209.50 Td (for ) Tj ET Q q 0 0 0 rg BT 158.48 209.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 206.82 209.50 Td (during ) Tj ET Q q 0 0 0 rg BT 242.90 209.50 Td (the ) Tj ET Q q 0 0 0 rg BT 262.92 209.50 Td (fourth ) Tj ET Q q 0 0 0 rg BT 296.37 209.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 336.10 209.50 Td (of ) Tj ET Q q 0 0 0 rg BT 350.00 209.50 Td (2019 ) Tj ET Q q 0 0 0 rg BT 378.59 209.50 Td (and ) Tj ET Q q 0 0 0 rg BT 401.25 209.50 Td (at ) Tj ET Q q 0 0 0 rg BT 414.73 209.50 Td (December ) Tj ET Q q 0 0 0 rg BT 470.40 209.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 489.81 209.50 Td (2019, ) Tj ET Q q 0 0 0 rg BT 521.45 209.50 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 193.85 Td (expected ) Tj ET Q q 0 0 0 rg BT 121.89 193.85 Td (fallout ) Tj ET Q q 0 0 0 rg BT 156.28 193.85 Td (and ) Tj ET Q q 0 0 0 rg BT 178.67 193.85 Td (the ) Tj ET Q q 0 0 0 rg BT 198.41 193.85 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 273.56 193.85 Td (volume ) Tj ET Q q 0 0 0 rg BT 313.47 193.85 Td (of ) Tj ET Q q 0 0 0 rg BT 327.09 193.85 Td (residential ) Tj ET Q q 0 0 0 rg BT 381.44 193.85 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 433.75 193.85 Td (loans ) Tj ET Q q 0 0 0 rg BT 463.27 193.85 Td (expected ) Tj ET Q q 0 0 0 rg BT 513.16 193.85 Td (to ) Tj ET Q q 0 0 0 rg BT 527.18 193.85 Td (be ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 178.25 Td (available ) Tj ET Q q 0 0 0 rg BT 116.88 178.25 Td (for ) Tj ET Q q 0 0 0 rg BT 132.00 178.25 Td (purchase; ) Tj ET Q q 0 0 0 rg BT 180.98 178.25 Td (\(vii\) ) Tj ET Q q 0 0 0 rg BT 198.97 178.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 254.42 178.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 303.78 178.25 Td (business ) Tj ET Q q 0 0 0 rg BT 347.24 178.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 389.47 178.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 412.15 178.25 Td (originations, ) Tj ET Q q 0 0 0 rg BT 474.53 178.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 501.90 178.25 Td (funded, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 162.65 Td (and ) Tj ET Q q 0 0 0 rg BT 94.11 162.65 Td (associated ) Tj ET Q q 0 0 0 rg BT 149.41 162.65 Td (funding ) Tj ET Q q 0 0 0 rg BT 190.67 162.65 Td (commitments, ) Tj ET Q q 0 0 0 rg BT 264.09 162.65 Td (\(viii\) ) Tj ET Q q 0 0 0 rg BT 286.59 162.65 Td (statements ) Tj ET Q q 0 0 0 rg BT 343.91 162.65 Td (relating ) Tj ET Q q 0 0 0 rg BT 384.53 162.65 Td (to ) Tj ET Q q 0 0 0 rg BT 398.26 162.65 Td (our ) Tj ET Q q 0 0 0 rg BT 418.12 162.65 Td (estimate ) Tj ET Q q 0 0 0 rg BT 463.63 162.65 Td (of ) Tj ET Q q 0 0 0 rg BT 476.97 162.65 Td (our ) Tj ET Q q 0 0 0 rg BT 496.82 162.65 Td (available ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 147.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 106.83 147.00 Td (\(including ) Tj ET Q q 0 0 0 rg BT 157.16 147.00 Td (that ) Tj ET Q q 0 0 0 rg BT 178.76 147.00 Td (we ) Tj ET Q q 0 0 0 rg BT 195.27 147.00 Td (estimate ) Tj ET Q q 0 0 0 rg BT 239.68 147.00 Td (our ) Tj ET Q q 0 0 0 rg BT 258.42 147.00 Td (available ) Tj ET Q q 0 0 0 rg BT 304.06 147.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 338.89 147.00 Td (at ) Tj ET Q q 0 0 0 rg BT 350.70 147.00 Td (December ) Tj ET Q q 0 0 0 rg BT 404.70 147.00 Td (31, ) Tj ET Q q 0 0 0 rg BT 422.44 147.00 Td (2019 ) Tj ET Q q 0 0 0 rg BT 449.36 147.00 Td (was ) Tj ET Q q 0 0 0 rg BT 470.15 147.00 Td (approximately ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 131.40 Td ($260 ) Tj ET Q q 0 0 0 rg BT 99.70 131.40 Td (million\); ) Tj ET Q q 0 0 0 rg BT 141.44 131.40 Td (\(ix\) ) Tj ET Q q 0 0 0 rg BT 158.34 131.40 Td (statements ) Tj ET Q q 0 0 0 rg BT 215.33 131.40 Td (we ) Tj ET Q q 0 0 0 rg BT 232.63 131.40 Td (make ) Tj ET Q q 0 0 0 rg BT 262.36 131.40 Td (regarding ) Tj ET Q q 0 0 0 rg BT 313.26 131.40 Td (future ) Tj ET Q q 0 0 0 rg BT 345.20 131.40 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 399.17 131.40 Td (including ) Tj ET Q q 0 0 0 rg BT 447.43 131.40 Td (with ) Tj ET Q q 0 0 0 rg BT 471.02 131.40 Td (respect ) Tj ET Q q 0 0 0 rg BT 510.30 131.40 Td (to ) Tj ET Q q 0 0 0 rg BT 523.71 131.40 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 115.75 Td (regular ) Tj ET Q q 0 0 0 rg BT 109.00 115.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 155.15 115.75 Td (dividends ) Tj ET Q q 0 0 0 rg BT 205.41 115.75 Td (in ) Tj ET Q q 0 0 0 rg BT 216.76 115.75 Td (2020; ) Tj ET Q q 0 0 0 rg BT 246.87 115.75 Td (and ) Tj ET Q q 0 0 0 rg BT 268.01 115.75 Td (\(x\) ) Tj ET Q q 0 0 0 rg BT 281.62 115.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 337.96 115.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 388.22 115.75 Td (our ) Tj ET Q q 0 0 0 rg BT 407.10 115.75 Td (expectations ) Tj ET Q q 0 0 0 rg BT 472.23 115.75 Td (and ) Tj ET Q q 0 0 0 rg BT 493.37 115.75 Td (estimates ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 100.15 Td (relating ) Tj ET Q q 0 0 0 rg BT 114.85 100.15 Td (to ) Tj ET Q q 0 0 0 rg BT 130.81 100.15 Td (the ) Tj ET Q q 0 0 0 rg BT 152.49 100.15 Td (characterization ) Tj ET Q q 0 0 0 rg BT 235.46 100.15 Td (for ) Tj ET Q q 0 0 0 rg BT 254.67 100.15 Td (income ) Tj ET Q q 0 0 0 rg BT 296.53 100.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 316.98 100.15 Td (purposes ) Tj ET Q q 0 0 0 rg BT 367.98 100.15 Td (of ) Tj ET Q q 0 0 0 rg BT 383.55 100.15 Td (our ) Tj ET Q q 0 0 0 rg BT 405.62 100.15 Td (dividend ) Tj ET Q q 0 0 0 rg BT 454.40 100.15 Td (distributions, ) Tj ET Q q 0 0 0 rg BT 523.71 100.15 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 84.55 Td (expectations ) Tj ET Q q 0 0 0 rg BT 137.86 84.55 Td (and ) Tj ET Q q 0 0 0 rg BT 159.72 84.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 209.67 84.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 250.04 84.55 Td (to ) Tj ET Q q 0 0 0 rg BT 263.53 84.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 281.50 84.55 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 342.08 84.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 360.06 84.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 406.13 84.55 Td (and ) Tj ET Q q 0 0 0 rg BT 427.98 84.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 445.96 84.55 Td (savings, ) Tj ET Q q 0 0 0 rg BT 488.19 84.55 Td (and ) Tj ET Q q 0 0 0 rg BT 510.05 84.55 Td (GAAP ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 68.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 89.72 68.90 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 145.13 68.90 Td (and ) Tj ET Q q 0 0 0 rg BT 166.73 68.90 Td (our ) Tj ET Q q 0 0 0 rg BT 186.08 68.90 Td (estimates ) Tj ET Q q 0 0 0 rg BT 235.78 68.90 Td (of ) Tj ET Q q 0 0 0 rg BT 248.62 68.90 Td (REIT ) Tj ET Q q 0 0 0 rg BT 273.94 68.90 Td (taxable ) Tj ET Q q 0 0 0 rg BT 312.85 68.90 Td (income ) Tj ET Q q 0 0 0 rg BT 351.97 68.90 Td (and ) Tj ET Q q 0 0 0 rg BT 373.58 68.90 Td (TRS ) Tj ET Q q 0 0 0 rg BT 395.59 68.90 Td (taxable ) Tj ET Q q 0 0 0 rg BT 434.50 68.90 Td (income.) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 183.20 736.44 Td (F O R W A R D - L O O K I N G S T A T E M E N T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (53) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (Important ) Tj ET Q q 0 0 0 rg BT 123.36 702.70 Td (factors, ) Tj ET Q q 0 0 0 rg BT 162.25 702.70 Td (among ) Tj ET Q q 0 0 0 rg BT 199.75 702.70 Td (others, ) Tj ET Q q 0 0 0 rg BT 236.63 702.70 Td (that ) Tj ET Q q 0 0 0 rg BT 258.82 702.70 Td (may ) Tj ET Q q 0 0 0 rg BT 282.27 702.70 Td (affect ) Tj ET Q q 0 0 0 rg BT 312.42 702.70 Td (our ) Tj ET Q q 0 0 0 rg BT 331.77 702.70 Td (actual ) Tj ET Q q 0 0 0 rg BT 363.95 702.70 Td (results ) Tj ET Q q 0 0 0 rg BT 398.37 702.70 Td (include:) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 679.10 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 679.