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2011-12-31
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<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 75.33%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="130%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Estimated<br />
Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Estimated<br />
Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Financial assets:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loans and investments, net</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,523,699,653</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,550,248,793</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,325,667,053</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,316,001,339</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Available-for-sale securities</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">37,315,652</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">37,315,652</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,552,736</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,552,736</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Securities held-to-maturity, net</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">42,986,980</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">43,153,124</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Derivative financial instruments</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">6,402,336</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">6,402,336</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">10,927,551</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">10,927,551</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Financial liabilities:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Repurchase agreements and credit facilities. </font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">159,125,023</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">158,735,570</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">130,661,619</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">130,363,126</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Collateralized debt obligations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">639,622,981</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">521,938,885</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">812,452,845</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">590,901,757</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Collateralized loan obligations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">264,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">266,436,250</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">87,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">87,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Junior subordinated notes</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">159,291,427</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">101,240,185</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">158,767,145</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">99,984,066</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Notes payable</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,487,287</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">51,457,708</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">46,743,406</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Mortgage note payable—real estate owned and held-for-sale</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,751,004</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">52,943,305</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,751,004</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">50,005,874</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Derivative financial instruments</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">24,794,051</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">24,794,051</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">37,754,775</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">37,754,775</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"><font size="2">The fair value of these financial assets and liabilities was determined using the following inputs as of December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 73.16%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"130%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="130%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" colspan="8" align="center"><font size="1"><b>Fair Value Measurements<br />
Using Fair Value Hierarchy</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" colspan="2" align="center"><font size="1"><b>Fair<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 1</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 2</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 3</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Financial assets:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Available-for-sale securities(1)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">37,315,652</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">37,315,652</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">734,866</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">36,580,786</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Derivative financial instruments(2)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,402,336</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,402,336</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,483</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,396,853</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Financial liabilities:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Derivative financial instruments</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24,794,051</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24,794,051</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24,794,051</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The Company's equity securities available-for-sale were measured using Level 1 inputs and the Company's RMBS and CMBS investments available-for-sale were measured using Level 3 inputs.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The Company's basis swap derivatives were measured using Level 2 inputs and the Company's forward contract derivatives were measured using Level 3 inputs.</font></dd></dl></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 92.76%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="81"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="93"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Available-for-sale<br />
Securities</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Derivative Financial<br />
Instruments</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Balance as of December 31, 2012</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,200,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,799,536</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Adjustments to fair value:</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Additions(1)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">34,480,786</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,285,729</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Paydowns(2)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(4,468,205</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Net changes in fair value(3)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(1,675,629</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Sales and settlements(4)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(1,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(8,544,578</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Balance as of December 31, 2013</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">36,580,786</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,396,853</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents RMBS investments transferred from held-to-maturity to available-for-sale and forward contract derivatives recorded at fair value in the year ended December 31, 2013.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents the paydowns on the forward contracts during the year ended December 31, 2013.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(3)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents the net change in fair value recorded to other income during the year ended December 31, 2013.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(4)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents the sale of a CDO bond investment and the settlement of forward contract derivatives during the year ended December 31, 2013.</font></dd></dl></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2">The fair value of these assets was determined using the following inputs as of December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 67%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"120%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="120%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" colspan="8" align="center"><font size="1"><b>Fair Value Measurements<br />
Using Fair Value Hierarchy</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" colspan="2" align="center"><font size="1"><b>Net<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" colspan="2" align="center"><font size="1"><b>Fair<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 1</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 2</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 3</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Financial assets:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Impaired loans, net(1)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">85,193,835</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">103,951,397</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">103,951,397</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Non-financial assets:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Impaired real estate owned(2)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,437,152</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,437,152</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,437,152</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land investment(3)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,061,498</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,061,498</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,061,498</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The Company had an allowance for loan losses of $122.3 million relating to 15 loans with an aggregate carrying value, before loan loss reserves, of approximately $207.5 million at December 31, 2013.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The Company recorded an impairment loss on one of the properties in its multifamily portfolio in the fourth quarter of 2013.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(3)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The Company recorded land held as collateral for a loan that was transferred to other assets at fair value in the fourth quarter of 2013.</font></dd></dl></div>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 66.53%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="64"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="154" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="145" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="143" align="center"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="2"><b>December 31, 2013</b></font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="2"><b>Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="2"><b>Valuation Technique(s)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="2"><b>Unobservable Inputs</b></font></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="2"><b>Range (Weighted Average)</b></font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font><font size="2"><b>Financial assets:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Impaired loans(1):</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"> </p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"> </p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"> </p></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 18pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
24,472,539</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Direct capitalization analysis</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Discount rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">7.50% to 8.00% (6.30%)</font></p></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">and discounted cash flows</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Capitalization rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">6.00% to 8.25% (6.98%)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Revenue growth rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">2.00% to 3.00% (1.73%)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 18pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
7,330,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Discounted cash flows</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Discount rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">9.25% to 10.00% (9.45%)</font></p></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Capitalization rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">8.00% to 8.50% (8.16)%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Revenue growth rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">2.50% to 3.00% (2.96)%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 18pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
72,148,858</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Discounted cash flows</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Discount rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">15.00%</font></p></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Capitalization rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">7.25%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Revenue growth rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">3.00%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">CMBS</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
2,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Discounted cash flows</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Discount rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">17.17%</font></p></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->RMBS</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
34,480,786</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Valuation models</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Discount rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">(2)</font></p></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Loss severity</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">(2)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Forward Contract Derivatives</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
6,396,853</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Valuation models</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Cumulative default rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">(2)</font></p></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Voluntary prepayment rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">(2)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font><font size="2"><b>Non-financial assets:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"> </p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"> </p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"> </p></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Impaired real estate owned</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
3,437,152</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Discounted cash flows</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Discount rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">10.00%</font></p></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Capitalization rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">8.00%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Revenue growth rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">2.35%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Land <!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
6,061,498</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Comparable sales and</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Dollar per acre</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">$293K/Acre</font></p></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">discounted cash flows</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Discount rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">11.00%</font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Includes all impaired loans regardless of the period in which provision was recorded.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Each RMBS and forward contract derivative is associated with an underlying security that is individually modeled and valued based on the security's specific characteristics, which include current collateral composition, collateral performance projections, tranche credit enhancement and other market factors. Accordingly, as the range of the unobservable inputs used to value each individual security varies greatly, disclosing a range or weighted average of such inputs would not be meaningful. In the first quarter of 2014, the Company sold the majority of these RMBS investments and forward contract derivatives.</font></dd></dl></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"><font size="2">The fair value of these assets and liabilities was determined using the following inputs as of December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 73.26%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"130%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="130%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Fair Value Measurements<br />
Using Fair Value Hierarchy</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 1</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 2</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 3</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Financial assets:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loans and investments, net</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,523,699,653</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,550,248,793</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,550,248,793</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Financial liabilities:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Repurchase agreements and credit facilities</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">159,125,023</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">158,735,570</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">158,735,570</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Collateralized debt obligations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">639,622,981</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">521,938,885</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">521,938,885</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Collateralized loan obligations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">264,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">266,436,250</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">266,436,250</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Junior subordinated notes</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">159,291,427</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">101,240,185</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">101,240,185</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Notes payable</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,487,287</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,487,287</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Mortgage note payable—real estate owned and held-for-sale</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,751,004</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">52,943,305</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">52,943,305</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
400000
52400000
12
9
84600000
0.80
0.90
71300000
9300000
6700000
1900000
-1700000
1100000
200000
0.0334
P23Y1M6D
P9Y
-500000
-7699000
-20698000
-520000
-16565000
-27164000
-14131000
-40000000
-26300000
-37800000
-24800000
-2700000
-1900000
500000
300000
-19200000
-13800000
20000000
14200000
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"><font size="2">The following is a summary of the derivative financial instruments held by the Company as of December 31, 2013 and 2012 (dollars in thousands):</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 63.04%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="51" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="28"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="28"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="51" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="44" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="11" align="center"><font size="1"><b>Notional Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 76pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Designation\Cash Flow <!-- COMMAND=ADD_SCROPPEDRULE,76pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Derivative</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Count</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Count</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Expiration<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Balance<br />
Sheet<br />
Location</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Non-Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Basis Swaps</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">11,600</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">603,524</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">2015</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Other Assets</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">5</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">128</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Non-Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR Caps</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">6,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Other Assets</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR Cap</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">73,301</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Other Assets</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Interest Rate Swaps</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">14</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">297,532</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">14</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">312,227</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">2014 - 2017</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Other Liabilities</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(24,794</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(37,755</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Non-Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Forward Contracts</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">12</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">2016 - 2036</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Other Assets</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">6,397</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">10,800</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
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<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
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<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"><font size="2">The following table presents the effect of the Company's derivative financial instruments on the Statements of Operations as of December 31, 2013, 2012 and 2011 (dollars in thousands):</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 63.3%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="42" align="center"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="22"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="28"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="32"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="22"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="22"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="22"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="31"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="22"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="26"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Amount of Loss<br />
Recognized<br />
in Other<br />
Comprehensive Loss<br />
(Effective Portion)<br />
For the Year Ended<br />
December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Amount of Loss<br />
Reclassified from<br />
Accumulated Other<br />
Comprehensive Loss into<br />
Interest Expense<br />
(Effective Portion)<br />
For the Year Ended<br />
December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Amount of (Loss)<br />
Gain Recognized<br />
in Interest Expense<br />
(Ineffective Portion)<br />
For the Year Ended<br />
December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Amount of (Loss)<br />
Gain Recognized<br />
in Other Income<br />
For the Year Ended<br />
December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 71pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Designation\Cash Flow <!-- COMMAND=ADD_SCROPPEDRULE,71pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Derivative</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Non-Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Basis Swaps / Caps</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(12</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(22</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">827</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
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<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
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<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Interest Rate Swaps / Cap</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">520</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">7,699</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">20,698</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(14,131</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(16,565</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(27,164</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
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<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
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<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
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<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
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<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
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<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Non-Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Forward Contracts</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(1,676</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">167</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">    —</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
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<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