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.95 679.10 Td (pace ) Tj ET Q q 0 0 0 rg BT 153.86 679.10 Td (at ) Tj ET Q q 0 0 0 rg BT 166.28 679.10 Td (which ) Tj ET Q q 0 0 0 rg BT 197.45 679.10 Td (we ) Tj ET Q q 0 0 0 rg BT 214.57 679.10 Td (redeploy ) Tj ET Q q 0 0 0 rg BT 261.22 679.10 Td (our ) Tj ET Q q 0 0 0 rg BT 280.57 679.10 Td (available ) Tj ET Q q 0 0 0 rg BT 326.81 679.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 362.25 679.10 Td (into ) Tj ET Q q 0 0 0 rg BT 384.24 679.10 Td (new ) Tj ET Q q 0 0 0 rg BT 407.47 679.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 468.98 679.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.58 679.10 Td (initiatives; ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 663.45 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 663.45 Td (our ) Tj ET Q q 0 0 0 rg BT 126.29 663.45 Td (ability ) Tj ET Q q 0 0 0 rg BT 157.60 663.45 Td (to ) Tj ET Q q 0 0 0 rg BT 169.78 663.45 Td (scale ) Tj ET Q q 0 0 0 rg BT 196.23 663.45 Td (our ) Tj ET Q q 0 0 0 rg BT 214.52 663.45 Td (platform ) Tj ET Q q 0 0 0 rg BT 258.25 663.45 Td (and ) Tj ET Q q 0 0 0 rg BT 278.79 663.45 Td (systems, ) Tj ET Q q 0 0 0 rg BT 322.35 663.45 Td (particularly ) Tj ET Q q 0 0 0 rg BT 378.09 663.45 Td (with ) Tj ET Q q 0 0 0 rg BT 400.46 663.45 Td (respect ) Tj ET Q q 0 0 0 rg BT 438.50 663.45 Td (to ) Tj ET Q q 0 0 0 rg BT 450.68 663.45 Td (our ) Tj ET Q q 0 0 0 rg BT 468.97 663.45 Td (new ) Tj ET Q q 0 0 0 rg BT 491.14 663.45 Td (initiatives;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 647.85 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 647.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 146.94 647.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 168.57 647.85 Td (volatility, ) Tj ET Q q 0 0 0 rg BT 214.85 647.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 258.12 647.85 Td (in ) Tj ET Q q 0 0 0 rg BT 269.38 647.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 299.77 647.85 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 343.43 647.85 Td (and ) Tj ET Q q 0 0 0 rg BT 364.48 647.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 407.75 647.85 Td (in ) Tj ET Q q 0 0 0 rg BT 419.01 647.85 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 460.60 647.85 Td (in ) Tj ET Q q 0 0 0 rg BT 471.86 647.85 Td (the ) Tj ET Q q 0 0 0 rg BT 490.26 647.85 Td (market ) Tj ET Q q 0 0 0 rg BT 526.56 647.85 Td (for ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 632.25 Td (real ) Tj ET Q q 0 0 0 rg BT 128.98 632.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 161.97 632.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 210.64 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.25 632.25 Td (loans;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 616.60 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 616.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 151.09 616.60 Td (in ) Tj ET Q q 0 0 0 rg BT 162.17 616.60 Td (the ) Tj ET Q q 0 0 0 rg BT 180.38 616.60 Td (demand ) Tj ET Q q 0 0 0 rg BT 223.46 616.60 Td (from ) Tj ET Q q 0 0 0 rg BT 248.39 616.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 294.08 616.60 Td (for ) Tj ET Q q 0 0 0 rg BT 309.84 616.60 Td (residential ) Tj ET Q q 0 0 0 rg BT 362.66 616.60 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 418.13 616.60 Td (and ) Tj ET Q q 0 0 0 rg BT 439.00 616.60 Td (investments, ) Tj ET Q q 0 0 0 rg BT 502.84 616.60 Td (and ) Tj ET Q q 0 0 0 rg BT 523.70 616.60 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 601.00 Td (ability ) Tj ET Q q 0 0 0 rg BT 140.37 601.00 Td (to ) Tj ET Q q 0 0 0 rg BT 153.61 601.00 Td (distribute ) Tj ET Q q 0 0 0 rg BT 203.27 601.00 Td (residential ) Tj ET Q q 0 0 0 rg BT 256.83 601.00 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 313.04 601.00 Td (through ) Tj ET Q q 0 0 0 rg BT 354.81 601.00 Td (our ) Tj ET Q q 0 0 0 rg BT 374.16 601.00 Td (whole-loan ) Tj ET Q q 0 0 0 rg BT 431.21 601.00 Td (distribution ) Tj ET Q q 0 0 0 rg BT 490.05 601.00 Td (channel; ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 585.35 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 585.35 Td (our ) Tj ET Q q 0 0 0 rg BT 129.62 585.35 Td (ability ) Tj ET Q q 0 0 0 rg BT 164.27 585.35 Td (to ) Tj ET Q q 0 0 0 rg BT 179.77 585.35 Td (finance ) Tj ET Q q 0 0 0 rg BT 220.36 585.35 Td (our ) Tj ET Q q 0 0 0 rg BT 241.98 585.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 305.77 585.35 Td (in ) Tj ET Q q 0 0 0 rg BT 319.85 585.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 370.80 585.35 Td (and ) Tj ET Q q 0 0 0 rg BT 394.68 585.35 Td (our ) Tj ET Q q 0 0 0 rg BT 416.30 585.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 474.39 585.35 Td (of ) Tj ET Q q 0 0 0 rg BT 489.50 585.35 Td (residential ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 569.75 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 164.21 569.75 Td (with ) Tj ET Q q 0 0 0 rg BT 187.63 569.75 Td (short-term ) Tj ET Q q 0 0 0 rg BT 241.97 569.75 Td (debt;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 554.15 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 554.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 151.82 554.15 Td (in ) Tj ET Q q 0 0 0 rg BT 163.64 554.15 Td (the ) Tj ET Q q 0 0 0 rg BT 182.59 554.15 Td (values ) Tj ET Q q 0 0 0 rg BT 216.22 554.15 Td (of ) Tj ET Q q 0 0 0 rg BT 229.06 554.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 261.65 554.15 Td (we ) Tj ET Q q 0 0 0 rg BT 278.77 554.15 Td (own;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 538.50 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 538.50 Td (general ) Tj ET Q q 0 0 0 rg BT 148.12 538.50 Td (economic ) Tj ET Q q 0 0 0 rg BT 199.07 538.50 Td (trends, ) Tj ET Q q 0 0 0 rg BT 235.93 538.50 Td (the ) Tj ET Q q 0 0 0 rg BT 254.87 538.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 320.66 538.50 Td (of ) Tj ET Q q 0 0 0 rg BT 333.49 538.50 Td (the ) Tj ET Q q 0 0 0 rg BT 352.44 538.50 Td (housing, ) Tj ET Q q 0 0 0 rg BT 397.47 538.50 Td (real ) Tj ET Q q 0 0 0 rg BT 418.44 538.50 Td (estate, ) Tj ET Q q 0 0 0 rg BT 454.48 538.50 Td (mortgage, ) Tj ET Q q 0 0 0 rg BT 509.06 538.50 Td (credit, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 522.90 Td (and ) Tj ET Q q 0 0 0 rg BT 130.21 522.90 Td (broader ) Tj ET Q q 0 0 0 rg BT 172.77 522.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 216.56 522.90 Td (markets, ) Tj ET Q q 0 0 0 rg BT 261.77 522.90 Td (and ) Tj ET Q q 0 0 0 rg BT 283.98 522.90 Td (their ) Tj ET Q q 0 0 0 rg BT 309.83 522.90 Td (effects ) Tj ET Q q 0 0 0 rg BT 345.68 522.90 Td (on ) Tj ET Q q 0 0 0 rg BT 361.98 522.90 Td (the ) Tj ET Q q 0 0 0 rg BT 381.54 522.90 Td (prices ) Tj ET Q q 0 0 0 rg BT 414.32 522.90 Td (of ) Tj ET Q q 0 0 0 rg BT 427.76 522.90 Td (earning ) Tj ET Q q 0 0 0 rg BT 468.69 522.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 501.89 522.90 Td (and ) Tj ET Q q 0 0 0 rg BT 524.10 522.90 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 507.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 138.95 507.25 Td (status ) Tj ET Q q 0 0 0 rg BT 170.51 507.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.35 507.25 Td (borrowers;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 491.65 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 491.65 Td (federal ) Tj ET Q q 0 0 0 rg BT 143.84 491.65 Td (and ) Tj ET Q q 0 0 0 rg BT 164.01 491.65 Td (state ) Tj ET Q q 0 0 0 rg BT 189.45 491.65 Td (legislative ) Tj ET Q q 0 0 0 rg BT 239.95 491.65 Td (and ) Tj ET Q q 0 0 0 rg BT 260.12 491.65 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 311.63 491.65 Td (developments, ) Tj ET Q q 0 0 0 rg BT 386.40 491.65 Td (and ) Tj ET Q q 0 0 0 rg BT 406.57 491.65 Td (the ) Tj ET Q q 0 0 0 rg BT 424.09 491.65 Td (actions ) Tj ET Q q 0 0 0 rg BT 460.36 491.65 Td (of ) Tj ET Q q 0 0 0 rg BT 471.76 491.65 Td (governmental ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 476.05 Td (authorities, ) Tj ET Q q 0 0 0 rg BT 167.20 476.05 Td (including ) Tj ET Q q 0 0 0 rg BT 216.85 476.05 Td (the ) Tj ET Q q 0 0 0 rg BT 237.37 476.05 Td (new ) Tj ET Q q 0 0 0 rg BT 262.16 476.05 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 286.56 476.05 Td (presidential ) Tj ET Q q 0 0 0 rg BT 348.41 476.05 Td (administration, ) Tj ET Q q 0 0 0 rg BT 425.92 476.05 Td (and ) Tj ET Q q 0 0 0 rg BT 449.09 476.05 Td (in ) Tj ET Q q 0 0 0 rg BT 462.47 476.05 Td (particular ) Tj ET Q q 0 0 0 rg BT 512.89 476.05 Td (those ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 460.40 Td (affecting ) Tj ET Q q 0 0 0 rg BT 153.21 460.40 Td (the ) Tj ET Q q 0 0 0 rg BT 171.74 460.40 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 222.84 460.40 Td (industry ) Tj ET Q q 0 0 0 rg BT 264.36 460.40 Td (or ) Tj ET Q q 0 0 0 rg BT 277.17 460.40 Td (our ) Tj ET Q q 0 0 0 rg BT 296.09 460.40 Td (business ) Tj ET Q q 0 0 0 rg BT 340.49 460.40 Td (\(including, ) Tj ET Q q 0 0 0 rg BT 394.06 460.40 Td (but ) Tj ET Q q 0 0 0 rg BT 413.18 460.40 Td (not ) Tj ET Q q 0 0 0 rg BT 432.11 460.40 Td (limited ) Tj ET Q q 0 0 0 rg BT 468.53 460.40 Td (to, ) Tj ET Q q 0 0 0 rg BT 484.40 460.40 Td (the ) Tj ET Q q 0 0 0 rg BT 502.93 460.40 Td (Federal ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 444.80 Td (Housing ) Tj ET Q q 0 0 0 rg BT 153.97 444.80 Td (Finance ) Tj ET Q q 0 0 0 rg BT 197.31 444.80 Td (Agencys ) Tj ET Q q 0 0 0 rg BT 245.97 444.80 Td (rules ) Tj ET Q q 0 0 0 rg BT 274.40 444.80 Td (relating ) Tj ET Q q 0 0 0 rg BT 316.69 444.80 Td (to ) Tj ET Q q 0 0 0 rg BT 332.09 444.80 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 363.80 444.80 Td (membership ) Tj ET Q q 0 0 0 rg BT 430.54 444.80 Td (requirements ) Tj ET Q q 0 0 0 rg BT 500.33 444.80 Td (and ) Tj ET Q q 0 0 0 rg BT 524.10 444.80 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 429.15 Td (implications ) Tj ET Q q 0 0 0 rg BT 169.72 429.15 Td (for ) Tj ET Q q 0 0 0 rg BT 186.21 429.15 Td (our ) Tj ET Q q 0 0 0 rg BT 205.56 429.15 Td (captive ) Tj ET Q q 0 0 0 rg BT 244.07 429.15 Td (insurance ) Tj ET Q q 0 0 0 rg BT 293.58 429.15 Td (subsidiarys ) Tj ET Q q 0 0 0 rg BT 351.85 429.15 Td (membership ) Tj ET Q q 0 0 0 rg BT 416.42 429.15 Td (in ) Tj ET Q q 0 0 0 rg BT 428.24 429.15 Td (the ) Tj ET Q q 0 0 0 rg BT 447.19 429.15 Td (FHLB\);) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 413.55 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 413.55 Td (strategic ) Tj ET Q q 0 0 0 rg BT 153.19 413.55 Td (business ) Tj ET Q q 0 0 0 rg BT 198.01 413.55 Td (and ) Tj ET Q q 0 0 0 rg BT 219.62 413.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 255.05 413.55 Td (deployment ) Tj ET Q q 0 0 0 rg BT 317.39 413.55 Td (decisions ) Tj ET Q q 0 0 0 rg BT 365.88 413.55 Td (we ) Tj ET Q q 0 0 0 rg BT 382.99 413.55 Td (make;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 397.95 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 397.95 Td (developments ) Tj ET Q q 0 0 0 rg BT 180.50 397.95 Td (related ) Tj ET Q q 0 0 0 rg BT 217.33 397.95 Td (to ) Tj ET Q q 0 0 0 rg BT 229.93 397.95 Td (the ) Tj ET Q q 0 0 0 rg BT 248.25 397.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 274.71 397.95 Td (income ) Tj ET Q q 0 0 0 rg BT 313.20 397.95 Td (and ) Tj ET Q q 0 0 0 rg BT 334.17 397.95 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 385.05 397.95 Td (finance ) Tj ET Q q 0 0 0 rg BT 422.73 397.95 Td (markets ) Tj ET Q q 0 0 0 rg BT 463.64 397.95 Td (and ) Tj ET Q q 0 0 0 rg BT 484.61 397.95 Td (the ) Tj ET Q q 0 0 0 rg BT 502.93 397.95 Td (Federal ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 382.30 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 155.89 382.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 212.71 382.30 Td (regarding ) Tj ET Q q 0 0 0 rg BT 263.43 382.30 Td (its ) Tj ET Q q 0 0 0 rg BT 277.47 382.30 Td (future ) Tj ET Q q 0 0 0 rg BT 309.24 382.30 Td (open ) Tj ET Q q 0 0 0 rg BT 337.77 382.30 Td (market ) Tj ET Q q 0 0 0 rg BT 374.63 382.30 Td (activity ) Tj ET Q q 0 0 0 rg BT 411.90 382.30 Td (and ) Tj ET Q q 0 0 0 rg BT 433.50 382.30 Td (monetary ) Tj ET Q q 0 0 0 rg BT 483.00 382.30 Td (policy;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 366.70 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 366.70 Td (our ) Tj ET Q q 0 0 0 rg BT 127.35 366.70 Td (exposure ) Tj ET Q q 0 0 0 rg BT 175.44 366.70 Td (to ) Tj ET Q q 0 0 0 rg BT 188.67 366.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 219.63 366.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 238.97 366.70 Td (and ) Tj ET Q q 0 0 0 rg BT 260.57 366.70 Td (the ) Tj ET Q q 0 0 0 rg BT 279.52 366.70 Td (timing ) Tj ET Q q 0 0 0 rg BT 313.74 366.70 Td (of ) Tj ET Q q 0 0 0 rg BT 326.57 366.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 357.53 366.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 389.92 366.70 Td (within ) Tj ET Q q 0 0 0 rg BT 422.10 366.70 Td (our ) Tj ET Q q 0 0 0 rg BT 441.45 366.70 Td (portfolio;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 351.05 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 351.05 Td (the ) Tj ET Q q 0 0 0 rg BT 127.02 351.05 Td (concentration ) Tj ET Q q 0 0 0 rg BT 197.57 351.05 Td (of ) Tj ET Q q 0 0 0 rg BT 210.47 351.05 Td (the ) Tj ET Q q 0 0 0 rg BT 229.48 351.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 260.50 351.05 Td (risks ) Tj ET Q q 0 0 0 rg BT 284.59 351.05 Td (we ) Tj ET Q q 0 0 0 rg BT 301.76 351.05 Td (are ) Tj ET Q q 0 0 0 rg BT 320.16 351.05 Td (exposed ) Tj ET Q q 0 0 0 rg BT 365.47 351.05 Td (to, ) Tj ET Q q 0 0 0 rg BT 381.82 351.05 Td (including ) Tj ET Q q 0 0 0 rg BT 429.97 351.05 Td (due ) Tj ET Q q 0 0 0 rg BT 452.04 351.05 Td (to ) Tj ET Q q 0 0 0 rg BT 465.34 351.05 Td (the ) Tj ET Q q 0 0 0 rg BT 484.35 351.05 Td (structure ) Tj ET Q q 0 0 0 rg BT 530.22 351.05 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 335.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 141.42 335.45 Td (we ) Tj ET Q q 0 0 0 rg BT 159.36 335.45 Td (hold ) Tj ET Q q 0 0 0 rg BT 185.25 335.45 Td (and ) Tj ET Q q 0 0 0 rg BT 207.68 335.45 Td (the ) Tj ET Q q 0 0 0 rg BT 227.45 335.45 Td (geographical ) Tj ET Q q 0 0 0 rg BT 295.91 335.45 Td (concentration ) Tj ET Q q 0 0 0 rg BT 367.22 335.45 Td (of ) Tj ET Q q 0 0 0 rg BT 380.89 335.45 Td (real ) Tj ET Q q 0 0 0 rg BT 402.69 335.45 Td (estate ) Tj ET Q q 0 0 0 rg BT 436.50 335.45 Td (underlying ) Tj ET Q q 0 0 0 rg BT 492.53 335.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 525.95 335.45 Td (we ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 319.85 Td (own;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 304.20 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 304.20 Td (our ) Tj ET Q q 0 0 0 rg BT 127.35 304.20 Td (exposure ) Tj ET Q q 0 0 0 rg BT 175.44 304.20 Td (to ) Tj ET Q q 0 0 0 rg BT 188.67 304.20 Td (adjustable-rate ) Tj ET Q q 0 0 0 rg BT 265.25 304.20 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 316.77 304.20 Td (loans;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 288.60 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 288.60 Td (the ) Tj ET Q q 0 0 0 rg BT 127.14 288.60 Td (efficacy ) Tj ET Q q 0 0 0 rg BT 167.07 288.60 Td (and ) Tj ET Q q 0 0 0 rg BT 188.86 288.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 233.28 288.60 Td (of ) Tj ET Q q 0 0 0 rg BT 246.30 288.60 Td (our ) Tj ET Q q 0 0 0 rg BT 265.84 288.60 Td (efforts ) Tj ET Q q 0 0 0 rg BT 300.03 288.60 Td (to ) Tj ET Q q 0 0 0 rg BT 313.44 288.60 Td (manage ) Tj ET Q q 0 0 0 rg BT 356.43 288.60 Td (or ) Tj ET Q q 0 0 0 rg BT 369.85 288.60 Td (hedge ) Tj ET Q q 0 0 0 rg BT 404.89 288.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 436.03 288.60 Td (risk, ) Tj ET Q q 0 0 0 rg BT 458.61 288.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 498.29 288.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 520.66 288.60 Td (risk, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 272.95 Td (and ) Tj ET Q q 0 0 0 rg BT 129.60 272.95 Td (other ) Tj ET Q q 0 0 0 rg BT 158.73 272.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.92 272.95 Td (and ) Tj ET Q q 0 0 0 rg BT 223.52 272.95 Td (operational ) Tj ET Q q 0 0 0 rg BT 282.59 272.95 Td (risks;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 257.35 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 257.