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<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Basis of Presentation and Principles of Consolidation</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The accompanying consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, and partnerships or other joint ventures in which the Company owns a voting interest of greater than 50 percent, and Variable Interest Entities ("VIEs") of which the Company is the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE's economic performance and (ii) has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Current accounting guidance requires the Company to present a) assets of a consolidated VIE that can be used only to settle obligations of the consolidated VIE, and b) liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of the primary beneficiary. As a result of this guidance, the Company has separately disclosed parenthetically the assets and liabilities of its three collateralized debt obligation ("CDO") and two collateralized loan obligation ("CLO") subsidiaries on its Consolidated Balance Sheets. Entities in which the Company owns a voting interest of 20 percent to 50 percent are accounted for primarily under the equity method. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All significant inter-company transactions and balances have been eliminated in consolidation.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The preparation of consolidated financial statements in conformity with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification™, the authoritative reference for accounting principles generally acceptable in the United States ("GAAP"), requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Further, in connection with preparation of the Consolidated Financial Statements, the Company evaluated events subsequent to the balance sheet date of December 31, 2013 through the issuance of the Consolidated Financial Statements.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Certain prior year amounts have been reclassified to conform to current period presentation. During the third quarter of 2013, the Company classified a real estate investment that was part of a portfolio of multifamily properties as held-for-sale and during the fourth quarter of 2012, the Company sold a real estate investment that was part of a portfolio of hotel properties, resulting in reclassifications of property operating activity and related depreciation to discontinued operations for all prior periods presented.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Cash and Cash Equivalents</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company places its cash and cash equivalents in high quality financial institutions. The consolidated account balances at each institution periodically exceed Federal Deposit Insurance Corporation (FDIC) insurance coverage and the Company believes that this risk is not significant.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Restricted Cash</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Restricted cash primarily represents proceeds from loan repayments on deposit with the trustees for the Company's CDOs which will be used for principal repayments, unfunded loan commitments and interest payments received from loans. All three of the CDOs have reached their replenishment dates and principal repayments are remitted quarterly to the bond holders and the Company in the month following the quarter. See Note 7—"Debt Obligations." Restricted cash is also held by the Company's CLOs which will be used to purchase underlying assets as well as by the Company's real estate owned assets due to escrow requirements.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Loans, Investments and Securities</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        At the time of purchase, the Company designates a security as available-for-sale, held-to-maturity, or trading depending on the Company's ability and intent to hold it to maturity. The Company does not have any securities designated as held-to-maturity or trading as of December 31, 2013. Securities available-for-sale are reported at fair value with the net unrealized gains or losses reported as a component of accumulated other comprehensive loss, while securities held-to-maturity are reported at amortized cost. Unrealized losses that are determined to be other-than-temporary are recognized in earnings up to their credit component. The determination of other-than-temporary impairment is a subjective process requiring judgments and assumptions. The process may include, but is not limited to, assessment of recent market events and prospects for near-term recovery, assessment of cash flows, internal review of the underlying assets securing the investments, credit of the issuer and the rating of the security, as well as the Company's ability and intent to hold the investment to maturity. Management closely monitors market conditions on which it bases such decisions.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company also assesses certain of its securities, other than those of high credit quality, to determine whether significant changes in estimated cash flows or unrealized losses on these securities, if any, reflect a decline in value that is other-than-temporary and, accordingly, should be written down to their fair value against earnings. On a quarterly basis, the Company reviews these changes in estimated cash flows, which could occur due to actual prepayment and credit loss experience, to determine if an other-than-temporary impairment is deemed to have occurred. The determination of other-than-temporary impairment is a subjective process requiring judgments and assumptions and is not necessarily intended to indicate a permanent decline in value. The Company calculates a revised yield based on the current amortized cost of the investment, including any other-than-temporary impairments recognized to date, and the revised yield is then applied prospectively to recognize interest income.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Securities that are purchased at a discount and that are not of high credit quality at the time of purchase are accounted for as debt securities acquired with deteriorated credit quality. Interest income on these securities is recognized using the effective interest method based on the Company's estimates of expected cash flows to be received, which include assumptions related to fluctuations in prepayment speeds and the timing and amount of credit losses, which are reviewed on an ongoing basis.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for loan losses when such loan or investment is deemed to be impaired. The Company invests in preferred equity interests that, in some cases, allow the Company to participate in a percentage of the underlying property's cash flows from operations and proceeds from a sale or refinancing. At the inception of each such investment, management must determine whether such investment should be accounted for as a loan, joint venture or as real estate. To date, management has determined that all such investments are properly accounted for and reported as loans.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        From time to time, the Company may enter into an agreement to sell a loan. These loans are considered held-for-sale and are valued at the lower of the loan's carrying amount or fair value less costs to sell. For the sale of loans, recognition occurs when ownership passes to the buyer.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Impaired Loans, Allowance for Loan Losses, Loss on Sale and Restructuring of Loans and Charge-offs</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. The Company evaluates each loan in its portfolio on a quarterly basis. The Company's loans are individually specific and unique as it relates to product type, geographic location, and collateral type, as well as to the rights and remedies and the position in the capital structure the Company's loans and investments have in relation to the underlying collateral. The Company evaluates all of this information as well as general market trends related to specific classes of assets, collateral type and geographic locations, when determining the appropriate assumptions such as capitalization and market discount rates, as well as the borrower's operating income and cash flows, in estimating the value of the underlying collateral when determining if a loan is impaired. The Company utilizes internally developed valuation models and techniques primarily consisting of discounted cash flow and direct capitalization models in determining the fair value of the underlying collateral on an individual loan. The Company may also obtain a third party appraisal, which may value the collateral through an "as-is" or "stabilized value" methodology. Such appraisals may be used as an additional source of valuation information only and no adjustments are made to appraisals. Included in the evaluation of the capitalization and market discount rates, the Company considers not only assumptions specific to the collateral but also considers geographical and industry trends that could impact the collateral's value.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        If upon completion of the valuation, the fair value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, an allowance is created with a corresponding charge to the provision for loan losses. The allowance for each loan is maintained at a level that is believed to be adequate by management to absorb probable losses.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Loan terms may be modified if the Company determines that based on the individual circumstances of a loan and the underlying collateral, a modification would more likely increase the total recovery of the combined principal and interest from the loan. Any loan modification is predicated upon a goal of maximizing the collection of the loan. Typical triggers for a modification would include situations where the projected cash flow is insufficient to cover required debt service, when asset performance is lagging the initial projections, where there is a requirement for rebalancing, where there is an impending maturity of the loan, and where there is an actual loan default. Loan terms that have been modified have included, but are not limited to interest rate, maturity date and in certain cases, principal amount. Length and amounts of each modification have varied based on individual circumstances and are determined on a case by case basis. If the loan modification constitutes a concession whereas the Company does not receive ample consideration in return for the modification, and the borrower is experiencing financial difficulties and cannot repay the loan under the current terms, then the modification is considered by the Company to be a troubled debt restructuring. If the Company receives a benefit, either monetary or strategic, and the above criteria are not met, the modification is not considered to be a troubled debt restructuring. The Company records interest on modified loans on an accrual basis to the extent that the modified loan is contractually current.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Loss on restructured loans is recorded when the Company has granted a concession to the borrower in the form of principal forgiveness related to the payoff or the substitution or addition of a new debtor for the original borrower or when the Company incurs costs on behalf of the borrower related to the modification, payoff or the substitution or addition of a new debtor for the original borrower. When a loan is restructured, the Company records its investment at net realizable value, taking into account the cost of all concessions at the date of restructuring. The reduction in the recorded investment is recorded as a charge to the Consolidated Statements of Operations in the period in which the loan is restructured. In addition, a gain or loss may be recorded upon the sale of a loan to a third party as a charge to the Consolidated Statements of Operations in the period in which the loan was sold.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Charge-offs to the allowance for loan losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which the Company grants a concession to a borrower or agrees to a discount in full or partial satisfaction of the loan; when the Company takes ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Real Estate Owned and Held-For-Sale</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Real estate owned, shown net of accumulated depreciation and impairment charges, is comprised of real property acquired by foreclosure or through partial or full settlement of mortgage debt. The real estate acquired is recorded at the estimated fair value at the time of acquisition.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Costs incurred in connection with the foreclosure of the properties collateralizing the real estate loans are expensed as incurred and costs subsequently incurred to extend the life or improve the assets subsequent to foreclosure are capitalized.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company allocates the purchase price of its operating properties to land, building, tenant improvements, deferred lease costs for the origination costs of the in-place leases, intangibles for the value of the above or below market leases at fair value and to any other identified intangible assets or liabilities. The Company finalizes its purchase price allocation on these assets within one year of the acquisition date. The Company amortizes the value allocated to the in-place leases over the remaining lease term. The value allocated to the above or below market leases are amortized over the remaining lease term as an adjustment to rental income.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Real estate assets, including assets acquired by foreclosure or through partial or full settlement of mortgage debt, that are operated for the production of income are depreciated using the straight-line method over their estimated useful lives. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company's properties are individually reviewed for impairment each quarter, if events or circumstances change indicating that the carrying amount of the assets may not be recoverable. The Company recognizes impairment if the undiscounted estimated cash flows to be generated by the assets are less than the carrying amount of those assets. Measurement of impairment is based upon the estimated fair value of the asset. Upon evaluating a property for impairment, many factors are considered, including estimated current and expected operating cash flows from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate owned in the ordinary course of business. Valuation adjustments may be necessary in the event that effective interest rates, rent-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. If future evaluations result in a diminution in the value of the property, the reduction will be recognized as an impairment charge at that time.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Real estate is classified as held-for-sale when management commits to a plan of sale, the asset is available for immediate sale, there is an active program to locate a buyer, and it is probable the sale will be completed within one year. Properties classified as held-for-sale are not depreciated and the results of their operations are shown in discontinued operations. Real estate assets that are expected to be disposed of are valued, on an individual asset basis, at the lower of their carrying amount or their fair value less costs to sell.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company recognizes sales of real estate properties upon closing. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized upon closing using the full accrual method when the collectability of the sale price is reasonably assured and the Company is not obligated to perform significant activities after the sale. Profit may be deferred in whole or in part until collectability of the sales price is reasonably assured and the earnings process is complete.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Revenue Recognition</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>        Interest income</i></font><font size="2">—Interest income is recognized on the accrual basis as it is earned from loans, investments and securities. In certain instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, a prepayment fee and/or deferred interest upon maturity. In some cases, interest income may also include the amortization or accretion of premiums and discounts arising from the purchase or origination of the loan or security. This additional income, net of any direct loan origination costs incurred, is deferred and accreted into interest income on an effective yield or "interest" method adjusted for actual prepayment activity over the life of the related loan or security as a yield adjustment. Income recognition is suspended for loans when, in the opinion of management, a full recovery of all contractual principal is not probable. Income recognition is resumed when the loan becomes contractually current and performance is resumed. The Company records interest income on certain impaired loans to the extent cash is received, in which a loan loss reserve has been recorded, as the borrower continues to make interest payments. The Company recorded loan loss reserves related to these loans as it was deemed that full recovery of principal and interest was not probable.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Several of the Company's loans provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the asset. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Given the transitional nature of some of the Company's real estate loans, the Company may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. The Company will analyze these interest reserves on a periodic basis and determine if any additional interest reserves are needed. Recognition of income on loans with funded interest reserves are accounted for in the same manner as loans without funded interest reserves. The Company will not recognize any interest income on loans in which the borrower has failed to make the contractual interest payment due or has not replenished the interest reserve account. Income from non-performing loans is generally recognized on a cash basis only to the extent it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Additionally, interest income is recorded when earned from equity participation interests, referred to as equity kickers. These equity kickers have the potential to generate additional revenues to the Company as a result of excess cash flow distributions and/or as appreciated properties are sold or refinanced.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>        Property operating income</i></font><font size="2">—Property operating income represents income associated with the operations of commercial real estate properties classified as real estate owned. The Company recognizes revenue for these activities when the fees are fixed or determinable, or are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>        Other income, net</i></font><font size="2">—Other income, net represents net interest income and gains and losses recorded on the Company's linked transactions, as well, as loan structuring, defeasance, and miscellaneous asset management fees associated with the Company's loans and investments portfolio. The Company recognizes these forms of income when the fees are fixed or determinable, are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Investments in Equity Affiliates</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company invests in joint ventures that are formed to acquire, develop and/or sell real estate assets. These joint ventures are not majority owned or controlled by the Company, or are VIEs for which the Company is not the primary beneficiary, and are not consolidated in its financial statements. These investments are recorded under either the equity or cost method of accounting as deemed appropriate. The Company records its share of the net income and losses from the underlying properties of its equity method investments and any other-than-temporary impairment on these investments on a single line item in the Consolidated Statements of Operations as income or losses from equity affiliates.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Stock-Based Compensation</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company has granted certain of its employees, directors, and employees of ACM, stock awards consisting of shares of the Company's common stock that vest immediately or annually over a multi-year period, subject to the recipient's continued service to the Company. The Company records stock-based compensation expense at the grant date fair value of the related stock-based award with subsequent remeasurement for any unvested shares granted to non-employees of the Company with such amounts expensed against earnings, at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods. Dividends are paid on restricted stock as dividends are paid on shares of the Company's common stock whether or not they are vested. Stock-based compensation is disclosed in the Company's Consolidated Statements of Operations under "employee compensation and benefits" for employees and under "selling and administrative" expense for non-employees.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Income Taxes</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company is organized and conducts its operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code with respect thereto. A REIT is generally not subject to federal income tax on taxable income that is distributed to its stockholders, provided that the Company distributes at least 90% of its taxable income and meets certain other requirements. Certain REIT income may be subject to state and local income taxes. The Company's assets or operations that would not otherwise comply with the REIT requirements are owned or conducted by the Company's taxable REIT subsidiaries, the income of which is subject to federal and state income tax. Under current federal tax law, the income and any tax on or distribution requirements attributable to certain debt extinguishment transactions realized in 2009 and 2010 have been deferred to future periods at the Company's election.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Current accounting guidance clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements. This guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This guidance also provides clarity on derecognition, classification, interest and penalties, accounting in interim periods and disclosure.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Other Comprehensive Income / (Loss)</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company divides comprehensive income or loss into net income (loss) and other comprehensive income (loss), which includes unrealized gains and losses on available-for-sale securities. In addition, to the extent the Company's derivative instruments qualify as hedges, net unrealized gains or losses are reported as a component of accumulated other comprehensive income (loss).</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Earnings (Loss) Per Share</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company presents both basic and diluted earnings (loss) per share. Basic earnings (loss) per share excludes dilution and is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower per share amount.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Hedging Activities and Derivatives</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company recognizes all derivatives as either assets or liabilities at fair value and these amounts are recorded in other assets or other liabilities on the Consolidated Balance Sheets. Additionally, the fair value adjustments will affect either accumulated other comprehensive income (loss) until the hedged item is recognized in earnings, or net income (loss) depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. The Company uses derivatives for hedging purposes rather than speculation. Fair values are approximated based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The ineffective portion of a derivative's change in fair value is recognized immediately in earnings.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In connection with the Company's interest rate risk management, the Company periodically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts. Specifically, the Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of its expected cash receipts and its expected cash payments principally related to its investments and borrowings. The Company's objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company has entered into various interest rate swap agreements to hedge its exposure to interest rate risk on (i) variable rate borrowings as it relates to fixed rate loans; (ii) the difference between the CDO investor return being based on the three-month LIBOR index while the supporting assets of the CDO are based on the one-month LIBOR index; and (iii) use of LIBOR rate caps in loan agreements.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In the normal course of business, the Company may use a variety of derivative financial instruments to manage, or hedge, interest rate risk. The Company does not use derivatives for trading or speculative purposes. These derivative financial instruments must be effective in reducing its interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income (loss) for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income (loss). In cases where a derivative financial instrument is terminated early, any gain or loss is generally amortized over the remaining life of the hedged item.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In certain circumstances, the Company may finance the purchase of Residential Mortgage Backed Securities ("RMBS") investments through a repurchase agreement with the same counterparty, which may qualify as a linked transaction. If both transactions are entered into contemporaneously or in contemplation of each other, the transactions are presumed to be linked transactions unless certain criteria are met, and the Company accounts for the purchase of such securities and the repurchase agreement on a combined basis as a forward contract derivative at fair value which is reported in other assets on the Consolidated Balance Sheets with changes in the fair value of the assets and liabilities underlying linked transactions and associated interest income and expense reported in other income on the Consolidated Statements of Operations. The analysis of transactions under these rules requires management's judgment and experience. The fair value of linked transactions reflect the value of the underlying RMBS, linked repurchase agreement borrowings and accrued interest receivable/payable on such instruments. The Company's linked transactions are not designated as hedging instruments and, as a result, the change in the fair value and net interest income from linked transactions is reported in other income on the Consolidated Statements of Operations.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company has no master netting or similar arrangements and does not offset derivatives.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Variable Interest Entities</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company has evaluated its loans and investments, mortgage related securities, investments in equity affiliates, junior subordinated notes, CDOs and CLOs, in order to determine if they qualify as VIEs or as variable interests in VIEs. This evaluation resulted in the Company determining that its bridge loans, junior participation loans, mezzanine loans, preferred equity investments, investments in equity affiliates, junior subordinated notes, CDOs, CLOs, and investments in debt securities were potential VIEs or variable interests in VIEs. See Note 9—"Variable Interest Entities" for the Company's evaluation of the periods presented.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Recently Issued Accounting Pronouncements</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In July 2013, the FASB issued updated guidance that resolves the diversity in practice for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This new accounting guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of an uncertain tax position. This guidance is effective as of the first quarter of 2014 and the Company is currently evaluating the impact it may have on its Consolidated Financial Statements.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In June 2013, the FASB issued updated guidance on the definition and measurement of investment companies. The guidance does not address the applicability of investment company accounting for real estate entities and thus does not have a material effect on the Company's Consolidated Financial Statements.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In February 2013, the FASB issued updated guidance on the disclosure of reclassification adjustments related to comprehensive income. The updated guidance requires the Company to disclose, either on the face of the financial statements or in the notes to the financial statements, the financial statement effects on earnings from items that are reclassified out of other comprehensive income, by component. This guidance was effective as of the first quarter of 2013 and its adoption did not have a material effect on the Company's Consolidated Financial Statements.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In December 2011, the FASB issued updated guidance on disclosure about offsetting assets and liabilities that amends U.S. GAAP to conform more to the disclosure requirements of IFRS. Under the updated guidance, an entity is required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. In January 2013, the FASB issued further guidance clarifying the scope of disclosures about offsetting assets and liabilities. The scope applies to certain derivatives (including bifurcated embedded derivatives,) repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. The guidance was effective as of the first quarter of 2013 and its adoption did not have a material effect on the Company's Consolidated Financial Statements.</font></p>