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 152.91 257.35 Td (in ) Tj ET Q q 0 0 0 rg BT 165.80 257.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 197.84 257.35 Td (ratings ) Tj ET Q q 0 0 0 rg BT 235.16 257.35 Td (on ) Tj ET Q q 0 0 0 rg BT 251.94 257.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 285.62 257.35 Td (we ) Tj ET Q q 0 0 0 rg BT 303.81 257.35 Td (own ) Tj ET Q q 0 0 0 rg BT 328.53 257.35 Td (and ) Tj ET Q q 0 0 0 rg BT 351.22 257.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 396.12 257.35 Td (in ) Tj ET Q q 0 0 0 rg BT 409.02 257.35 Td (the ) Tj ET Q q 0 0 0 rg BT 429.05 257.35 Td (rating ) Tj ET Q q 0 0 0 rg BT 461.70 257.35 Td (agencies ) Tj ET Q q 0 0 0 rg BT 512.10 257.35 Td (credit ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 241.75 Td (rating ) Tj ET Q q 0 0 0 rg BT 139.56 241.75 Td (methodologies;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 226.10 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 226.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 151.82 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 163.64 226.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 203.13 226.10 Td (rates;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 210.50 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 210.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 151.82 210.50 Td (in ) Tj ET Q q 0 0 0 rg BT 163.64 210.50 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 215.16 210.50 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 277.50 210.50 Td (rates;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 194.85 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 194.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 151.82 194.85 Td (in ) Tj ET Q q 0 0 0 rg BT 163.64 194.85 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 205.79 194.85 Td (in ) Tj ET Q q 0 0 0 rg BT 217.61 194.85 Td (the ) Tj ET Q q 0 0 0 rg BT 236.56 194.85 Td (market ) Tj ET Q q 0 0 0 rg BT 273.42 194.85 Td (for ) Tj ET Q q 0 0 0 rg BT 289.91 194.85 Td (real ) Tj ET Q q 0 0 0 rg BT 310.89 194.85 Td (estate ) Tj ET Q q 0 0 0 rg BT 343.88 194.85 Td (securities ) Tj ET Q q 0 0 0 rg BT 392.55 194.85 Td (and ) Tj ET Q q 0 0 0 rg BT 414.16 194.85 Td (loans;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 179.25 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 179.25 Td (our ) Tj ET Q q 0 0 0 rg BT 127.35 179.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 159.72 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 172.96 179.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 211.27 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.22 179.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 286.04 179.25 Td (of ) Tj ET Q q 0 0 0 rg BT 298.87 179.25 Td (real ) Tj ET Q q 0 0 0 rg BT 319.85 179.25 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 390.91 179.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 423.51 179.25 Td (with ) Tj ET Q q 0 0 0 rg BT 446.93 179.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 501.27 179.25 Td (debt;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 163.65 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 163.65 Td (the ) Tj ET Q q 0 0 0 rg BT 126.95 163.65 Td (ability ) Tj ET Q q 0 0 0 rg BT 159.33 163.65 Td (of ) Tj ET Q q 0 0 0 rg BT 172.16 163.65 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 245.89 163.65 Td (to ) Tj ET Q q 0 0 0 rg BT 259.12 163.65 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 292.12 163.65 Td (their ) Tj ET Q q 0 0 0 rg BT 317.36 163.65 Td (obligations ) Tj ET Q q 0 0 0 rg BT 375.02 163.65 Td (to ) Tj ET Q q 0 0 0 rg BT 388.25 163.65 Td (us;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 148.00 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 148.00 Td (our ) Tj ET Q q 0 0 0 rg BT 127.59 148.00 Td (involvement ) Tj ET Q q 0 0 0 rg BT 190.79 148.00 Td (in ) Tj ET Q q 0 0 0 rg BT 202.84 148.00 Td (securitization ) Tj ET Q q 0 0 0 rg BT 270.29 148.00 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 335.11 148.00 Td (the ) Tj ET Q q 0 0 0 rg BT 354.30 148.00 Td (profitability ) Tj ET Q q 0 0 0 rg BT 413.16 148.00 Td (of ) Tj ET Q q 0 0 0 rg BT 426.24 148.00 Td (those ) Tj ET Q q 0 0 0 rg BT 456.65 148.00 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 521.46 148.00 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 132.40 Td (the ) Tj ET Q q 0 0 0 rg BT 126.95 132.40 Td (risks ) Tj ET Q q 0 0 0 rg BT 150.98 132.40 Td (we ) Tj ET Q q 0 0 0 rg BT 168.09 132.40 Td (are ) Tj ET Q q 0 0 0 rg BT 186.43 132.40 Td (exposed ) Tj ET Q q 0 0 0 rg BT 231.67 132.40 Td (to ) Tj ET Q q 0 0 0 rg BT 244.91 132.40 Td (in ) Tj ET Q q 0 0 0 rg BT 256.72 132.40 Td (engaging ) Tj ET Q q 0 0 0 rg BT 306.64 132.40 Td (in ) Tj ET Q q 0 0 0 rg BT 318.46 132.40 Td (securitization ) Tj ET Q q 0 0 0 rg BT 385.67 132.40 Td (transactions;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 116.75 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 116.75 Td (exposure ) Tj ET Q q 0 0 0 rg BT 157.96 116.75 Td (to ) Tj ET Q q 0 0 0 rg BT 173.06 116.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 208.33 116.75 Td (and ) Tj ET Q q 0 0 0 rg BT 231.80 116.75 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 282.75 116.75 Td (including ) Tj ET Q q 0 0 0 rg BT 332.70 116.75 Td (litigation ) Tj ET Q q 0 0 0 rg BT 380.59 116.75 Td (arising ) Tj ET Q q 0 0 0 rg BT 417.68 116.75 Td (from ) Tj ET Q q 0 0 0 rg BT 445.21 116.75 Td (our ) Tj ET Q q 0 0 0 rg BT 466.42 116.75 Td (involvement ) Tj ET Q q 0 0 0 rg BT 531.24 116.75 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 101.15 Td (securitization ) Tj ET Q q 0 0 0 rg BT 175.21 101.15 Td (transactions;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 85.55 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 85.55 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 152.42 85.55 Td (litigation ) Tj ET Q q 0 0 0 rg BT 198.44 85.55 Td (against ) Tj ET Q q 0 0 0 rg BT 236.74 85.55 Td (various ) Tj ET Q q 0 0 0 rg BT 274.42 85.55 Td (trustees ) Tj ET Q q 0 0 0 rg BT 316.16 85.55 Td (of ) Tj ET Q q 0 0 0 rg BT 328.99 85.55 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 361.41 85.55 Td (transactions;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 69.90 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 69.90 Td (whether ) Tj ET Q q 0 0 0 rg BT 150.78 69.90 Td (we ) Tj ET Q q 0 0 0 rg BT 167.90 69.90 Td (have ) Tj ET Q q 0 0 0 rg BT 194.20 69.90 Td (sufficient ) Tj ET Q q 0 0 0 rg BT 240.84 69.90 Td (liquid ) Tj ET Q q 0 0 0 rg BT 271.39 69.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 303.98 69.90 Td (to ) Tj ET Q q 0 0 0 rg BT 317.21 69.90 Td (meet ) Tj ET Q q 0 0 0 rg BT 345.53 69.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 399.87 69.90 Td (needs;) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 183.20 736.44 Td (F O R W A R D - L O O K I N G S T A T E M E N T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.95 50.59 Td (See Appendix for details on non-GAAP measures. Detailed endnotes are included at the end of this Redwood Review.) 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687.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.96 687.10 Td (adapt ) Tj ET Q q 0 0 0 rg BT 204.53 687.10 Td (our ) Tj ET Q q 0 0 0 rg BT 223.87 687.10 Td (business ) Tj ET Q q 0 0 0 rg BT 268.70 687.10 Td (model ) Tj ET Q q 0 0 0 rg BT 303.13 687.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.74 687.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 375.42 687.10 Td (to ) Tj ET Q q 0 0 0 rg BT 388.66 687.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 437.16 687.10 Td (circumstances;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 671.45 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 671.