</div>
500000000
0.01
100000000
0.01
67
1005
3
2
0.20
0.50
0
187500000
0.93
0.90
231100000
5500000
11
1006726838
112843639
280662498
100823672
1501056647
1171783914
118550172
248337542
121523673
1660195301
13683281
161706313
60389552
14218237
122277411
29188889
0.67
0.07
0.19
0.07
1.00
0.71
0.07
0.15
0.07
1.00
83
24
9
12
128
95
27
7
15
144
0.0487
0.0494
0.0390
0.0604
0.0477
0.0511
0.0702
0.0421
0.0720
0.0526
P25M
P62M18D
P29M3D
P72M6D
P31M24D
P18M15D
P58M6D
P19M18D
P45M15D
P23M15D
0.00
0.59
0.59
0.77
0.21
0.00
0.56
0.60
0.58
0.17
0.75
0.88
0.79
0.97
0.80
0.76
0.83
0.81
0.79
0.77
1
5
5
0.31
0.30
1
5
3
4
5
3.5
4.5
109500000
0.11
6300000
771140021
415162338
140745980
105613791
23794517
19350000
25250000
1068529815
358832526
116751563
69181252
24900145
6750000
15250000
0.514
0.276
0.094
0.070
0.016
0.013
0.017
1.000
0.644
0.216
0.070
0.042
0.015
0.004
0.009
1.000
1660195301
19000000
1501056647
3.4
3.2
4.2
3.6
3.0
2.9
4.2
3.4
3.3
3.2
4.0
3.8
3.0
2.5
3.7
3.3
0.19
0.31
0.00
0.22
0.00
0.00
0.58
0.21
0.14
0.32
0.03
0.26
0.03
0.00
0.41
0.17
0.79
0.81
0.86
0.78
0.50
0.61
0.90
0.80
0.75
0.82
0.88
0.84
0.49
0.63
0.65
0.77
0.34
0.10
0.11
0.36
0.10
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 63.22%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="31"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="40"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="40"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent of<br />
Total</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Loan<br />
Count</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Wtd. Avg.<br />
Pay Rate(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Wtd. Avg.<br />
Remaining<br />
Months to<br />
Maturity</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>First<br />
Dollar<br />
LTV<br />
Ratio(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Last<br />
Dollar<br />
LTV<br />
Ratio(3)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Bridge loans</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,171,783,914</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">71</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">95</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5.11</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">18.5</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">76</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Mezzanine loans</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">118,550,172</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">27</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7.02</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">58.2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">56</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">83</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Junior participation loans</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">248,337,542</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">15</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.21</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">19.6</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">60</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">81</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Preferred equity investments</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">121,523,673</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">15</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7.20</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">45.5</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">58</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">79</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,660,195,301</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">144</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5.26</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">23.5</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">17</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">77</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Unearned revenue</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(14,218,237</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Allowance for loan losses</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(122,277,411</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loans and investments, net</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,523,699,653</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 64.2%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="31"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="40"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="40"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent of<br />
Total</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Loan<br />
Count</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Wtd. Avg.<br />
Pay Rate(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Wtd. Avg.<br />
Remaining<br />
Months to<br />
Maturity</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>First<br />
Dollar<br />
LTV<br />
Ratio(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Last<br />
Dollar<br />
LTV<br />
Ratio(3)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Bridge loans</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,006,726,838</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">67</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">83</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.87</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">25.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">75</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Mezzanine loans</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">112,843,639</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.94</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">62.6</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">59</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">88</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Junior participation loans</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">280,662,498</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">19</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.90</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">29.1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">59</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">79</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Preferred equity investments</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100,823,672</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">12</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6.04</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">72.2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">77</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">97</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,501,056,647</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">128</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.77</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">31.8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">21</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">80</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Unearned revenue</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(13,683,281</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Allowance for loan losses</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(161,706,313</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loans and investments, net</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,325,667,053</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">"Weighted Average Pay Rate" is a weighted average, based on the unpaid principal balances of each loan in the Company's portfolio, of the interest rate that is required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an additional rate of interest "Accrual Rate" to be paid at the maturity are not included in the weighted average pay rate as shown in the table.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The "First Dollar LTV Ratio" is calculated by comparing the total of the Company's senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which the Company will absorb a total loss of its position.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(3)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The "Last Dollar LTV Ratio" is calculated by comparing the total of the carrying value of the Company's loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which the Company will initially absorb a loss.</font></dd></dl></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 89.06%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="54"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="55"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="14" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 41pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Asset Class <!-- COMMAND=ADD_SCROPPEDRULE,41pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal<br />
Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percentage<br />
of Portfolio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Wtd. Avg.<br />
Internal<br />
Risk Rating</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>First Dollar<br />
LTV Ratio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Last Dollar<br />
LTV Ratio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,068,529,815</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">64.4</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.3</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">14</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">75</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">358,832,526</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">21.6</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">32</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">82</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">116,751,563</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">88</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Hotel</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">69,181,252</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">26</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">84</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Commercial</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24,900,145</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1.5</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">49</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Condo</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">15,250,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0.9</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">41</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">65</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Retail</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,750,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0.4</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2.5</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">63</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,660,195,301</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.3</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">17</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">77</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 89.77%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="54"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="55"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="14" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 41pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Asset Class <!-- COMMAND=ADD_SCROPPEDRULE,41pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal<br />
Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percentage<br />
of Portfolio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Wtd. Avg.<br />
Internal<br />
Risk Rating</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>First Dollar<br />
LTV Ratio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Last Dollar<br />
LTV Ratio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">771,140,021</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">51.4</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.4</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">19</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">79</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">415,162,338</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">27.6</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">31</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">81</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">140,745,980</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9.4</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">86</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Hotel</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">105,613,791</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.6</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">22</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">78</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Commercial</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">23,794,517</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1.6</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">50</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Condo</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">25,250,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1.7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">58</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">90</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Retail</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">19,350,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1.3</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2.9</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">61</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,501,056,647</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.4</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">21</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">80</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 87.92%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Year Ended</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Allowance at beginning of the period</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">161,706,313</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">185,381,855</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">205,470,302</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Provision for loan losses</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">6,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">23,828,224</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">44,810,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Charge-offs</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(24,713,459</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(46,585,800</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(27,062,564</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Charge-off on loan converted to other assets</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(19,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Charge-off on loans converted to real estate owned, net</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(31,710,929</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Recoveries of reserves</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(2,215,443</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(917,966</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(6,124,954</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Allowance at end of the period</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">122,277,411</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">161,706,313</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">185,381,855</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 94.14%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left; WIDTH: 598px;" border="0" cellspacing="0" cellpadding="0" width="598">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Year Ended</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><i>Charge-offs:</i></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(4,789,815</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(10,773,141</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(38,308,816</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(6,252,129</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(5,812,659</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(7,114,677</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(19,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Hotel</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(3,671,515</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(30,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(13,350,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Condo</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(10,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(43,713,459</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(46,585,800</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(58,773,493</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><i>Recoveries:</i></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(1,510,949</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(121,898</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(2,243,197</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(704,494</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(796,068</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(3,881,757</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(2,215,443</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(917,966</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(6,124,954</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net Charge-offs</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(41,498,016</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(45,667,834</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(52,648,539</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Ratio of net charge-offs during the period to average loans and investments outstanding during the period</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2.6</font></td>
<td style="FONT-FAMILY: times;"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3.0</font></td>
<td style="FONT-FAMILY: times;"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3.4</font></td>
<td style="FONT-FAMILY: times;"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 62.14%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="14" align="center"><font size="1"><b>Year Ended December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 41pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Asset Class <!-- COMMAND=ADD_SCROPPEDRULE,41pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Allowance for<br />
Loan Losses</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Average Recorded<br />
Investment(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Interest Income<br />
Recognized</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">65,735,773</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">65,186,623</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">50,786,697</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">62,602,118</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,566,914</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">36,086,582</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">29,474,065</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">23,972,444</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">37,224,695</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,585,520</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">116,085,950</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">112,810,558</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">47,518,270</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">127,561,228</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">217,908,305</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">207,471,246</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">122,277,411</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">227,388,042</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,152,434</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 63.22%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="14" align="center"><font size="1"><b>Year Ended December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 41pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Asset Class <!-- COMMAND=ADD_SCROPPEDRULE,41pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Allowance for<br />
Loan Losses</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Average Recorded<br />
Investment(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Interest Income<br />
Recognized</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">59,468,463</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">59,277,872</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">53,587,461</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">63,331,880</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">794,633</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">38,362,808</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">30,545,156</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">28,929,067</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">41,732,535</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,419,615</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">139,036,505</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">136,716,617</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">65,518,270</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">136,185,941</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Hotel</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,671,507</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,671,507</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,671,515</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">18,671,507</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">596,643</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Condo</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">173,920</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">250,539,283</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">240,211,152</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">161,706,313</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">269,921,863</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,984,811</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents the unpaid principal balance of impaired loans less unearned revenue and other holdbacks and adjustments by asset class.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents an average of the beginning and ending unpaid principal balance of each asset class.</font></dd></dl></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 64.01%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="50"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 41pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Asset Class <!-- COMMAND=ADD_SCROPPEDRULE,41pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Less Than<br />
90 Days<br />
Past Due</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Greater<br />
Than<br />
90 Days<br />
Past Due</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Less Than<br />
90 Days<br />
Past Due</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Greater<br />
Than<br />
90 Days<br />
Past Due</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">42,054,539</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">32,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,054,539</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,951,549</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,951,549</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,277,844</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,277,844</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,373,229</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,373,229</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24,999,972</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24,999,972</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Hotel</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,671,507</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,671,507</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Condo</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">50,332,383</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">32,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">18,332,383</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">59,996,257</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">59,996,257</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 92.9%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="42"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="14" align="center"><font size="1"><b>Year Ended December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 41pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Asset Class <!-- COMMAND=ADD_SCROPPEDRULE,41pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Number<br />
of Loans</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Original<br />
Unpaid<br />
Principal<br />
Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Original<br />
Weighted<br />
Average<br />
Rate of<br />
Interest</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Modified<br />
Unpaid<br />
Principal<br />
Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Modified<br />
Weighted<br />
Average<br />
Rate of<br />
Interest</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,192,666</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,192,666</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,400,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8.24</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,400,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8.24</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">14,592,666</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7.27</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">14,592,666</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7.27</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 91.61%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="42"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="14" align="center"><font size="1"><b>Year Ended December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 41pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Asset Class <!-- COMMAND=ADD_SCROPPEDRULE,41pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Number<br />
of Loans</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Original<br />
Unpaid<br />
Principal<br />
Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Original<br />
Weighted<br />
Average<br />
Rate of<br />
Interest</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Modified<br />
Unpaid<br />
Principal<br />
Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Modified<br />
Weighted<br />
Average<br />
Rate of<br />
Interest</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">32,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">32,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1.13</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">25,361,932</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5.32</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">25,332,451</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,818,270</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,818,270</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Hotel</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">35,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">35,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">95,180,202</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2.83</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">95,150,721</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2.18</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
5
31500000
6500000
2200000
23828224
8
94600000
900000
0
0
0
-444123
1055371
15
50786697
20
23972444
10000000
5
4
111300000
101900000
0.0960
43700000
185381855
24713459
46585800
-2215443
32000000
-917966
4900000
32000000
4789815
3953455
6252129
3671515
43713459
10773141
5812659
30000000
46585800
-1510949
-704494
-121898
-796068
41498016
45667834
0.026
0.030
65735773
36086582
116085950
0
217908305
59468463
38362808
139036505
3671507
10000000
250539283
65186623