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 152.41 671.45 Td (in ) Tj ET Q q 0 0 0 rg BT 164.82 671.45 Td (our ) Tj ET Q q 0 0 0 rg BT 184.75 671.45 Td (investment, ) Tj ET Q q 0 0 0 rg BT 245.23 671.45 Td (financing, ) Tj ET Q q 0 0 0 rg BT 296.55 671.45 Td (and ) Tj ET Q q 0 0 0 rg BT 318.74 671.45 Td (hedging ) Tj ET Q q 0 0 0 rg BT 363.54 671.45 Td (strategies ) Tj ET Q q 0 0 0 rg BT 414.82 671.45 Td (and ) Tj ET Q q 0 0 0 rg BT 437.01 671.45 Td (new ) Tj ET Q q 0 0 0 rg BT 460.83 671.45 Td (risks ) Tj ET Q q 0 0 0 rg BT 485.44 671.45 Td (we ) Tj ET Q q 0 0 0 rg BT 503.15 671.45 Td (may ) Tj ET Q q 0 0 0 rg BT 527.18 671.45 Td (be ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 655.85 Td (exposed ) Tj ET Q q 0 0 0 rg BT 153.24 655.85 Td (to ) Tj ET Q q 0 0 0 rg BT 166.48 655.85 Td (if ) Tj ET Q q 0 0 0 rg BT 175.43 655.85 Td (we ) Tj ET Q q 0 0 0 rg BT 192.55 655.85 Td (expand ) Tj ET Q q 0 0 0 rg BT 232.29 655.85 Td (our ) Tj ET Q q 0 0 0 rg BT 251.64 655.85 Td (business ) Tj ET Q q 0 0 0 rg BT 296.47 655.85 Td (activities;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 640.25 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 640.25 Td (our ) Tj ET Q q 0 0 0 rg BT 126.78 640.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 174.30 640.25 Td (to ) Tj ET Q q 0 0 0 rg BT 186.96 640.25 Td (a ) Tj ET Q q 0 0 0 rg BT 195.16 640.25 Td (disruption ) Tj ET Q q 0 0 0 rg BT 247.14 640.25 Td (or ) Tj ET Q q 0 0 0 rg BT 259.80 640.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 295.71 640.25 Td (of ) Tj ET Q q 0 0 0 rg BT 307.97 640.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.36 640.25 Td (security ) Tj ET Q q 0 0 0 rg BT 366.31 640.25 Td (of ) Tj ET Q q 0 0 0 rg BT 378.58 640.25 Td (our ) Tj ET Q q 0 0 0 rg BT 397.36 640.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 454.85 640.25 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 521.46 640.25 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 624.60 Td (systems;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 609.00 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 609.00 Td (exposure ) Tj ET Q q 0 0 0 rg BT 156.09 609.00 Td (to ) Tj ET Q q 0 0 0 rg BT 169.33 609.00 Td (environmental ) Tj ET Q q 0 0 0 rg BT 242.26 609.00 Td (liabilities;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 593.35 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 593.35 Td (our ) Tj ET Q q 0 0 0 rg BT 127.35 593.35 Td (failure ) Tj ET Q q 0 0 0 rg BT 160.34 593.35 Td (to ) Tj ET Q q 0 0 0 rg BT 173.57 593.35 Td (comply ) Tj ET Q q 0 0 0 rg BT 212.49 593.35 Td (with ) Tj ET Q q 0 0 0 rg BT 235.91 593.35 Td (applicable ) Tj ET Q q 0 0 0 rg BT 289.90 593.35 Td (laws ) Tj ET Q q 0 0 0 rg BT 313.93 593.35 Td (and ) Tj ET Q q 0 0 0 rg BT 335.54 593.35 Td (regulations;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 577.75 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 577.75 Td (our ) Tj ET Q q 0 0 0 rg BT 126.61 577.75 Td (failure ) Tj ET Q q 0 0 0 rg BT 158.86 577.75 Td (to ) Tj ET Q q 0 0 0 rg BT 171.36 577.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 215.63 577.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 275.57 577.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 314.73 577.75 Td (controls ) Tj ET Q q 0 0 0 rg BT 355.95 577.75 Td (over ) Tj ET Q q 0 0 0 rg BT 379.86 577.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 422.31 577.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 470.24 577.75 Td (and ) Tj ET Q q 0 0 0 rg BT 491.10 577.75 Td (disclosure ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 562.15 Td (controls ) Tj ET Q q 0 0 0 rg BT 149.95 562.15 Td (and ) Tj ET Q q 0 0 0 rg BT 171.56 562.15 Td (procedures;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 546.50 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 546.50 Td (the ) Tj ET Q q 0 0 0 rg BT 126.46 546.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 162.42 546.50 Td (on ) Tj ET Q q 0 0 0 rg BT 177.63 546.50 Td (our ) Tj ET Q q 0 0 0 rg BT 196.48 546.50 Td (reputation ) Tj ET Q q 0 0 0 rg BT 249.76 546.50 Td (that ) Tj ET Q q 0 0 0 rg BT 271.47 546.50 Td (could ) Tj ET Q q 0 0 0 rg BT 301.33 546.50 Td (result ) Tj ET Q q 0 0 0 rg BT 330.57 546.50 Td (from ) Tj ET Q q 0 0 0 rg BT 355.74 546.50 Td (our ) Tj ET Q q 0 0 0 rg BT 374.60 546.50 Td (actions ) Tj ET Q q 0 0 0 rg BT 411.81 546.50 Td (or ) Tj ET Q q 0 0 0 rg BT 424.55 546.50 Td (omissions ) Tj ET Q q 0 0 0 rg BT 474.98 546.50 Td (or ) Tj ET Q q 0 0 0 rg BT 487.72 546.50 Td (from ) Tj ET Q q 0 0 0 rg BT 512.89 546.50 Td (those ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 530.90 Td (of ) Tj ET Q q 0 0 0 rg BT 120.84 530.90 Td (others; ) Tj ET Q q 0 0 0 rg BT 157.71 530.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 201.53 530.90 Td (in ) Tj ET Q q 0 0 0 rg BT 213.35 530.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 270.62 530.90 Td (principles ) Tj ET Q q 0 0 0 rg BT 320.91 530.90 Td (and ) Tj ET Q q 0 0 0 rg BT 342.51 530.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 360.23 530.90 Td (rules;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 515.25 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 127.35 515.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 159.72 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 172.96 515.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 217.97 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 237.32 515.25 Td (status ) Tj ET Q q 0 0 0 rg BT 268.88 515.25 Td (as ) Tj ET Q q 0 0 0 rg BT 282.33 515.25 Td (a ) Tj ET Q q 0 0 0 rg BT 291.10 515.25 Td (REIT ) Tj ET Q q 0 0 0 rg BT 316.42 515.25 Td (for ) Tj ET Q q 0 0 0 rg BT 332.91 515.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 350.63 515.25 Td (purposes;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 499.65 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 499.65 Td (limitations ) Tj ET Q q 0 0 0 rg BT 160.85 499.65 Td (imposed ) Tj ET Q q 0 0 0 rg BT 206.20 499.65 Td (on ) Tj ET Q q 0 0 0 rg BT 221.40 499.65 Td (our ) Tj ET Q q 0 0 0 rg BT 240.25 499.65 Td (business ) Tj ET Q q 0 0 0 rg BT 284.58 499.65 Td (due ) Tj ET Q q 0 0 0 rg BT 306.10 499.65 Td (to ) Tj ET Q q 0 0 0 rg BT 318.84 499.65 Td (our ) Tj ET Q q 0 0 0 rg BT 337.69 499.65 Td (REIT ) Tj ET Q q 0 0 0 rg BT 362.52 499.65 Td (status ) Tj ET Q q 0 0 0 rg BT 393.58 499.65 Td (and ) Tj ET Q q 0 0 0 rg BT 414.69 499.65 Td (our ) Tj ET Q q 0 0 0 rg BT 433.54 499.65 Td (status ) Tj ET Q q 0 0 0 rg BT 464.61 499.65 Td (as ) Tj ET Q q 0 0 0 rg BT 477.56 499.65 Td (exempt ) Tj ET Q q 0 0 0 rg BT 517.40 499.65 Td (from ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 484.05 Td (registration ) Tj ET Q q 0 0 0 rg BT 166.63 484.05 Td (under ) Tj ET Q q 0 0 0 rg BT 198.41 484.05 Td (the ) Tj ET Q q 0 0 0 rg BT 217.36 484.05 Td (Investment ) Tj ET Q q 0 0 0 rg BT 274.45 484.05 Td (Company ) Tj ET Q q 0 0 0 rg BT 325.00 484.05 Td (Act ) Tj ET Q q 0 0 0 rg BT 344.56 484.05 Td (of ) Tj ET Q q 0 0 0 rg BT 357.39 484.05 Td (1940;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 468.40 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 468.40 Td (decisions ) Tj ET Q q 0 0 0 rg BT 156.49 468.40 Td (about ) Tj ET Q q 0 0 0 rg BT 188.27 468.40 Td (raising, ) Tj ET Q q 0 0 0 rg BT 226.55 468.40 Td (managing, ) Tj ET Q q 0 0 0 rg BT 281.77 468.40 Td (and ) Tj ET Q q 0 0 0 rg BT 303.37 468.40 Td (distributing ) Tj ET Q q 0 0 0 rg BT 362.41 468.40 Td (capital; ) Tj ET Q q 0 0 0 rg BT 400.90 468.40 Td (and) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 452.80 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 452.80 Td (other ) Tj ET Q q 0 0 0 rg BT 137.13 452.80 Td (factors ) Tj ET Q q 0 0 0 rg BT 172.97 452.80 Td (not ) Tj ET Q q 0 0 0 rg BT 192.31 452.80 Td (presently ) Tj ET Q q 0 0 0 rg BT 240.19 452.80 Td (identified.) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 266.45 736.44 Td (E N D N O T E S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.50 Tf ET q 0 0 0 rg BT 211.90 35.07 Td (THE REDWOOD REVIEW I 4TH QUARTER 2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.90 21.00 Td (55) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 72 702.2 m 102.93994140625 702.2 l s q 0 0 0 rg BT 72.00 703.45 Td (Page 7) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 72.00 690.85 Td (\(1\) ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 690.85 Td (Economic ) Tj ET Q q 0 0 0 rg BT 132.08 690.85 Td (return ) Tj ET Q q 0 0 0 rg BT 159.48 690.85 Td (on ) Tj ET Q q 0 0 0 rg BT 174.00 690.85 Td (book ) Tj ET Q q 0 0 0 rg BT 198.12 690.85 Td (value ) Tj ET Q q 0 0 0 rg BT 222.88 690.85 Td (is ) Tj ET Q q 0 0 0 rg BT 233.29 690.85 Td (based ) Tj ET Q q 0 0 0 rg BT 261.19 690.85 Td (on ) Tj ET Q q 0 0 0 rg BT 275.72 690.85 Td (the ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 680.20 Td (periodic ) Tj ET Q q 0 0 0 rg BT 124.52 680.20 Td (change ) Tj ET Q q 0 0 0 rg BT 155.77 680.20 Td (in ) Tj ET Q q 0 0 0 rg BT 165.89 680.20 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 192.41 680.20 Td (book ) Tj ET Q q 0 0 0 rg BT 215.14 680.20 Td (value ) Tj ET Q q 0 0 0 rg BT 238.50 680.20 Td (per ) Tj ET Q q 0 0 0 rg BT 254.61 680.20 Td (common ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 669.60 Td (share ) Tj ET Q q 0 0 0 rg BT 114.50 669.60 Td (plus ) Tj ET Q q 0 0 0 rg BT 134.43 669.60 Td (dividends ) Tj ET Q q 0 0 0 rg BT 175.62 669.60 Td (declared ) Tj ET Q q 0 0 0 rg BT 213.02 669.60 Td (per ) Tj ET Q q 0 0 0 rg BT 230.11 669.60 Td (common ) Tj ET Q q 0 0 0 rg BT 267.85 669.60 Td (share ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 658.95 Td (during ) Tj ET Q q 0 0 0 rg BT 117.06 658.95 Td (the ) Tj ET Q q 0 0 0 rg BT 131.71 658.95 Td (period. ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 72.00 646.35 Td (\(2\) ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 646.35 Td (Recourse ) Tj ET Q q 0 0 0 rg BT 127.68 646.35 Td (leverage ) Tj ET Q q 0 0 0 rg BT 163.30 646.35 Td (ratio ) Tj ET Q q 0 0 0 rg BT 183.32 646.35 Td (is ) Tj ET Q q 0 0 0 rg BT 191.86 646.35 Td (defined ) Tj ET Q q 0 0 0 rg BT 223.86 646.35 Td (as ) Tj ET Q q 0 0 0 rg BT 234.77 646.35 Td (recourse ) Tj ET Q q 0 0 0 rg BT 270.07 646.35 Td (debt ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 635.70 Td (at ) Tj ET Q q 0 0 0 rg BT 98.81 635.70 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 136.75 635.70 Td (divided ) Tj ET Q q 0 0 0 rg BT 166.82 635.70 Td (by ) Tj ET Q q 0 0 0 rg BT 177.68 635.70 Td (tangible ) Tj ET Q q 0 0 0 rg BT 210.41 635.70 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 262.04 635.70 Td (equity. ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 625.10 Td (Recourse ) Tj ET Q q 0 0 0 rg BT 126.75 625.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 146.63 625.10 Td (excludes ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 181.80 625.10 Td ($10.7 ) Tj ET Q q 0 0 0 rg BT 205.02 625.10 Td (billion) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 228.15 625.10 Td ( ) Tj ET Q q 0 0 0 rg BT 230.10 625.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.38 625.10 Td ($8.5 ) Tj ET Q q 0 0 0 rg BT 264.87 625.10 Td (billion ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 614.45 Td (of ) Tj ET Q q 0 0 0 rg BT 100.49 614.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 152.38 614.45 Td (securitization ) Tj ET Q q 0 0 0 rg BT 204.89 614.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 225.75 614.45 Td (\(ABS ) Tj ET Q q 0 0 0 rg BT 246.81 614.45 Td (issued ) Tj ET Q q 0 0 0 rg BT 273.67 614.45 Td (and ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 603.85 Td (servicer ) Tj ET Q q 0 0 0 rg BT 122.72 603.85 Td (advance ) Tj ET Q q 0 0 0 rg BT 158.16 603.85 Td (financing\) ) Tj ET Q q 0 0 0 rg BT 198.62 603.85 Td (that ) Tj ET Q q 0 0 0 rg BT 217.18 603.85 Td (is ) Tj ET Q q 0 0 0 rg BT 226.61 603.85 Td (non-recourse ) Tj ET Q q 0 0 0 rg BT 280.14 603.85 Td (to ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 593.20 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 128.59 593.20 Td (at ) Tj ET Q q 0 0 0 rg BT 138.04 593.20 Td (December ) Tj ET Q q 0 0 0 rg BT 180.09 593.20 Td (31, ) Tj ET Q q 0 0 0 rg BT 194.12 593.20 Td (2019 ) Tj ET Q q 0 0 0 rg BT 215.24 593.20 Td (and ) Tj ET Q q 0 0 0 rg BT 231.79 593.20 Td (September ) Tj ET Q q 0 0 0 rg BT 276.18 593.20 Td (30, ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 582.60 Td (2019, ) Tj ET Q q 0 0 0 rg BT 117.16 582.60 Td (respectively. ) Tj ET Q q 0 0 0 rg BT 170.28 582.60 Td (Tangible ) Tj ET Q q 0 0 0 rg BT 208.44 582.60 Td (stockholder's ) Tj ET Q q 0 0 0 rg BT 264.40 582.60 Td (equity ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 571.95 Td (excludes ) Tj ET Q q 0 0 0 rg BT 124.77 571.95 Td ($161 ) Tj ET Q q 0 0 0 rg BT 145.22 571.95 Td (million ) Tj ET Q q 0 0 0 rg BT 171.95 571.95 Td (and ) Tj ET Q q 0 0 0 rg BT 187.83 571.95 Td ($49 ) Tj ET Q q 0 0 0 rg BT 203.56 571.95 Td (million ) Tj ET Q q 0 0 0 rg BT 230.29 571.95 Td (of ) Tj ET Q q 0 0 0 rg BT 239.39 571.95 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 273.67 571.95 Td (and ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 561.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 135.44 561.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 165.79 561.35 Td (at ) Tj ET Q q 0 0 0 rg BT 180.55 561.35 Td (December ) Tj ET Q q 0 0 0 rg BT 227.90 561.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 247.24 561.35 Td (2019 ) Tj ET Q q 0 0 0 rg BT 273.67 561.35 Td (and ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 550.70 Td (September ) Tj ET Q q 0 0 0 rg BT 134.54 550.70 Td (30, ) Tj ET Q q 0 0 0 rg BT 148.72 550.70 Td (2019, ) Tj ET Q q 0 0 0 rg BT 172.35 550.70 Td (respectively.) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 72.00 538.10 Td (\(3\) ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 538.10 Td (Acquisition-related ) Tj ET Q q 0 0 0 rg BT 167.81 538.10 Td (items ) Tj ET Q q 0 0 0 rg BT 194.46 538.10 Td (included ) Tj ET Q q 0 0 0 rg BT 233.40 538.10 Td ($4 ) Tj ET Q q 0 0 0 rg BT 249.06 538.10 Td (million ) Tj ET Q q 0 0 0 rg BT 280.44 538.10 Td (of ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 527.45 Td (purchased ) Tj ET Q q 0 0 0 rg BT 130.84 527.45 Td (intangible ) Tj ET Q q 0 0 0 rg BT 170.24 527.45 Td (amortization ) Tj ET Q q 0 0 0 rg BT 218.78 527.45 Td (expense ) Tj ET Q q 0 0 0 rg BT 252.07 527.45 Td (related ) Tj ET Q q 0 0 0 rg BT 280.14 527.45 Td (to ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 516.85 Td (the ) Tj ET Q q 0 0 0 rg BT 104.13 516.85 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 140.29 516.85 Td (and ) Tj ET Q q 0 0 0 rg BT 156.47 516.85 Td (5 ) Tj ET Q q 0 0 0 rg BT 163.04 516.85 Td (Arches ) Tj ET Q q 0 0 0 rg BT 190.56 516.85 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 239.16 516.85 Td (as ) Tj ET Q q 0 0 0 rg BT 249.04 516.85 Td (well ) Tj ET Q q 0 0 0 rg BT 265.84 516.85 Td (as ) Tj ET Q q 0 0 0 rg BT 275.72 516.85 Td (the ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 506.20 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 119.16 506.20 Td (impact ) Tj ET Q q 0 0 0 rg BT 146.42 506.20 Td (of ) Tj ET Q q 0 0 0 rg BT 155.43 506.20 Td ($10 ) Tj ET Q q 0 0 0 rg BT 171.07 506.20 Td (million ) Tj ET Q q 0 0 0 rg BT 197.71 506.20 Td (of ) Tj ET Q q 0 0 0 rg BT 206.72 506.20 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 253.83 506.20 Td (purchase ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 495.60 Td (consideration ) Tj ET Q q 0 0 0 rg BT 147.59 495.60 Td (for ) Tj ET Q q 0 0 0 rg BT 164.24 495.60 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 204.82 495.60 Td (that ) Tj ET Q q 0 0 0 rg BT 225.88 495.60 Td (was ) Tj ET Q q 0 0 0 rg BT 246.33 495.60 Td (treated ) Tj ET Q q 0 0 0 rg BT 279.97 495.60 Td (as ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 484.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 146.06 484.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 180.24 484.95 Td (for ) Tj ET Q q 0 0 0 rg BT 192.98 484.95 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 218.49 484.95 Td (purposes.