29474065
112810558
39013690
34049310
207471246
59277872
30545156
136716617
3671507
10000000
240211152
47518270
34480786
122277411
53587461
28929067
65518270
3671515
10000000
161706313
62602118
37224695
127561228
1
1
227388042
63331880
41732535
136185941
18671507
10000000
269921863
2566914
1585520
7
11
4152434
794633
1419615
596643
173920
2984811
93715
18417402
15538193
36149310
3100000
2
700000
34400000
2100000
1
100000
-300000
5
10700000
39600000
1
600000
9
14900000
-1549892
1175120
45100000
1
5000000
42054539
8277844
50332383
10951549
10373229
24999972
3671507
10000000
59996257
10054539
8277844
18332383
10951549
10373229
24999972
3671507
10000000
59996257
4
52500000
14600000
2
2
57400000
37800000
2
0
1
1
2
1
1
1
1
4
6192666
8400000
14592666
32000000
25361932
2818270
35000000
95180202
0.0596
0.0824
0.0727
0.0200
0.0532
0.0200
0.0283
6192666
8400000
14592666
32000000
25332451
2818270
35000000
95150721
0.0596
0.0824
0.0727
0.0113
0.0400
0.0200
0.0218
1
1
0
0
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"><font size="2">The following is a summary of the Company's securities classified as available-for-sale at December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 72.85%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"130%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="130%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="54"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Amortized<br />
Cost</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Cumulative<br />
Unrealized<br />
Gain</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Cumulative<br />
Unrealized<br />
Loss</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value /<br />
Estimated<br />
Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Residential mortgage-backed security (RMBS)</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">39,013,690</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">34,049,310</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">437,774</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(6,298</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">34,480,786</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Commercial mortgage-backed security (CMBS)</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Common equity securities</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">58,789</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">676,077</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">734,866</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total available-for-sale securities</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">41,113,690</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">36,208,099</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,113,851</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(6,298</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">37,315,652</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        The following is a summary of the Company's securities classified as available-for-sale at December 31, 2012:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 92.9%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="54"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Amortized<br />
Cost</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Cumulative<br />
Unrealized<br />
Gain</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value /<br />
Estimated<br />
Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Collateralized debt obligation (CDO) bond</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Commercial mortgage-backed security (CMBS)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Common equity securities</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">58,789</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">293,947</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">352,736</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total available-for-sale securities</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">12,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,158,789</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">393,947</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,552,736</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"><font size="2">        The following is a summary of the underlying credit rating of the Company's available-for-sale debt securities at December 31, 2013 and 2012:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 90.06%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="17"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="17"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 34pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Rating(1) <!-- COMMAND=ADD_SCROPPEDRULE,34pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>#</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Amortized<br />
Cost</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent<br />
of Total</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>#</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Amortized<br />
Cost</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent<br />
of Total</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">AA+</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">93,715</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">CCC</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">18,417,402</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">51</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">CCC-</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">NR</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">15,538,193</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">43</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">11</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">36,149,310</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
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<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
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<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
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<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
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<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Based on the rating published by Standard & Poor's for each security. NR stands for "not rated."</font></dd></dl></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"><font size="2"> The following is a summary of the Company's securities classified as held-to-maturity at December 31, 2012:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 60.98%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
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<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Amortized<br />
Cost</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unrealized<br />
Gain</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unrealized<br />
Loss</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Estimated<br />
Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Residential mortgage-backed securities (RMBS)</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">44,431,768</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">42,986,980</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">42,986,980</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">169,450</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(3,306</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">43,153,124</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
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<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
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<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
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<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
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<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
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<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
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<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
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<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 88.35%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="17"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 34pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Rating(1) <!-- COMMAND=ADD_SCROPPEDRULE,34pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>#</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Amortized<br />
Cost</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent<br />
of Total</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">AAA</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">407,514</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">AA</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">167,196</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">BB</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,742,011</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">20</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">D</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9,496,933</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">22</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">NR</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24,173,326</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">56</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">16</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">42,986,980</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Based on the rating published by Standard & Poor's for each security. NR stands for "not rated".</font></dd></dl></div></div>
2100000
41113690
10000000
2100000
12100000
58789
2100000
36208099
58789
1000000
2100000
3158789
34000000
400000
LIBOR
32900000
0.1200
734866
2100000
54962316
42535514
352736
1100000
2100000
2
2
3100000
2100000
2939465
400000
32000000
2100000
30000000
2
0.0089
LIBOR
P6Y6M
P4M24D
1100000
-444123
2100000
2000000
1100000
-100000
0
0
0
44431768
42986980
42986980
169450
3306
43153124
2
1
3
1
9
16
407514
167196
8742011
9496933
24173326
42986980
0.01
0.01
0.20
0.22
0.56
1.00
3
4700000
25800000
2
3200000
38600000
8
31800000
8
200000
22900000
2
1500000
14400000
55200000
0.0272
P19Y
P6Y9M18D
8700000
25800000
0.80
0.90
55500000
22000000
45900000
30900000
35800000
26900000
0
0
2
25800000
9500000
0.0429
0.0451
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 94.17%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="64"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="81"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Investments in Equity<br />
Affiliates at</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid Principal<br />
Balance of Loans<br />
to Equity<br />
Affiliates at</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 57pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Equity Affiliates <!-- COMMAND=ADD_SCROPPEDRULE,57pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Lightstone Value Plus REIT L.P</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,894,727</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">55,988,409</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">West Shore Café</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,690,280</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,821,536</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Issuers of Junior Subordinated Notes</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">578,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">578,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">JT Prime</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">425,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">851,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">930 Flushing & 80 Evergreen</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">92,199</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">342,197</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">23,200,145</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Lexford Portfolio</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">116,131,813</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">St. John's Development</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">450 West 33<sup>rd</sup> Street</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Ritz-Carlton Club</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,680,306</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">59,581,242</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">139,331,958</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
92199
1894727
425000
1523699653
1690280
100
578000
342197
55988409
851000
1821536
100
578000
1325667053
139331958
23200145
116131813
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 64.29%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="67"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="67"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Multifamily<br />
Portfolio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Hotel<br />
Portfolio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Total</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Multifamily<br />
Portfolio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Hotel<br />
Portfolio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Total</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">11,382,579</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">10,893,651</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">22,276,230</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">15,651,047</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">10,893,651</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">26,544,698</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Building and intangible assets</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">46,115,430</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">61,632,645</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">107,748,075</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">52,747,149</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">56,946,750</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">109,693,899</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Less:</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Accumulated depreciation and amortization</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(8,598,915</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(9,707,213</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(18,306,128</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(6,216,409</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(5,873,989</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(12,090,398</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Real estate owned, net</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">48,899,094</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">62,819,083</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">111,718,177</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">62,181,787</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">61,966,412</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">124,148,199</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
11382579
10893651
22276230
46115430
61632645
107748075
15651047
10893651
26544698
52747149
56946750
109693899
8598915
18306128
6216409
5873989
12090398
9707213
37315652
3552736
48899094
62181787
61966412
62819083
6
0.85
1
11000000
11500000
900000
1000000
5
0.48
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 96.32%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="65"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Year Ended December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Revenue:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Property operating income</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,297,902</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,420,885</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,011,311</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Expenses:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Property operating expense</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,159,805</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,964,038</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,399,589</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Depreciation</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">582,220</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">576,596</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,161,614</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Impairment loss on real estate held-for-sale</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(1,450,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Gain on reversal of accrued liabilities</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,175,120</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Gain on sale of real estate held-for-sale</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,953,455</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">(Loss) income from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(444,123</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,008,826</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(2,999,892</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
2297902
3420885
5011311
2159805
2964038
5399589
582220
576596
1161614
3953455
-444123
5008826
-2999892
3500000
1200000
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"><font size="2">The condensed combined balance sheets for the Company's unconsolidated investments in equity affiliates accounted for under the equity method at December 31, 2013 and 2012 are as follows (amounts in thousands):</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 91.19%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 132pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Condensed Combined Balance Sheets <!-- COMMAND=ADD_SCROPPEDRULE,132pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Assets:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Cash and cash equivalents</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">13,101</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,727</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Real estate assets</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">697,484</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">699,474</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Other assets</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">19,618</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">22,473</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Total assets</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">730,203</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">726,674</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Liabilities:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Notes payable</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">734,693</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">737,350</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Other liabilities</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">19,607</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">23,796</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total liabilities</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">754,300</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">761,146</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Stockholders' equity Arbor(1)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,102</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,015</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Stockholders' (deficit) equity</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(28,199</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(37,487</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total stockholders' (deficit) equity</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(24,097</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(34,472</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Total liabilities and deficit</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">730,203</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">726,674</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Combined with $0.6 million of equity relating to the issuance of junior subordinated notes, equals $4.7 million of investments in equity affiliates, at December 31, 2013. Combined with $56.0 million of cost method investments and $0.6 million of equity relating to the issuance of junior subordinated notes, equals $59.6 million of investments in equity affiliates, at December 31, 2012.</font></dd></dl></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"><font size="2"> The condensed combined statements of operations for the Company's unconsolidated investments in equity affiliates accounted for under the equity method for the years ended December 31, 2013, 2012 and 2011, are as follows (amounts in thousands):</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 96.03%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="20"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="20"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="45"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Year Ended</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 92pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Statements of Operations: <!-- COMMAND=ADD_SCROPPEDRULE,92pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Revenue:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Rental income</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">85,551</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">80,472</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,626</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Interest income</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">478</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">813</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">814</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Operating income</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,709</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,619</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">13,299</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Reimbursement income</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,653</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,427</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">461</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Other income</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,686</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,436</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,268</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total revenues</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">105,077</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">101,767</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">28,468</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Expenses:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Operating expenses</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">58,265</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">60,257</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">16,749</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Interest expense</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">36,061</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">36,315</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,944</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Depreciation and amortization</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">23,345</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">22,283</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,725</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Other expenses</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">493</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">27</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">619</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total expenses</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">118,164</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">118,882</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">27,037</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Net (loss) income</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(13,087</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(17,115</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,431</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Arbor's Share of net (loss) income</b></font><font size="2">. </font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(204</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(698</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(218</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)(2)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The increase in revenues, expenses and net loss was due to the Lexford investment. See Note 15—"Related Party Transactions" for more details.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Combined with a $3.9 million gain on the sale of an equity method investment, equals $3.7 million of income from equity affiliates for the year ended December 31, 2011.</font></dd></dl></div></div>
34480786
0.20
-200000
LIBOR
LIBOR
0.0024
0
5500000
0.105
7
7
0.85
2000000
0.50
400000
67654655
517870
0.33
100000
200000
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 1—Description of Business</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Arbor Realty Trust, Inc. (the "Company") is a Maryland corporation that was formed in June 2003 to invest in a diversified portfolio of multi-family and commercial real estate related assets, primarily consisting of bridge loans, mezzanine loans, junior participating interests in first mortgage loans, and preferred and direct equity. The Company may also directly acquire real property and invest in real estate-related notes and certain mortgage-related securities. The Company conducts substantially all of its operations through its operating partnership, Arbor Realty Limited Partnership ("ARLP"), and ARLP's wholly-owned subsidiaries. The Company is externally managed and advised by Arbor Commercial Mortgage, LLC ("ACM").</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company is organized and conducts its operations to qualify as a real estate investment trust ("REIT") for federal income tax purposes. A REIT is generally not subject to federal income tax on its REIT—taxable income that it distributes to its stockholders, provided that it distributes at least 90% of its REIT—taxable income and meets certain other requirements. Certain assets of the Company that produce non-qualifying income are owned by its taxable REIT subsidiaries, the income of which is subject to federal and state income taxes.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company's charter provides for the issuance of up to 500 million shares of common stock, with a par value of $0.01 per share, and 100 million shares of preferred stock, with a par value of $0.01 per share. The Company was initially capitalized through the sale of 67 shares of common stock for $1,005.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        On July 1, 2003, ACM contributed $213.1 million of structured finance assets and $169.2 million of borrowings supported by $43.9 million of equity in exchange for a commensurate equity ownership in ARLP. In addition, certain employees of ACM were transferred to ARLP. At that time, these assets, liabilities and employees represented a substantial portion of ACM's structured finance business. The Company is externally managed and advised by ACM and pays ACM a management fee in accordance with a management agreement. ACM also sources originations, provides underwriting services, and services all structured finance assets on behalf of ARLP and its wholly owned subsidiaries.</font></p>
</div>
35072000
689619
17300000
15000000
130661619
12497000
50000000
12600000
14425553
33300540
30838180
20000000
159125023
43604281
827488
70075000
30000000
18000000
162506769
15536049
18944735
45705813
46774000
21800000
203760597
0.0277
800000
3000000
48300000
48500000
36000000
175900000
LIBOR
three-month LIBOR
LIBOR
Prime
LIBOR
LIBOR
LIBOR
LIBOR
Prime
0.0300
0.0300
0.0300
0.0175
0.0173
0.0325
0.0246
0.0270
0.0316
0.0220
0.0175
0.0200
0.08
0.085
0.01
0.01
5000000
75000000
50000000
40000000
12600000
20000000
50000000
75000000
50000000
17300000
15000000
20000000
0
0
0.0382
0.0357
17
54700000
6400000
800000
15600000
100000
1900000
45700000
29000000
0.60
0.90
0.75
0.80
0.0200
0.0125
0.0180
0.0185
0.0225
0.0275
0.0250
0.0275
0.0275
0.0275
0.0275
100000000
P2Y
P1Y
P1Y
P1Y
10000000
0.0025
0.010
0.00125
0.01