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 72 457.7 m 108.5 457.7 l s q 0 0 0 rg BT 72.00 458.95 Td (Page 11) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 72.00 446.35 Td (\(1\) ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 446.35 Td (Acquisition-related ) Tj ET Q q 0 0 0 rg BT 167.81 446.35 Td (items ) Tj ET Q q 0 0 0 rg BT 194.46 446.35 Td (included ) Tj ET Q q 0 0 0 rg BT 233.40 446.35 Td ($4 ) Tj ET Q q 0 0 0 rg BT 249.06 446.35 Td (million ) Tj ET Q q 0 0 0 rg BT 280.44 446.35 Td (of ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 435.70 Td (purchased ) Tj ET Q q 0 0 0 rg BT 130.84 435.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 170.24 435.70 Td (amortization ) Tj ET Q q 0 0 0 rg BT 218.78 435.70 Td (expense ) Tj ET Q q 0 0 0 rg BT 252.07 435.70 Td (related ) Tj ET Q q 0 0 0 rg BT 280.14 435.70 Td (to ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.13 425.10 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 140.29 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.47 425.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 163.04 425.10 Td (Arches ) Tj ET Q q 0 0 0 rg BT 190.56 425.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 239.16 425.10 Td (as ) Tj ET Q q 0 0 0 rg BT 249.04 425.10 Td (well ) Tj ET Q q 0 0 0 rg BT 265.84 425.10 Td (as ) Tj ET Q q 0 0 0 rg BT 275.72 425.10 Td (the ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 414.45 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 119.16 414.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 146.42 414.45 Td (of ) Tj ET Q q 0 0 0 rg BT 155.43 414.45 Td ($10 ) Tj ET Q q 0 0 0 rg BT 171.07 414.45 Td (million ) Tj ET Q q 0 0 0 rg BT 197.71 414.45 Td (of ) Tj ET Q q 0 0 0 rg BT 206.72 414.45 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 253.83 414.45 Td (purchase ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 403.85 Td (consideration ) Tj ET Q q 0 0 0 rg BT 147.59 403.85 Td (for ) Tj ET Q q 0 0 0 rg BT 164.24 403.85 Td (CoreVest ) Tj ET Q q 0 0 0 rg BT 204.82 403.85 Td (that ) Tj ET Q q 0 0 0 rg BT 225.88 403.85 Td (was ) Tj ET Q q 0 0 0 rg BT 246.33 403.85 Td (treated ) Tj ET Q q 0 0 0 rg BT 279.97 403.85 Td (as ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 393.20 Td (compensation ) Tj ET Q q 0 0 0 rg BT 146.06 393.20 Td (expense ) Tj ET Q q 0 0 0 rg BT 180.24 393.20 Td (for ) Tj ET Q q 0 0 0 rg BT 192.98 393.20 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 218.49 393.20 Td (purposes.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 72 365.95 m 108.5 365.95 l s q 0 0 0 rg BT 72.00 367.20 Td (Page 14) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 72.00 354.60 Td (\(1\) ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 354.60 Td (Core ) Tj ET Q q 0 0 0 rg BT 110.80 354.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 139.94 354.60 Td (margin ) Tj ET Q q 0 0 0 rg BT 168.61 354.60 Td (is ) Tj ET Q q 0 0 0 rg BT 176.65 354.60 Td (a ) Tj ET Q q 0 0 0 rg BT 183.45 354.60 Td (measure ) Tj ET Q q 0 0 0 rg BT 217.95 354.60 Td (of ) Tj ET Q q 0 0 0 rg BT 227.90 354.60 Td (profitability ) Tj ET Q q 0 0 0 rg BT 273.21 354.60 Td (that ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 343.95 Td (indicates ) Tj ET Q q 0 0 0 rg BT 126.44 343.95 Td (how ) Tj ET Q q 0 0 0 rg BT 145.11 343.95 Td (much ) Tj ET Q q 0 0 0 rg BT 168.66 343.95 Td (of ) Tj ET Q q 0 0 0 rg BT 178.97 343.95 Td (each ) Tj ET Q q 0 0 0 rg BT 199.69 343.95 Td (dollar ) Tj ET Q q 0 0 0 rg BT 224.00 343.95 Td (of ) Tj ET Q q 0 0 0 rg BT 234.32 343.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 267.47 343.95 Td (is ) Tj ET Q q 0 0 0 rg BT 275.89 343.95 Td (left ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 333.35 Td (over ) Tj ET Q q 0 0 0 rg BT 108.94 333.35 Td (after ) Tj ET Q q 0 0 0 rg BT 128.49 333.35 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 168.55 333.35 Td (other ) Tj ET Q q 0 0 0 rg BT 190.95 333.35 Td (than ) Tj ET Q q 0 0 0 rg BT 209.90 333.35 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 234.19 333.35 Td (It ) Tj ET Q q 0 0 0 rg BT 241.52 333.35 Td (is ) Tj ET Q q 0 0 0 rg BT 249.43 333.35 Td (calculated ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 322.70 Td (on ) Tj ET Q q 0 0 0 rg BT 102.77 322.70 Td (a ) Tj ET Q q 0 0 0 rg BT 110.18 322.70 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 153.66 322.70 Td (core ) Tj ET Q q 0 0 0 rg BT 173.20 322.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 195.08 322.70 Td (as ) Tj ET Q q 0 0 0 rg BT 206.12 322.70 Td (the ) Tj ET Q q 0 0 0 rg BT 221.40 322.70 Td (sum ) Tj ET Q q 0 0 0 rg BT 240.00 322.70 Td (of ) Tj ET Q q 0 0 0 rg BT 250.55 322.70 Td (mortgage ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 312.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 123.25 312.10 Td (net ) Tj ET Q q 0 0 0 rg BT 138.38 312.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 169.39 312.10 Td (income ) Tj ET Q q 0 0 0 rg BT 200.12 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 217.31 312.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 257.61 312.10 Td (banking ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 301.45 Td (activities ) Tj ET Q q 0 0 0 rg BT 126.23 301.45 Td (less ) Tj ET Q q 0 0 0 rg BT 143.73 301.45 Td (general ) Tj ET Q q 0 0 0 rg BT 175.86 301.45 Td (and ) Tj ET Q q 0 0 0 rg BT 193.68 301.45 Td (administrative ) Tj ET Q q 0 0 0 rg BT 250.20 301.45 Td (expenses, ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 290.85 Td (divided ) Tj ET Q q 0 0 0 rg BT 120.56 290.85 Td (by ) Tj ET Q q 0 0 0 rg BT 131.92 290.85 Td (the ) Tj ET Q q 0 0 0 rg BT 146.26 290.85 Td (sum ) Tj ET Q q 0 0 0 rg BT 163.92 290.85 Td (of ) Tj ET Q q 0 0 0 rg BT 173.54 290.85 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 213.06 290.85 Td (banking ) Tj ET Q q 0 0 0 rg BT 245.51 290.85 Td (net ) Tj ET Q q 0 0 0 rg BT 259.85 290.85 Td (interest ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 280.20 Td (income ) Tj ET Q q 0 0 0 rg BT 120.23 280.20 Td (and ) Tj ET Q q 0 0 0 rg BT 136.93 280.20 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 176.74 280.20 Td (banking ) Tj ET Q q 0 0 0 rg BT 209.49 280.20 Td (activities. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 72 252.95000000000005 m 108.5 252.95000000000005 l s q 0 0 0 rg BT 72.00 254.20 Td (Page 16) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 72.00 241.60 Td (\(1\) ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 241.60 Td (Core ) Tj ET Q q 0 0 0 rg BT 110.80 241.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 139.94 241.60 Td (margin ) Tj ET Q q 0 0 0 rg BT 168.61 241.60 Td (is ) Tj ET Q q 0 0 0 rg BT 176.65 241.60 Td (a ) Tj ET Q q 0 0 0 rg BT 183.45 241.60 Td (measure ) Tj ET Q q 0 0 0 rg BT 217.95 241.60 Td (of ) Tj ET Q q 0 0 0 rg BT 227.90 241.60 Td (profitability ) Tj ET Q q 0 0 0 rg BT 273.21 241.60 Td (that ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 230.95 Td (indicates ) Tj ET Q q 0 0 0 rg BT 126.44 230.95 Td (how ) Tj ET Q q 0 0 0 rg BT 145.11 230.95 Td (much ) Tj ET Q q 0 0 0 rg BT 168.66 230.95 Td (of ) Tj ET Q q 0 0 0 rg BT 178.97 230.95 Td (each ) Tj ET Q q 0 0 0 rg BT 199.69 230.95 Td (dollar ) Tj ET Q q 0 0 0 rg BT 224.00 230.95 Td (of ) Tj ET Q q 0 0 0 rg BT 234.32 230.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 267.47 230.95 Td (is ) Tj ET Q q 0 0 0 rg BT 275.89 230.95 Td (left ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 220.35 Td (over ) Tj ET Q q 0 0 0 rg BT 108.94 220.35 Td (after ) Tj ET Q q 0 0 0 rg BT 128.49 220.35 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 168.55 220.35 Td (other ) Tj ET Q q 0 0 0 rg BT 190.95 220.35 Td (than ) Tj ET Q q 0 0 0 rg BT 209.90 220.35 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 234.19 220.35 Td (It ) Tj ET Q q 0 0 0 rg BT 241.52 220.35 Td (is ) Tj ET Q q 0 0 0 rg BT 249.43 220.35 Td (calculated ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 209.70 Td (on ) Tj ET Q q 0 0 0 rg BT 102.77 209.70 Td (a ) Tj ET Q q 0 0 0 rg BT 110.18 209.70 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 153.66 209.70 Td (core ) Tj ET Q q 0 0 0 rg BT 173.20 209.