0.01
0.01
0.01
P1Y
P1Y
P1Y
2
0.05
0.75
0.75
0.70
0.75
P60D
P90D
P60D
20000000
20000000
150000000
150000000
2000000000
2000000000
50000000
20000000
P24M
P24M
0.01
100000
133994136
231186301
426458233
791638670
126753077
196046587
296754194
619553858
139856472
237209429
435386944
812452845
132399560
201847417
305376004
639622981
299881599
395266909
515403735
1210552243
284758473
362150693
395783494
1042692660
238852726
345919525
485235214
1070007465
237194618
312859875
365236505
915290998
10000000
10000000
1100000
1100000
1100000
1100000
1100000
1036155
470952
24819361
26326468
79986
1719760
23607813
25407559
207772049
188271174
244697945
640741168
179466954
187213841
240503823
607184618
4
9
10
three-month LIBOR
three-month LIBOR
three-month LIBOR
0.0187
0.0218
0.0086
0.0083
0.0277
0.0326
469000000
475000000
500000000
305000000
356000000
547500000
4
9
10
0.0077
0.0074
0.0044
46000000
34100000
7200000
6200000
9700000
50700000
120800000
350800000
257400000
100000000
84600000
48000000
23
42800000
114100000
65200000
42300000
22900000
20100000
13000000
3329509
13350000
13765276
9708556
9935088
4403771
8672039
66229151
9935088
5654540
7005291
2433912
2291855
3918343
21303941
4930772
4930772
4615000
1200182
5819066
6445033
5048417
2554187
4777138
10878217
30459023
2086799
3502815
1428950
1403761
2455892
87500000
87500000
87500000
87500000
177000000
264500000
177000000
264500000
125086650
114414154
255016564
369430718
124525103
113940857
253989391
367930248
10672496
4621675
15294171
2
2
three-month LIBOR
0.0361
0.0256
2
125100000
P2Y
2
75000000
12500000
37600000
0.0339
one-month LIBOR
2400000
0.0435
2
210000000
P2Y
50000000
P90D
156000000
21000000
2
83000000
0.0236
one-month LIBOR
3200000
0.0300
0.0365
0.0291
0.0433
0.0349
158800000
159300000
17100000
16600000
three-month LIBOR
P2Y
0.0308
0.0301
0.0312
0.0306
0.0335
0.0318
265800000
258400000
7400000
289400000
1.12
0.0050
0.0050
0.0406
0.0277
0.0277
0.12
1300000
50157708
1300000
51457708
1300000
2500000
450000
55988411
1300000
57288411
1300000
2500000
450000
3000000
0.0957
0.0957
0.0391
0.0426
0
0
750000
500000
3000000
0.1500
1300000
1300000
55400000
29800000
one-month LIBOR
0.0123
P1Y3M
1
11000000
42700000
1600000
1.6715
1.3787
1.0780
1.4296
1.4689
1.4500
1.2730
1.0560
1.3786
1.4425
5.4723
4.3096
7.7918
2.8934
3.2574
1.6000
1.4730
1.0560
1.2000
1.2000
1.6688
1.3377
1.0664
1.4296
1.4689
1.7669
1.3910
1.0661
1.4296
1.4689
1.7476
1.3897
1.0656
1.4296
1.4689
1.7273
1.3889
1.0590
1.4296
0
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 68.49%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="140%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Debt<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Collateral<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Weighted<br />
Average<br />
Note Rate</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Debt<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Collateral<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Weighted<br />
Average<br />
Note Rate</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Repurchase agreement</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">12,497,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">15,536,049</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">1.75</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">35,072,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">43,604,281</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">1.75</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Repurchase agreement</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">14,425,553</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">18,944,735</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">2.00</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">689,619</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">827,488</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">1.73</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">$75.0 million warehousing credit facility</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">33,300,540</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">45,705,813</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">2.46</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">50,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">70,075,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">3.00</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">$50.0 million warehousing credit facility</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">30,838,180</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">46,774,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">2.70</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">$40.0 million warehousing credit facility</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">15,063,750</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">21,800,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">2.20</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">$33.0 million warehousing credit facility</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">33,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">55,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">2.45</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">$17.3 million warehousing credit facility</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">17,300,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">30,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">3.00</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">$12.6 million warehousing credit facility</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">12,600,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">18,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">3.00</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">$20.0 million revolving credit facility</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">20,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">8.50</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">15,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">8.50</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Total repurchase agreements and credit facilities</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">159,125,023</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">203,760,597</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">3.16</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">130,661,619</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">162,506,769</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">3.25</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"><font size="2">  The following table outlines borrowings and the corresponding collateral under the Company's collateralized debt obligations as of December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 62.5%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
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<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="30"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="42"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="30"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="55"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="17" align="center"><font size="1"><b>Collateral</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Debt</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Loans</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Securities</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Cash</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Fair<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Restricted<br />
Cash(3)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Collateral<br />
At-Risk(4)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">CDO I</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">126,753,077</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">132,399,560</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">284,758,473</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">237,194,618</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">79,986</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">179,466,954</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">CDO II</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">196,046,587</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">201,847,417</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">362,150,693</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">312,859,875</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,719,760</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">187,213,841</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">CDO III</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">296,754,194</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">305,376,004</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">395,783,494</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">365,236,505</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">23,607,813</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">240,503,823</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Total CDOs</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">619,553,858</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">639,622,981</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,042,692,660</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">915,290,998</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">25,407,559</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">607,184,618</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<p style="FONT-FAMILY: times;"> </p>
<font size="2">        The following table outlines borrowings and the corresponding collateral under the Company's collateralized debt obligations as of December 31, 2012:</font></div>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 64.56%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="53"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="53"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="59"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="59"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="53"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="17" align="center"><font size="1"><b>Collateral</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Debt</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Loans</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Securities</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Cash</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Fair<br />
Value(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Restricted<br />
Cash(3)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Collateral<br />
At-Risk(4)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">CDO I</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">133,994,136</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">139,856,472</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">299,881,599</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">238,852,726</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,036,155</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">207,772,049</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">CDO II</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">231,186,301</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">237,209,429</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">395,266,909</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">345,919,525</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">470,952</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">188,271,174</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">CDO III</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">426,458,233</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">435,386,944</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">515,403,735</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">485,235,214</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">24,819,361</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">244,697,945</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Total CDOs</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">791,638,670</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">812,452,845</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,210,552,243</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,070,007,465</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">26,326,468</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">640,741,168</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -9pt;"><font size="1">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="1">Amounts include loans to real estate assets consolidated by the Company that were reclassified to real estate owned and held-for-sale, net on the Consolidated Financial Statements.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -9pt;"><font size="1">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="1">The security with a fair value of $1.1 million was rated a CCC- at December 31, 2012 by Standard & Poor's and was sold in May 2013.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -9pt;"><font size="1">(3)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="1">Represents restricted cash held for principal repayments in the CDOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -9pt;"><font size="1">(4)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="1">Amounts represent the face value of collateral in default, as defined by the CDO indenture, as well as assets deemed to be "credit risk." Credit risk assets are reported by each of the CDOs and are generally defined as one that, in the CDO collateral manager's reasonable business judgment, has a significant risk of declining in credit quality or, with a passage of time, becoming a defaulted asset.</font></dd></dl></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="17" align="center"><font size="1"><b>Year Ended December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 22pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Class: <!-- COMMAND=ADD_SCROPPEDRULE,22pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Amount</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Gain</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Amount</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Gain</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Amount</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Gain</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">B</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">13,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,615,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,654,540</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,086,799</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">C</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,329,509</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,200,182</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7,005,291</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,502,815</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">D</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">13,350,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,819,066</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,433,912</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,428,950</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">E</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">13,765,276</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,445,033</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,291,855</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,403,761</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">F</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9,708,556</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,048,417</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,918,343</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,455,892</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">G</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,672,039</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,777,138</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">H</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9,935,088</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,930,772</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,403,771</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,554,187</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9,935,088</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,930,772</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">66,229,151</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">30,459,023</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">21,303,941</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,878,217</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"><font size="2"> The following table outlines borrowings and the corresponding collateral under the Company's CLOs as of December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 64.65%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="50"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Debt</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Collateral</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Loans</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Cash</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Restricted<br />
Cash(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Collateral<br />
At-Risk(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">CLO I</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">87,500,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">87,500,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">114,414,154</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">113,940,857</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,672,496</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">CLO II</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">177,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">177,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">255,016,564</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">253,989,391</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,621,675</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total CLOs</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">264,500,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">264,500,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">369,430,718</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">367,930,248</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">15,294,171</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<ul>
<li style="LIST-STYLE-TYPE: none;">
<p style="FONT-FAMILY: times;"> </p></li></ul>
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents restricted cash held for principal repayments in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Amounts represent the face value of collateral in default, as defined by the CLO indenture, as well as assets deemed to be "credit risk." Credit risk assets are reported by each of the CLOs and are generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of declining in credit quality or, with a passage of time, becoming a defaulted asset.</font></dd></dl></div>
<p style="FONT-FAMILY: times;"><font size="2">        The following table outlines borrowings and the corresponding collateral under the Company's CLOs as of December 31, 2012:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 64.47%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"140%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="140%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Debt</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Collateral</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Loans</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Cash</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Restricted<br />
Cash</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">CLO I</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">87,500,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">87,500,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">125,086,650</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">124,525,103</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 98.82%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="50"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="50"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="55"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="55"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Debt<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Collateral<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Debt<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Collateral<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Note payable relating to investment in equity affiliate, expiration July 2016, interest is fixed, the weighted average note rate was 4.06%</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">50,157,708</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">55,988,411</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Junior loan participation, secured by the Company's interest in a first mortgage loan with a principal balance of $1.3 million, participation interest was based on a portion of the interest received from the loan which has a fixed rate of 9.57%</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
1,300,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
1,300,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
1,300,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
1,300,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Junior loan participation, maturity of March 2014, secured by the Company's interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 15.00%</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
450,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
450,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Junior loan participation, maturity of October 2018, secured by the Company's interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 13.00%</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
750,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
750,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Total notes payable</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">2,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">2,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">51,457,708</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">57,288,411</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"><font size="2">  The chart below is a summary of the Company's CDO and CLO compliance tests as of the most recent determination dates in January 2014:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 93.47%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="41"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 68pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Cash Flow Triggers <!-- COMMAND=ADD_SCROPPEDRULE,68pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CDO I</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CDO II</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CDO III</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CLO I</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CLO II</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><b>Overcollateralization(1)</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Current</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">167.15</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">137.87</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">107.80</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">142.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">146.89</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Limit</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">145.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">127.30</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">105.60</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">137.86</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">144.25</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Pass / Fail</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><b>Interest Coverage(2)</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Current</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">547.23</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">430.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">779.18</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">289.34</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">325.74</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Limit</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">160.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">147.30</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">105.60</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">120.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">120.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Pass / Fail</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr></table></div>
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<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The overcollateralization ratio divides the total principal balance of all collateral in the CDO and CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset's principal balance for purposes of the overcollateralization test is the lesser of the asset's market value or the principal balance of the defaulted asset multiplied by the asset's recovery rate which is determined by the rating agencies. Rating downgrades of CDO and CLO collateral will generally not have a direct impact on the principal balance of a CDO and CLO asset for purposes of calculating the CDO and CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CDO and CLO vehicle.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by the Company.</font></dd></dl></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 91.33%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="41"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 70pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Determination Date <!-- COMMAND=ADD_SCROPPEDRULE,70pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CDO I</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CDO II</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CDO III</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CLO I</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CLO II</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">January 2014</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">167.15</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">137.87</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">107.80</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">142.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">146.89</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">October 2013</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">166.88</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">133.77</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">106.64</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">142.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">146.89</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">July 2013</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">176.69</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">139.10</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">106.61</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">142.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">146.89</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">April 2013</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">174.76</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">138.97</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">106.56</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">142.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">146.89</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">January 2013</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">172.73</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">138.89</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">105.90</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">142.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
644970970
3700000000
644970970
417998101
115253740
109041129
2100000
578000
417998101
115253740
109041129
2100000
578000
185000000
110900000
44300000
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"><font size="2"> The following is a summary of the Company's variable interests in identified VIEs, of which the Company is not the primary beneficiary, as of December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 95.04%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 16pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Type <!-- COMMAND=ADD_SCROPPEDRULE,16pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Amount(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Maximum<br />
Exposure to<br />
Loss(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loans</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">417,998,101</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">417,998,101</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loans and equity investments</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">115,253,740</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">115,253,740</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">RMBS</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">109,041,129</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">109,041,129</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">CMBS</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Junior subordinated notes(3)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">578,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">578,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">644,970,970</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">644,970,970</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents the carrying amount of loans and investments before reserves. At December 31, 2013, $185.0 million of loans to VIEs had corresponding loan loss reserves of approximately $110.9 million and $44.3 million of loans to VIEs were related to loans classified as non-performing. See Note 3—"Loans and Investments" for further details.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The Company's maximum exposure to loss as of December 31, 2013 would not exceed the carrying amount of its investment.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(3)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">These entities that issued the junior subordinated notes are VIEs. It is not appropriate to consolidate these entities as equity interests are variable interests only to the extent that the investment is considered to be at risk. Since the Company's investments were funded by the entities that issued the junior subordinated notes, it is not considered to be at risk.</font></dd></dl></div></div>
8
1
1
1
14
14
8
12
11600000
603524000
6000000
73301000
312227000
297532000
5000
128000
6397000
10800000
37755000
24794000
7
499400000
1
92600000
6000000
110100000
4
140400000
14500000
73300000
10
196400000
6400000
12300000
-2200000
-1600000
900000
900000
1800000
200000
200000
200000
66000000
-1500000
59600000
75300000
64600000
85300000
0.0125
0.0175
LIBOR
31900000
27700000
11
61000000
61400000
5800000
5800000
3
2
73
55
18
115000000
2
2
1
47
0
26
16
10
100
17
139000000
1400000
0.0825
25.00
33600000
151500
3700000
1200000
0.0775
28900000
60000
1500000
3500000
5.40
17500000
3500000
5.80
19200000
6000000
6000000
45600000
5625000
8.00
43000000
457500000
6000000
500000000
7.08
40900000
70000
500000
192750
1500000
400000
200000
0.33
667
100000
82500
45333
700000
400000
200000
300000
1000000
500000
250000
250000
4.00
3.50
4.00
5.00
0
-14131000
-16565000
100000
1100000
400000
339000
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"><font size="2">Reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2013 and 2012 were as follows (in thousands):</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 94.78%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="50"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="50"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="110" align="center"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" colspan="5" align="center"><font size="1"><b>Year Ended<br />
December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" align="center"><font size="1"><b>Statement of<br />
Operations Caption</b></font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net realized losses on derivatives designated as cash flow hedges:</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Interest Rate Swaps / Cap</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(14,131</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(16,565</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">Interest expense(1)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" align="center"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="center">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="center">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" align="center"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net realized gain on sale of available-for-sale investments:</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">CDO bond investment</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">Other income(2)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" align="center"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="center">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="center">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" align="center"> </td></tr></table></div>
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<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">See Note 10—"Derivative Financial Instruments" for additional details.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">See Note 4—"Securities" for additional details.</font></dd></dl></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
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<p style="FONT-FAMILY: times;"> </p>
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<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
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<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="17" align="center"><font size="1"><b>Year Ended December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Basic</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Diluted</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Basic</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Diluted</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Basic</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Diluted</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Income (loss) from continuing operations, net of noncontrolling interest and preferred stock dividends</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">17,112,078</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">17,112,078</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">16,492,062</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">16,492,062</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(37,311,821</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(37,311,821</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">(Loss) income from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(444,123</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(444,123</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,008,826</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,008,826</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(2,999,892</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(2,999,892</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Net income (loss) attributable to Arbor Realty Trust, Inc. common stockholders(1)</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">16,667,955</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">16,667,955</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">21,500,888</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">21,500,888</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(40,311,713</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(40,311,713</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
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<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
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<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Weighted average number of common shares outstanding</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">42,399,872</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">42,399,872</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">26,956,938</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">26,956,938</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">24,968,894</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">24,968,894</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Dilutive effect of warrants(2)</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">435,272</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">254,349</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Weighted average number of common shares outstanding</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">42,399,872</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">42,835,144</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">26,956,938</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">27,211,287</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">24,968,894</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">24,968,894</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Income (loss) from continuing operations, net of noncontrolling interest and preferred stock dividends, per common share</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.40</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.40</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.61</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.61</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(1.49</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(1.49</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Income (loss) from discontinued operations per common share</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.01</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.01</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.19</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.18</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.12</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.12</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Net income (loss) attributable to Arbor Realty Trust, Inc. per common share(1)</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.39</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.39</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.80</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.79</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(1.61</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(1.61</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Net of noncontrolling interest and preferred stock dividends.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">In connection with a debt restructuring with Wachovia Bank in the third quarter of 2009, the Company issued Wachovia 1.0 million warrants at an average strike price of $4.00. For the year ended December 31, 2011, the Company had a net loss and thus did not have a dilutive effect from the warrants.</font></dd></dl></div></div>
17112078
16492062
-37311821
42399872
26956938
24968894
0.40
0.61
-1.49
-0.01
0.19
-0.12
0.39
0.80
-1.61
5008826
-2999892
21298737
21716455
623993245
0.0550
-40096057
-32846441
435272
254349
42835144
27211287
24968894
0.40
0.61
-1.49
-0.01
0.18
-0.12
0.39
0.79
-1.61
1000000
4.00
100000
100000
2400000
2800000
3100000
1400000
6
53000000
0.19
one-month LIBOR
0.0725
one-month LIBOR
6400000
1100000
1000000
one-month LIBOR
one-month LIBOR
0.0500
0.0600
3
P1Y
200000
7500000
1450000
400000
200000
one-month LIBOR
0.0600
500000
30000000
6000000
one-month LIBOR
0.0500
0.01
3
P1Y
1600000
5100000
one-month LIBOR
LIBOR
0.0550
0.0024
300000
100000
0.02
0.50
10500000
0.29
50000000
1100000
1300000
200000
100000
44000
6200000
LIBOR
0.0600
P90D
6200000
200000
24400000
1
11700000
11700000
0.0475
100000
1700000
0.0236
800000
4
28400000
2
22400000
0.0620
2000000
one-month LIBOR
0.0600
4000000
one-month LIBOR
0.0600
1800000
1900000
1500000
4700000
one-month LIBOR
0.08
0.005
0.015
900000
0.50
0.28
900000
100000
400000
0.92
5300000
0.11
0.07
0.05
0.12
0.12
0.13
0.13
0.0825
0.13
0.6875
0.515625
0.515625
0.515625
300000
0.0775
0.6028
0.484375
0.484375
200000
14500
12236
4506583
0.125
1.00
8031000
21327000
1.00
1.00
0.285
0.285
0.500
0.500
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2">The following table presents dividends declared by the Board of Directors on the Company's common stock from January 1, 2013 through December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 100%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 0%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" width="3%"></td>
<td style="FONT-FAMILY: times;" width="111" align="center"></td>
<td style="FONT-FAMILY: times;" width="3%"></td>
<td style="FONT-FAMILY: times;" width="112" align="center"></td>
<td style="FONT-FAMILY: times;" width="3%"></td>
<td style="FONT-FAMILY: times;" width="111" align="center"></td>
<td style="FONT-FAMILY: times;" width="3%"></td>
<td style="FONT-FAMILY: times;" width="106" align="center"></td>
<td style="FONT-FAMILY: times;" width="3%"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="47"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Declaration<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>For Quarter<br />
Ended</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Record<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Payment<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Dividend<br />
Per Share</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->November 6, 2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">September 30, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">November 20, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">December 2, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.13</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">July 31, 2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">June 30, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">August 14, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">September 3, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.13</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->May 1, 2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">March 31, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">May 15, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">May 31, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.12</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">February 12, 2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">December 31, 2012</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">March 5, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">March 12, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.12</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"><font size="2">The following table presents dividends declared by the Board of Directors on the Company's 8.25% Series A preferred stock from February 1, 2013 (date of issuance) through December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 60.53%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" width="2%"></td>
<td style="FONT-FAMILY: times;" width="84" align="center"></td>
<td style="FONT-FAMILY: times;" width="2%"></td>
<td style="FONT-FAMILY: times;" width="91" align="center"></td>
<td style="FONT-FAMILY: times;" width="2%"></td>
<td style="FONT-FAMILY: times;" width="94" align="center"></td>
<td style="FONT-FAMILY: times;" width="2%"></td>
<td style="FONT-FAMILY: times;" width="94" align="center"></td>
<td style="FONT-FAMILY: times;" width="2%"></td>
<td style="FONT-FAMILY: times;" width="91" align="center"></td>
<td style="FONT-FAMILY: times;" width="2%"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="50"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Declaration Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>For Period<br />
Beginning</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>For Period<br />
Ended</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Record<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Payment<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Dividend<br />
Per Share</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->October 25, 2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">September 1, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">November 30, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">November 15, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">December 2, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.515625</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">July 31, 2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">June 1, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">August 31, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">August 14, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">September 3, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.515625</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->May 1, 2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">February 1, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">May 31, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">May 15, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">May 31, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.6875</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 57.47%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="73"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="47"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="20" align="center"><font size="1"><b>For Tax Purposes</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Dividend Classified as<br />
Ordinary Income</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Capital Gain<br />
Distribution</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Dividend Classified<br />
as Return of Capital</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 16pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Year <!-- COMMAND=ADD_SCROPPEDRULE,16pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Total<br />
Dividends<br />
Paid(1)<br />
(In Thousands)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Dividend<br />
Paid<br />
Per Share</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Dividend<br />
Paid<br />
Per<br />
Share</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Qualified<br />
Dividend<br />
Income(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Dividend<br />
Paid<br />
Per<br />
Share</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Dividend<br />
Paid<br />
Per<br />
Share</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Common Stock:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
21,327</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
0.500</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
100</font></td>
<td style="FONT-FAMILY: times;"><font size="2"><br />
%</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
0.500</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">2012</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">8,031</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.285</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.285</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>8.25% Series A Preferred Stock:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
2,667</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
1.719</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
100</font></td>
<td style="FONT-FAMILY: times;"><font size="2"><br />
%</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
1.719</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>7.75% Series B Preferred Stock:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
1,370</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
1.087</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
100</font></td>
<td style="FONT-FAMILY: times;"><font size="2"><br />
%</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
1.087</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The Company did not pay dividends on its common stock in 2011 and 2013 is the initial year for the preferred stock dividends.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Qualified dividend income is eligible for reduced dividend rates.</font></dd></dl></div></div>
0.15
10900000
10000000
8300000
0.25
0.60
P3Y
0.095
P10Y
0.035
10.00
10000000
P1Y
P6M
P60D
0.25
P20D
10900000
10000000
8300000
2800000
3100000
19000000
77100000
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 91.19%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Year Ended December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 66pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Management Fees: <!-- COMMAND=ADD_SCROPPEDRULE,66pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Base(1)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,900,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,300,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Incentive</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total management fee</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,900,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,300,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Included in base management fees at December 31, 2013 and 2012 was $2.8 million and $3.1 million, respectively, which was included in due to related party. These amounts are paid in the quarters subsequent to each respective year end.</font></dd></dl></div></div>
400000
200000
1400000
1000000
-1025508
18900000
245517
4700000
-779991
30000000
-13695
67000000
-7872
25300000
-21567
124199
0.350
0.350
0.350
0.357
0.410
0.419
-0.011
-0.011
-0.009
0.018
0.098
0.078
-0.065
0.0025
-0.038
1585723
1705929
5534018
3180736
1489269
1034317
5630472
3852348
5608905
3830781
2855000
0.0400
21567
21567
4800000
7100000
17500000
13000000
182000000
90000000
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 95.17%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="65"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Year Ended December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Current tax (benefit) provision:</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Federal</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(1,025,508</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">State</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">245,517</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total current tax (benefit) provision</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(779,991</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Deferred tax (benefit) provision:</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Federal—net of valuation allowance</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(13,695</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">State—net of valuation allowance</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(7,872</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total deferred tax (benefit) provision</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(21,567</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total (benefit) provision</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(801,558</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 93.61%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="31"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="31"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="31"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Year Ended December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">U.S. federal statutory rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">35.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">35.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">35.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">REIT non-taxable income</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(35.7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(41.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(41.9</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">State and local income taxes, net of federal tax benefit</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(1.1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(1.1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(0.9</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Change in valuation allowance</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1.8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9.8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7.8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Refund</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(6.5</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Effective income tax rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(3.8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 93.61%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="65"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="65"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Deferred tax assets (liabilities):</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Expenses not currently deductible</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,585,723</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,705,929</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net operating and capital loss carryforwards</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,534,018</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,180,736</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Interest in equity affiliates—net</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(1,489,269</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(1,034,317</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Deferred tax assets</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,630,472</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,852,348</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Valuation allowance</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(5,608,905</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(3,830,781</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net deferred tax asset</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">21,567</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">21,567</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></div>
0.03
0.03
0.03
0.03
0.03
0.03
LIBOR
LIBOR
LIBOR
LIBOR
LIBOR
LIBOR
LIBOR
LIBOR
LIBOR
LIBOR
LIBOR
LIBOR
0
0.0349
0.0260
0.0310
0.0450
0.0725
0.0575
0.0560
0.1564
0.0800
0.0529
1000000
0.0675
0.0630
0.0025
0.0351
0.1200
0.0200
0.0671
0.0179
0.0323
0.539
0.0125
0.0423
0.0048
0.0017
0.0150
0.0024
0.0425
0.0050
2000000
2000000
0.0029
1700000
22750000
1700000
0.0024
0.0024
11700000
0.1700
0.0400
0.0236
0.1000
0.0700
0.0400
0.0939
0.1007
0.1500
0.1164
0.1500
0.1000
0.1500
11000000
13855000
13855000
493840977
100000
48
2
142020551
635861528
88500000
185000000
1334319803
46347139
1654166942
557207083
2909444426
219930532
598600000
624059592
156715698
107418594
34181252
22728245
6750000
951853382
89966018
18779285
9332969
4700000
471900
95000000
32000000
86337542
35000000
102573673
15250000
1500000000
591537200
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ARBOR REALTY TRUST INC
0001253986
10-K
2013-12-31
false
--12-31