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 195.08 209.70 Td (as ) Tj ET Q q 0 0 0 rg BT 206.12 209.70 Td (the ) Tj ET Q q 0 0 0 rg BT 221.40 209.70 Td (sum ) Tj ET Q q 0 0 0 rg BT 240.00 209.70 Td (of ) Tj ET Q q 0 0 0 rg BT 250.55 209.70 Td (mortgage ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 199.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 123.25 199.10 Td (net ) Tj ET Q q 0 0 0 rg BT 138.38 199.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 169.39 199.10 Td (income ) Tj ET Q q 0 0 0 rg BT 200.12 199.10 Td (and ) Tj ET Q q 0 0 0 rg BT 217.31 199.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 257.61 199.10 Td (banking ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 188.45 Td (activities ) Tj ET Q q 0 0 0 rg BT 126.23 188.45 Td (less ) Tj ET Q q 0 0 0 rg BT 143.73 188.45 Td (general ) Tj ET Q q 0 0 0 rg BT 175.86 188.45 Td (and ) Tj ET Q q 0 0 0 rg BT 193.68 188.45 Td (administrative ) Tj ET Q q 0 0 0 rg BT 250.20 188.45 Td (expenses, ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 177.85 Td (divided ) Tj ET Q q 0 0 0 rg BT 120.56 177.85 Td (by ) Tj ET Q q 0 0 0 rg BT 131.92 177.85 Td (the ) Tj ET Q q 0 0 0 rg BT 146.26 177.85 Td (sum ) Tj ET Q q 0 0 0 rg BT 163.92 177.85 Td (of ) Tj ET Q q 0 0 0 rg BT 173.54 177.85 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 213.06 177.85 Td (banking ) Tj ET Q q 0 0 0 rg BT 245.51 177.85 Td (net ) Tj ET Q q 0 0 0 rg BT 259.85 177.85 Td (interest ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 167.20 Td (income ) Tj ET Q q 0 0 0 rg BT 120.23 167.20 Td (and ) Tj ET Q q 0 0 0 rg BT 136.93 167.20 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 176.74 167.20 Td (banking ) Tj ET Q q 0 0 0 rg BT 209.49 167.20 Td (activities. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 72 139.95000000000005 m 108.5 139.95000000000005 l s q 0 0 0 rg BT 72.00 141.20 Td (Page 21) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 72.00 128.60 Td (\(1\) ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 128.60 Td (Equity ) Tj ET Q q 0 0 0 rg BT 116.89 128.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 163.89 128.60 Td (to ) Tj ET Q q 0 0 0 rg BT 174.72 128.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 208.70 128.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 255.56 128.60 Td (financed ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 117.95 Td (with ) Tj ET Q q 0 0 0 rg BT 107.37 117.95 Td (short-term ) Tj ET Q q 0 0 0 rg BT 148.64 117.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 168.22 117.95 Td (includes ) Tj ET Q q 0 0 0 rg BT 201.03 117.95 Td (internal ) Tj ET Q q 0 0 0 rg BT 231.14 117.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 262.98 117.95 Td (capital ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 107.35 Td (cushion ) Tj ET Q q 0 0 0 rg BT 121.07 107.35 Td (that ) Tj ET Q q 0 0 0 rg BT 137.96 107.35 Td (is ) Tj ET Q q 0 0 0 rg BT 145.71 107.35 Td (not ) Tj ET Q q 0 0 0 rg BT 160.40 107.35 Td (presented ) Tj ET Q q 0 0 0 rg BT 200.90 107.35 Td (within ) Tj ET Q q 0 0 0 rg BT 225.49 107.35 Td (table. ) Tj ET Q q 0 0 0 rg BT 249.14 107.35 Td (Corporate ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 96.70 Td (long-term ) Tj ET Q q 0 0 0 rg BT 129.56 96.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 149.45 96.70 Td (is ) Tj ET Q q 0 0 0 rg BT 157.08 96.70 Td (not ) Tj ET Q q 0 0 0 rg BT 171.63 96.70 Td (allocated ) Tj ET Q q 0 0 0 rg BT 208.38 96.70 Td (to ) Tj ET Q q 0 0 0 rg BT 218.20 96.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 257.61 96.70 Td (banking ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 90.00 86.10 Td (working ) Tj ET Q q 0 0 0 rg BT 122.42 86.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 149.80 86.10 Td (or ) Tj ET Q q 0 0 0 rg BT 160.02 86.10 Td (platform ) Tj ET Q q 0 0 0 rg BT 194.63 86.10 Td (premiums.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 324 702.2 m 360.5 702.2 l s q 0 0 0 rg BT 324.00 703.45 Td (Page 22) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 324.00 690.85 Td (\(1\) ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 342.00 690.85 Td (Recourse ) Tj ET Q q 0 0 0 rg BT 379.68 690.85 Td (leverage ) Tj ET Q q 0 0 0 rg BT 415.30 690.85 Td (ratio ) Tj ET Q q 0 0 0 rg BT 435.32 690.85 Td (is ) Tj ET Q q 0 0 0 rg BT 443.86 690.85 Td (defined ) Tj ET Q q 0 0 0 rg BT 475.86 690.85 Td (as ) Tj ET Q q 0 0 0 rg BT 486.77 690.85 Td (recourse ) Tj ET Q q 0 0 0 rg BT 522.07 690.85 Td (debt ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 342.00 680.20 Td (at ) Tj ET Q q 0 0 0 rg BT 350.81 680.20 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 388.75 680.20 Td (divided ) Tj ET Q q 0 0 0 rg BT 418.82 680.20 Td (by ) Tj ET Q q 0 0 0 rg BT 429.68 680.20 Td (tangible ) Tj ET Q q 0 0 0 rg BT 462.41 680.20 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 514.04 680.20 Td (equity. ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 342.00 669.60 Td (Recourse ) Tj ET Q q 0 0 0 rg BT 378.75 669.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 398.63 669.60 Td (excludes ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 433.80 669.60 Td ($10.7 ) Tj ET Q q 0 0 0 rg BT 457.02 669.60 Td (billion) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 480.15 669.60 Td ( ) Tj ET Q q 0 0 0 rg BT 482.10 669.60 Td (and ) Tj ET Q q 0 0 0 rg BT 498.38 669.60 Td ($8.5 ) Tj ET Q q 0 0 0 rg BT 516.87 669.60 Td (billion ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 342.00 658.95 Td (of ) Tj ET Q q 0 0 0 rg BT 352.49 658.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 404.38 658.95 Td (securitization ) Tj ET Q q 0 0 0 rg BT 456.89 658.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 477.75 658.95 Td (\(ABS ) Tj ET Q q 0 0 0 rg BT 498.81 658.95 Td (issued ) Tj ET Q q 0 0 0 rg BT 525.67 658.95 Td (and ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 342.00 648.35 Td (servicer ) Tj ET Q q 0 0 0 rg BT 374.72 648.35 Td (advance ) Tj ET Q q 0 0 0 rg BT 410.16 648.35 Td (financing\) ) Tj ET Q q 0 0 0 rg BT 450.62 648.35 Td (that ) Tj ET Q q 0 0 0 rg BT 469.18 648.35 Td (is ) Tj ET Q q 0 0 0 rg BT 478.61 648.35 Td (non-recourse ) Tj ET Q q 0 0 0 rg BT 532.14 648.35 Td (to ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 342.00 637.70 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 380.59 637.70 Td (at ) Tj ET Q q 0 0 0 rg BT 390.04 637.70 Td (December ) Tj ET Q q 0 0 0 rg BT 432.09 637.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 446.12 637.70 Td (2019 ) Tj ET Q q 0 0 0 rg BT 467.24 637.70 Td (and ) Tj ET Q q 0 0 0 rg BT 483.79 637.70 Td (September ) Tj ET Q q 0 0 0 rg BT 528.18 637.70 Td (30, ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 342.00 627.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 369.16 627.10 Td (respectively. ) Tj ET Q q 0 0 0 rg BT 422.28 627.10 Td (Tangible ) Tj ET Q q 0 0 0 rg BT 460.44 627.10 Td (stockholder's ) Tj ET Q q 0 0 0 rg BT 516.40 627.10 Td (equity ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 342.00 616.45 Td (excludes ) Tj ET Q q 0 0 0 rg BT 376.77 616.45 Td ($161 ) Tj ET Q q 0 0 0 rg BT 397.22 616.45 Td (million ) Tj ET Q q 0 0 0 rg BT 423.95 616.45 Td (and ) Tj ET Q q 0 0 0 rg BT 439.83 616.45 Td ($49 ) Tj ET Q q 0 0 0 rg BT 455.56 616.45 Td (million ) Tj ET Q q 0 0 0 rg BT 482.29 616.45 Td (of ) Tj ET Q q 0 0 0 rg BT 491.39 616.45 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 525.67 616.45 Td (and ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 342.00 605.85 Td (intangible ) Tj ET Q q 0 0 0 rg BT 387.44 605.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 417.79 605.85 Td (at ) Tj ET Q q 0 0 0 rg BT 432.55 605.85 Td (December ) Tj ET Q q 0 0 0 rg BT 479.90 605.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 499.24 605.85 Td (2019 ) Tj ET Q q 0 0 0 rg BT 525.67 605.85 Td (and ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 342.00 595.20 Td (September ) Tj ET Q q 0 0 0 rg BT 386.54 595.20 Td (30, ) Tj ET Q q 0 0 0 rg BT 400.72 595.20 Td (2019, ) Tj ET Q q 0 0 0 rg BT 424.35 595.20 Td (respectively.) 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