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<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 2—Summary of Significant Accounting Policies</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Basis of Presentation and Principles of Consolidation</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The accompanying consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, and partnerships or other joint ventures in which the Company owns a voting interest of greater than 50 percent, and Variable Interest Entities ("VIEs") of which the Company is the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE's economic performance and (ii) has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Current accounting guidance requires the Company to present a) assets of a consolidated VIE that can be used only to settle obligations of the consolidated VIE, and b) liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of the primary beneficiary. As a result of this guidance, the Company has separately disclosed parenthetically the assets and liabilities of its three collateralized debt obligation ("CDO") and two collateralized loan obligation ("CLO") subsidiaries on its Consolidated Balance Sheets. Entities in which the Company owns a voting interest of 20 percent to 50 percent are accounted for primarily under the equity method. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All significant inter-company transactions and balances have been eliminated in consolidation.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The preparation of consolidated financial statements in conformity with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification™, the authoritative reference for accounting principles generally acceptable in the United States ("GAAP"), requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Further, in connection with preparation of the Consolidated Financial Statements, the Company evaluated events subsequent to the balance sheet date of December 31, 2013 through the issuance of the Consolidated Financial Statements.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Certain prior year amounts have been reclassified to conform to current period presentation. During the third quarter of 2013, the Company classified a real estate investment that was part of a portfolio of multifamily properties as held-for-sale and during the fourth quarter of 2012, the Company sold a real estate investment that was part of a portfolio of hotel properties, resulting in reclassifications of property operating activity and related depreciation to discontinued operations for all prior periods presented.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Cash and Cash Equivalents</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company places its cash and cash equivalents in high quality financial institutions. The consolidated account balances at each institution periodically exceed Federal Deposit Insurance Corporation (FDIC) insurance coverage and the Company believes that this risk is not significant.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Restricted Cash</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Restricted cash primarily represents proceeds from loan repayments on deposit with the trustees for the Company's CDOs which will be used for principal repayments, unfunded loan commitments and interest payments received from loans. All three of the CDOs have reached their replenishment dates and principal repayments are remitted quarterly to the bond holders and the Company in the month following the quarter. See Note 7—"Debt Obligations." Restricted cash is also held by the Company's CLOs which will be used to purchase underlying assets as well as by the Company's real estate owned assets due to escrow requirements.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Loans, Investments and Securities</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        At the time of purchase, the Company designates a security as available-for-sale, held-to-maturity, or trading depending on the Company's ability and intent to hold it to maturity. The Company does not have any securities designated as held-to-maturity or trading as of December 31, 2013. Securities available-for-sale are reported at fair value with the net unrealized gains or losses reported as a component of accumulated other comprehensive loss, while securities held-to-maturity are reported at amortized cost. Unrealized losses that are determined to be other-than-temporary are recognized in earnings up to their credit component. The determination of other-than-temporary impairment is a subjective process requiring judgments and assumptions. The process may include, but is not limited to, assessment of recent market events and prospects for near-term recovery, assessment of cash flows, internal review of the underlying assets securing the investments, credit of the issuer and the rating of the security, as well as the Company's ability and intent to hold the investment to maturity. Management closely monitors market conditions on which it bases such decisions.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company also assesses certain of its securities, other than those of high credit quality, to determine whether significant changes in estimated cash flows or unrealized losses on these securities, if any, reflect a decline in value that is other-than-temporary and, accordingly, should be written down to their fair value against earnings. On a quarterly basis, the Company reviews these changes in estimated cash flows, which could occur due to actual prepayment and credit loss experience, to determine if an other-than-temporary impairment is deemed to have occurred. The determination of other-than-temporary impairment is a subjective process requiring judgments and assumptions and is not necessarily intended to indicate a permanent decline in value. The Company calculates a revised yield based on the current amortized cost of the investment, including any other-than-temporary impairments recognized to date, and the revised yield is then applied prospectively to recognize interest income.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Securities that are purchased at a discount and that are not of high credit quality at the time of purchase are accounted for as debt securities acquired with deteriorated credit quality. Interest income on these securities is recognized using the effective interest method based on the Company's estimates of expected cash flows to be received, which include assumptions related to fluctuations in prepayment speeds and the timing and amount of credit losses, which are reviewed on an ongoing basis.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for loan losses when such loan or investment is deemed to be impaired. The Company invests in preferred equity interests that, in some cases, allow the Company to participate in a percentage of the underlying property's cash flows from operations and proceeds from a sale or refinancing. At the inception of each such investment, management must determine whether such investment should be accounted for as a loan, joint venture or as real estate. To date, management has determined that all such investments are properly accounted for and reported as loans.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        From time to time, the Company may enter into an agreement to sell a loan. These loans are considered held-for-sale and are valued at the lower of the loan's carrying amount or fair value less costs to sell. For the sale of loans, recognition occurs when ownership passes to the buyer.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Impaired Loans, Allowance for Loan Losses, Loss on Sale and Restructuring of Loans and Charge-offs</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. The Company evaluates each loan in its portfolio on a quarterly basis. The Company's loans are individually specific and unique as it relates to product type, geographic location, and collateral type, as well as to the rights and remedies and the position in the capital structure the Company's loans and investments have in relation to the underlying collateral. The Company evaluates all of this information as well as general market trends related to specific classes of assets, collateral type and geographic locations, when determining the appropriate assumptions such as capitalization and market discount rates, as well as the borrower's operating income and cash flows, in estimating the value of the underlying collateral when determining if a loan is impaired. The Company utilizes internally developed valuation models and techniques primarily consisting of discounted cash flow and direct capitalization models in determining the fair value of the underlying collateral on an individual loan. The Company may also obtain a third party appraisal, which may value the collateral through an "as-is" or "stabilized value" methodology. Such appraisals may be used as an additional source of valuation information only and no adjustments are made to appraisals. Included in the evaluation of the capitalization and market discount rates, the Company considers not only assumptions specific to the collateral but also considers geographical and industry trends that could impact the collateral's value.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        If upon completion of the valuation, the fair value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, an allowance is created with a corresponding charge to the provision for loan losses. The allowance for each loan is maintained at a level that is believed to be adequate by management to absorb probable losses.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Loan terms may be modified if the Company determines that based on the individual circumstances of a loan and the underlying collateral, a modification would more likely increase the total recovery of the combined principal and interest from the loan. Any loan modification is predicated upon a goal of maximizing the collection of the loan. Typical triggers for a modification would include situations where the projected cash flow is insufficient to cover required debt service, when asset performance is lagging the initial projections, where there is a requirement for rebalancing, where there is an impending maturity of the loan, and where there is an actual loan default. Loan terms that have been modified have included, but are not limited to interest rate, maturity date and in certain cases, principal amount. Length and amounts of each modification have varied based on individual circumstances and are determined on a case by case basis. If the loan modification constitutes a concession whereas the Company does not receive ample consideration in return for the modification, and the borrower is experiencing financial difficulties and cannot repay the loan under the current terms, then the modification is considered by the Company to be a troubled debt restructuring. If the Company receives a benefit, either monetary or strategic, and the above criteria are not met, the modification is not considered to be a troubled debt restructuring. The Company records interest on modified loans on an accrual basis to the extent that the modified loan is contractually current.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Loss on restructured loans is recorded when the Company has granted a concession to the borrower in the form of principal forgiveness related to the payoff or the substitution or addition of a new debtor for the original borrower or when the Company incurs costs on behalf of the borrower related to the modification, payoff or the substitution or addition of a new debtor for the original borrower. When a loan is restructured, the Company records its investment at net realizable value, taking into account the cost of all concessions at the date of restructuring. The reduction in the recorded investment is recorded as a charge to the Consolidated Statements of Operations in the period in which the loan is restructured. In addition, a gain or loss may be recorded upon the sale of a loan to a third party as a charge to the Consolidated Statements of Operations in the period in which the loan was sold.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Charge-offs to the allowance for loan losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which the Company grants a concession to a borrower or agrees to a discount in full or partial satisfaction of the loan; when the Company takes ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Real Estate Owned and Held-For-Sale</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Real estate owned, shown net of accumulated depreciation and impairment charges, is comprised of real property acquired by foreclosure or through partial or full settlement of mortgage debt. The real estate acquired is recorded at the estimated fair value at the time of acquisition.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Costs incurred in connection with the foreclosure of the properties collateralizing the real estate loans are expensed as incurred and costs subsequently incurred to extend the life or improve the assets subsequent to foreclosure are capitalized.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company allocates the purchase price of its operating properties to land, building, tenant improvements, deferred lease costs for the origination costs of the in-place leases, intangibles for the value of the above or below market leases at fair value and to any other identified intangible assets or liabilities. The Company finalizes its purchase price allocation on these assets within one year of the acquisition date. The Company amortizes the value allocated to the in-place leases over the remaining lease term. The value allocated to the above or below market leases are amortized over the remaining lease term as an adjustment to rental income.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Real estate assets, including assets acquired by foreclosure or through partial or full settlement of mortgage debt, that are operated for the production of income are depreciated using the straight-line method over their estimated useful lives. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company's properties are individually reviewed for impairment each quarter, if events or circumstances change indicating that the carrying amount of the assets may not be recoverable. The Company recognizes impairment if the undiscounted estimated cash flows to be generated by the assets are less than the carrying amount of those assets. Measurement of impairment is based upon the estimated fair value of the asset. Upon evaluating a property for impairment, many factors are considered, including estimated current and expected operating cash flows from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate owned in the ordinary course of business. Valuation adjustments may be necessary in the event that effective interest rates, rent-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. If future evaluations result in a diminution in the value of the property, the reduction will be recognized as an impairment charge at that time.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Real estate is classified as held-for-sale when management commits to a plan of sale, the asset is available for immediate sale, there is an active program to locate a buyer, and it is probable the sale will be completed within one year. Properties classified as held-for-sale are not depreciated and the results of their operations are shown in discontinued operations. Real estate assets that are expected to be disposed of are valued, on an individual asset basis, at the lower of their carrying amount or their fair value less costs to sell.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company recognizes sales of real estate properties upon closing. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized upon closing using the full accrual method when the collectability of the sale price is reasonably assured and the Company is not obligated to perform significant activities after the sale. Profit may be deferred in whole or in part until collectability of the sales price is reasonably assured and the earnings process is complete.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Revenue Recognition</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>        Interest income</i></font><font size="2">—Interest income is recognized on the accrual basis as it is earned from loans, investments and securities. In certain instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, a prepayment fee and/or deferred interest upon maturity. In some cases, interest income may also include the amortization or accretion of premiums and discounts arising from the purchase or origination of the loan or security. This additional income, net of any direct loan origination costs incurred, is deferred and accreted into interest income on an effective yield or "interest" method adjusted for actual prepayment activity over the life of the related loan or security as a yield adjustment. Income recognition is suspended for loans when, in the opinion of management, a full recovery of all contractual principal is not probable. Income recognition is resumed when the loan becomes contractually current and performance is resumed. The Company records interest income on certain impaired loans to the extent cash is received, in which a loan loss reserve has been recorded, as the borrower continues to make interest payments. The Company recorded loan loss reserves related to these loans as it was deemed that full recovery of principal and interest was not probable.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Several of the Company's loans provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the asset. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Given the transitional nature of some of the Company's real estate loans, the Company may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. The Company will analyze these interest reserves on a periodic basis and determine if any additional interest reserves are needed. Recognition of income on loans with funded interest reserves are accounted for in the same manner as loans without funded interest reserves. The Company will not recognize any interest income on loans in which the borrower has failed to make the contractual interest payment due or has not replenished the interest reserve account. Income from non-performing loans is generally recognized on a cash basis only to the extent it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Additionally, interest income is recorded when earned from equity participation interests, referred to as equity kickers. These equity kickers have the potential to generate additional revenues to the Company as a result of excess cash flow distributions and/or as appreciated properties are sold or refinanced.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>        Property operating income</i></font><font size="2">—Property operating income represents income associated with the operations of commercial real estate properties classified as real estate owned. The Company recognizes revenue for these activities when the fees are fixed or determinable, or are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>        Other income, net</i></font><font size="2">—Other income, net represents net interest income and gains and losses recorded on the Company's linked transactions, as well, as loan structuring, defeasance, and miscellaneous asset management fees associated with the Company's loans and investments portfolio. The Company recognizes these forms of income when the fees are fixed or determinable, are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Investments in Equity Affiliates</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company invests in joint ventures that are formed to acquire, develop and/or sell real estate assets. These joint ventures are not majority owned or controlled by the Company, or are VIEs for which the Company is not the primary beneficiary, and are not consolidated in its financial statements. These investments are recorded under either the equity or cost method of accounting as deemed appropriate. The Company records its share of the net income and losses from the underlying properties of its equity method investments and any other-than-temporary impairment on these investments on a single line item in the Consolidated Statements of Operations as income or losses from equity affiliates.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Stock-Based Compensation</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company has granted certain of its employees, directors, and employees of ACM, stock awards consisting of shares of the Company's common stock that vest immediately or annually over a multi-year period, subject to the recipient's continued service to the Company. The Company records stock-based compensation expense at the grant date fair value of the related stock-based award with subsequent remeasurement for any unvested shares granted to non-employees of the Company with such amounts expensed against earnings, at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods. Dividends are paid on restricted stock as dividends are paid on shares of the Company's common stock whether or not they are vested. Stock-based compensation is disclosed in the Company's Consolidated Statements of Operations under "employee compensation and benefits" for employees and under "selling and administrative" expense for non-employees.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Income Taxes</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company is organized and conducts its operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code with respect thereto. A REIT is generally not subject to federal income tax on taxable income that is distributed to its stockholders, provided that the Company distributes at least 90% of its taxable income and meets certain other requirements. Certain REIT income may be subject to state and local income taxes. The Company's assets or operations that would not otherwise comply with the REIT requirements are owned or conducted by the Company's taxable REIT subsidiaries, the income of which is subject to federal and state income tax. Under current federal tax law, the income and any tax on or distribution requirements attributable to certain debt extinguishment transactions realized in 2009 and 2010 have been deferred to future periods at the Company's election.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Current accounting guidance clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements. This guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This guidance also provides clarity on derecognition, classification, interest and penalties, accounting in interim periods and disclosure.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Other Comprehensive Income / (Loss)</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company divides comprehensive income or loss into net income (loss) and other comprehensive income (loss), which includes unrealized gains and losses on available-for-sale securities. In addition, to the extent the Company's derivative instruments qualify as hedges, net unrealized gains or losses are reported as a component of accumulated other comprehensive income (loss).</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Earnings (Loss) Per Share</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company presents both basic and diluted earnings (loss) per share. Basic earnings (loss) per share excludes dilution and is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower per share amount.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Hedging Activities and Derivatives</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company recognizes all derivatives as either assets or liabilities at fair value and these amounts are recorded in other assets or other liabilities on the Consolidated Balance Sheets. Additionally, the fair value adjustments will affect either accumulated other comprehensive income (loss) until the hedged item is recognized in earnings, or net income (loss) depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. The Company uses derivatives for hedging purposes rather than speculation. Fair values are approximated based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The ineffective portion of a derivative's change in fair value is recognized immediately in earnings.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In connection with the Company's interest rate risk management, the Company periodically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts. Specifically, the Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of its expected cash receipts and its expected cash payments principally related to its investments and borrowings. The Company's objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company has entered into various interest rate swap agreements to hedge its exposure to interest rate risk on (i) variable rate borrowings as it relates to fixed rate loans; (ii) the difference between the CDO investor return being based on the three-month LIBOR index while the supporting assets of the CDO are based on the one-month LIBOR index; and (iii) use of LIBOR rate caps in loan agreements.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In the normal course of business, the Company may use a variety of derivative financial instruments to manage, or hedge, interest rate risk. The Company does not use derivatives for trading or speculative purposes. These derivative financial instruments must be effective in reducing its interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income (loss) for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income (loss). In cases where a derivative financial instrument is terminated early, any gain or loss is generally amortized over the remaining life of the hedged item.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In certain circumstances, the Company may finance the purchase of Residential Mortgage Backed Securities ("RMBS") investments through a repurchase agreement with the same counterparty, which may qualify as a linked transaction. If both transactions are entered into contemporaneously or in contemplation of each other, the transactions are presumed to be linked transactions unless certain criteria are met, and the Company accounts for the purchase of such securities and the repurchase agreement on a combined basis as a forward contract derivative at fair value which is reported in other assets on the Consolidated Balance Sheets with changes in the fair value of the assets and liabilities underlying linked transactions and associated interest income and expense reported in other income on the Consolidated Statements of Operations. The analysis of transactions under these rules requires management's judgment and experience. The fair value of linked transactions reflect the value of the underlying RMBS, linked repurchase agreement borrowings and accrued interest receivable/payable on such instruments. The Company's linked transactions are not designated as hedging instruments and, as a result, the change in the fair value and net interest income from linked transactions is reported in other income on the Consolidated Statements of Operations.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company has no master netting or similar arrangements and does not offset derivatives.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Variable Interest Entities</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company has evaluated its loans and investments, mortgage related securities, investments in equity affiliates, junior subordinated notes, CDOs and CLOs, in order to determine if they qualify as VIEs or as variable interests in VIEs. This evaluation resulted in the Company determining that its bridge loans, junior participation loans, mezzanine loans, preferred equity investments, investments in equity affiliates, junior subordinated notes, CDOs, CLOs, and investments in debt securities were potential VIEs or variable interests in VIEs. See Note 9—"Variable Interest Entities" for the Company's evaluation of the periods presented.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Recently Issued Accounting Pronouncements</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In July 2013, the FASB issued updated guidance that resolves the diversity in practice for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This new accounting guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of an uncertain tax position. This guidance is effective as of the first quarter of 2014 and the Company is currently evaluating the impact it may have on its Consolidated Financial Statements.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In June 2013, the FASB issued updated guidance on the definition and measurement of investment companies. The guidance does not address the applicability of investment company accounting for real estate entities and thus does not have a material effect on the Company's Consolidated Financial Statements.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In February 2013, the FASB issued updated guidance on the disclosure of reclassification adjustments related to comprehensive income. The updated guidance requires the Company to disclose, either on the face of the financial statements or in the notes to the financial statements, the financial statement effects on earnings from items that are reclassified out of other comprehensive income, by component. This guidance was effective as of the first quarter of 2013 and its adoption did not have a material effect on the Company's Consolidated Financial Statements.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In December 2011, the FASB issued updated guidance on disclosure about offsetting assets and liabilities that amends U.S. GAAP to conform more to the disclosure requirements of IFRS. Under the updated guidance, an entity is required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. In January 2013, the FASB issued further guidance clarifying the scope of disclosures about offsetting assets and liabilities. The scope applies to certain derivatives (including bifurcated embedded derivatives,) repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. The guidance was effective as of the first quarter of 2013 and its adoption did not have a material effect on the Company's Consolidated Financial Statements.</font></p>
</div>
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<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 3—Loans and Investments</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following table sets forth the composition of the Company's loan and investment portfolio at December 31, 2013 and December 31, 2012:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="31"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="40"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="40"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent of<br />
Total</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Loan<br />
Count</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Wtd. Avg.<br />
Pay Rate(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Wtd. Avg.<br />
Remaining<br />
Months to<br />
Maturity</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>First<br />
Dollar<br />
LTV<br />
Ratio(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Last<br />
Dollar<br />
LTV<br />
Ratio(3)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Bridge loans</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,171,783,914</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">71</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">95</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5.11</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">18.5</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">76</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Mezzanine loans</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">118,550,172</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">27</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7.02</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">58.2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">56</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">83</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Junior participation loans</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">248,337,542</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">15</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.21</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">19.6</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">60</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">81</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Preferred equity investments</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">121,523,673</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">15</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7.20</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">45.5</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">58</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">79</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,660,195,301</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">144</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5.26</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">23.5</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">17</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">77</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Unearned revenue</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(14,218,237</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Allowance for loan losses</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(122,277,411</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loans and investments, net</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,523,699,653</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2"><br /></font> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="31"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="40"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="40"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent of<br />
Total</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Loan<br />
Count</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Wtd. Avg.<br />
Pay Rate(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Wtd. Avg.<br />
Remaining<br />
Months to<br />
Maturity</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>First<br />
Dollar<br />
LTV<br />
Ratio(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Last<br />
Dollar<br />
LTV<br />
Ratio(3)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Bridge loans</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,006,726,838</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">67</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">83</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.87</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">25.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">75</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Mezzanine loans</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">112,843,639</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.94</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">62.6</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">59</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">88</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Junior participation loans</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">280,662,498</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">19</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.90</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">29.1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">59</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">79</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Preferred equity investments</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100,823,672</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">12</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6.04</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">72.2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">77</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">97</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,501,056,647</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">128</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.77</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">31.8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">21</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">80</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Unearned revenue</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(13,683,281</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Allowance for loan losses</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(161,706,313</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
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<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loans and investments, net</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,325,667,053</font></td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
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<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">"Weighted Average Pay Rate" is a weighted average, based on the unpaid principal balances of each loan in the Company's portfolio, of the interest rate that is required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an additional rate of interest "Accrual Rate" to be paid at the maturity are not included in the weighted average pay rate as shown in the table.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The "First Dollar LTV Ratio" is calculated by comparing the total of the Company's senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which the Company will absorb a total loss of its position.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(3)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The "Last Dollar LTV Ratio" is calculated by comparing the total of the carrying value of the Company's loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which the Company will initially absorb a loss.</font></dd></dl></div>
<p style="FONT-FAMILY: times;"><font size="2">        Bridge loans are loans to borrowers who are typically seeking short-term capital to be used in an acquisition of a property and are predominantly secured by first mortgage liens on the property.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Mezzanine loans and junior participating interests in senior debt are loans that are subordinate to a conventional first mortgage loan and senior to the borrower's equity in a transaction. Mezzanine financing may take the form of loans secured by pledges of ownership interests in entities that directly or indirectly control the real property or subordinated loans secured by second mortgage liens on the property.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        A preferred equity investment is another method of financing in which preferred equity investments in entities that directly or indirectly own real property are formed. In cases where the terms of a first mortgage prohibit additional liens on the ownership entity, investments structured as preferred equity in the entity owning the property serve as viable financing substitutes. With preferred equity investments, the Company typically becomes a member in the ownership entity.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Concentration of Credit Risk</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company operates in one portfolio segment, commercial mortgage loans and investments. Commercial mortgage loans and investments can potentially subject the Company to concentrations of credit risk. The Company is subject to concentration risk in that, as of December 31, 2013, the unpaid principal balance related to 28 loans with five different borrowers represented approximately 30% of total assets. At December 31, 2012, the unpaid principal balance related to 23 loans with five different borrowers represented approximately 31% of total assets. In addition, in 2013 and 2012, no single loan or investment represented 10% of the Company's total assets. In 2013, the Company generated approximately 11% of revenue from the Chetrit Group L.L.C.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company measures its relative loss position for its mezzanine loans, junior participation loans, and preferred equity investments by determining the point where the Company will be exposed to losses based on its position in the capital stack as compared to the fair value of the underlying collateral. The Company determines its loss position on both a first dollar loan-to-value ("LTV") and a last dollar LTV basis. First dollar LTV is calculated by comparing the total of the Company's senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which the Company will absorb a total loss of its position. Last dollar LTV is calculated by comparing the total of the carrying value of the Company's loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which the Company will initially absorb a loss.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company assigns a credit risk rating to each loan and investment. Individual ratings range from one to five, with one being the lowest risk and five being the highest. Each credit risk rating has benchmark guidelines that pertain to debt-service coverage ratios, LTV ratios, borrower strength, asset quality, and funded cash reserves. Other factors such as guarantees, market strength, remaining loan term, and borrower equity are also reviewed and factored into determining the credit risk rating assigned to each loan. This metric provides a helpful snapshot of portfolio quality and credit risk. Given the Company's asset management approach, however, the risk rating process does not result in differing levels of diligence contingent upon credit rating. That is because all portfolio assets are subject to the level of scrutiny and ongoing analysis consistent with that of a 'high-risk" loan. All assets are subject to, at minimum, a thorough quarterly financial evaluation in which historical operating performance is reviewed, and forward-looking projections are created. Generally speaking, given the Company's typical loan and investment profile, a risk rating of three suggests that the Company expects the loan to make both principal and interest payments according to the contractual terms of the loan agreement, and is not considered impaired. A risk rating of four indicates the Company anticipates that the loan will require a modification of some kind. A risk rating of five indicates the Company expects the loan to underperform over its term, and that there could be loss of interest and/or principal. Ratings of 3.5 and 4.5 generally indicate loans that have characteristics of both the immediately higher and lower classifications. Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as borrower strength, condition of the market of the underlying collateral, additional collateral or other credit enhancements, or loan terms, may result in a rating that is higher or lower than might be indicated by any risk rating matrix.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        As a result of the loan review process, the Company identified loans and investments that it considers higher-risk loans that had a carrying value, before loan loss reserves, of approximately $187.5 million and a weighted average LTV ratio of 93% at December 31, 2013 compared to approximately $231.1 million and a weighted average LTV ratio of 90% at December 31, 2012.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        A summary of the loan portfolio's weighted average internal risk ratings and LTV ratios by asset class as of December 31, 2013 and 2012 is as follows:</font></p>
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<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
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<td style="FONT-FAMILY: times;" width="54"></td>
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<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="14" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
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<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 41pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Asset Class <!-- COMMAND=ADD_SCROPPEDRULE,41pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal<br />
Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percentage<br />
of Portfolio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Wtd. Avg.<br />
Internal<br />
Risk Rating</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>First Dollar<br />
LTV Ratio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Last Dollar<br />
LTV Ratio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,068,529,815</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">64.4</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.3</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">14</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">75</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">358,832,526</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">21.6</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">32</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">82</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">116,751,563</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">88</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Hotel</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">69,181,252</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">26</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">84</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Commercial</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24,900,145</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1.5</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">49</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Condo</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">15,250,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0.9</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">41</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">65</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Retail</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,750,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0.4</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2.5</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">63</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,660,195,301</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.3</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">17</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">77</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2"><br /></font> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="54"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="55"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="14" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 41pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Asset Class <!-- COMMAND=ADD_SCROPPEDRULE,41pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal<br />
Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percentage<br />
of Portfolio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Wtd. Avg.<br />
Internal<br />
Risk Rating</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>First Dollar<br />
LTV Ratio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Last Dollar<br />
LTV Ratio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">771,140,021</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">51.4</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.4</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">19</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">79</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">415,162,338</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">27.6</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">31</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">81</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">140,745,980</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9.4</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">86</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Hotel</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">105,613,791</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.6</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">22</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">78</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Commercial</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">23,794,517</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1.6</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">50</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Condo</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">25,250,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1.7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">58</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">90</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Retail</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">19,350,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1.3</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2.9</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">61</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,501,056,647</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3.4</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">21</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">80</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Geographic Concentration Risk</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        As of December 31, 2013, 36% and 10% of the outstanding balance of the Company's loans and investments portfolio had underlying properties in New York and Texas, respectively. As of December 31, 2012, 34%, 11% and 10% of the outstanding balance of the Company's loans and investments portfolio had underlying properties in New York, California and Texas, respectively.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Impaired Loans and Allowance for Loan Losses</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company performs an evaluation of the loan portfolio quarterly to assess the performance of its loans and whether a reserve for impairment should be recorded. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        During the year ended December 31, 2013, the Company determined that the fair value of the underlying collateral securing five impaired loans with an aggregate carrying value of $31.5 million was less than the net carrying value of the loans, resulting in a $6.5 million provision for loan losses. In addition, during 2013, the Company recorded $2.2 million of net recoveries of previously recorded loan loss reserves resulting in a $4.3 million provision for loan losses. These recoveries were recorded in provision for loan losses on the Consolidated Statements of Operations. Of the $6.5 million of loan loss reserves recorded during the year ended December 31, 2013, $1.0 million was attributable to loans on which the Company had previously recorded reserves, while $5.5 million of reserves related to other loans in the Company's portfolio.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        During the year ended December 31, 2012 the Company determined that the fair value of the underlying collateral securing eight impaired loans with an aggregate carrying value of $94.6 million was less than the net carrying value of the loans, resulting in a $23.8 million provision for loan losses. In addition, during 2012, the Company recorded $0.9 million of net recoveries of previously recorded loan loss reserves resulting in a provision for loan losses, net of recoveries, of $22.9 million. Of the $23.8 million of loan loss reserves recorded during the year ended December 31, 2012, $18.9 million was attributable to loans on which the Company had previously recorded reserves, while $4.9 million of reserves related to other loans in the Company's portfolio.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company recorded a $44.8 million provision for loan losses during the year ended December 31, 2011 when it performed an evaluation of its loan portfolio and determined that the fair value of the underlying collateral securing 11 impaired loans with an aggregate carrying value of $109.5 million were less than the net carrying value of the loans. In addition, the Company recorded $6.3 million in net recoveries of previously recorded loan loss reserves. The effect of these recoveries resulted in a provision for loan losses, net of recoveries, of $38.5 million for the year ended December 31, 2011. Loss on sale and restructuring of loans of $5.7 million during the year ended December 31, 2011 represents $4.7 million from the sale of a $30.0 million portion of a $67.0 million loan to a third party for $25.3 million as well as $1.0 million from the execution of a forbearance agreement in the first quarter of 2011 on a loan modified in the second quarter of 2011.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        There were no loans for which the collateral securing the loan was less than the carrying value of the loan for which the Company had not recorded a provision for loan loss as of December 31, 2013, 2012 and 2011.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        At December 31, 2013, the Company had a total of 15 loans with an aggregate carrying value, before loan loss reserves, of $207.5 million for which impairment reserves have been recorded. At December 31, 2012, the Company had a total of 20 loans with an aggregate carrying value, before loan loss reserves, of $240.2 million for which impairment reserves have been recorded. Additionally, the Company has five loans with an unpaid principal balance totaling approximately $111.3 million at December 31, 2013, which mature in September 2014, that are collateralized by a land development project. The loans do not carry a pay rate of interest, but four of the loans with an unpaid principal balance totaling approximately $101.9 million entitle the Company to a weighted average accrual rate of interest of approximately 9.60%. During the fourth quarter of 2010, the Company suspended the recording of the accrual rate of interest on these loans, as these loans were impaired and management deemed the collection of this interest to be doubtful. The Company has recorded cumulative allowances for loan losses of $43.7 million related to these loans as of December 31, 2013. The loans are subject to certain risks associated with a development project including, but not limited to, availability of construction financing, increases in projected construction costs, demand for the development's outputs upon completion of the project, and litigation risk. Additionally, these loans were not classified as non-performing as the borrower is in compliance with all of the terms and conditions of the loans.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Fiscal 2013 charge-off activity was comprised of a $23.2 million charge-off to previously recorded reserves from the write-off of several loans that had an aggregate carrying value of $23.2 million; a $19.0 million charge-off in connection with the transfer of land that was held as collateral for a $25.0 million loan to other assets at a fair value of $6.0 million; and a $1.5 million charge-off in connection with receiving proceeds of $4.4 million from the sale of a $5.9 million bridge loan. The land transferred to other assets is 20.5 acres of usable land and 2.3 acres of submerged land located on the banks of the St. John's River in downtown Jacksonville, Florida and is currently zoned for the development of up to 60 dwellings per acre. This land was held as collateral by a joint venture that the Company assumed full ownership of and the related loan was consolidated.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Fiscal 2012 charge-off activity was comprised of a $42.8 million charge-off to previously recorded reserves from the write-off of several loans that had an aggregate carrying value of $43.4 million; and a $3.8 million charge-off to previously recorded reserves as a result of the Company receiving principal payoffs of $1.6 million on two loans with a total carrying value of $5.5 million.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Fiscal 2011 charge-off activity was comprised of a $27.1 million charge-off to previously recorded reserves from the write-off of several loans that had an aggregate carrying value of $119.9 million. The Company also charged-off $31.7 million of loan loss reserves related to two loans with carrying values totaling approximately $77.2 million, net of reserves and assumed debt, on properties that were transferred to the Company by the owner, a creditor trust as well as purchased by the Company out of bankruptcy and recorded to real estate owned, net on the Company's Consolidated Balance Sheet in the first quarter of 2011.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        A summary of the changes in the allowance for loan losses is as follows:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Year Ended</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Allowance at beginning of the period</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">161,706,313</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">185,381,855</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">205,470,302</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Provision for loan losses</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">6,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">23,828,224</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">44,810,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Charge-offs</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(24,713,459</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(46,585,800</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(27,062,564</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Charge-off on loan converted to other assets</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(19,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Charge-off on loans converted to real estate owned, net</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(31,710,929</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Recoveries of reserves</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(2,215,443</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(917,966</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(6,124,954</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Allowance at end of the period</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">122,277,411</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">161,706,313</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">185,381,855</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        A summary of charge-offs and recoveries is as follows:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 80%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Year Ended</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><i>Charge-offs:</i></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(4,789,815</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(10,773,141</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(38,308,816</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(6,252,129</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(5,812,659</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(7,114,677</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(19,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Hotel</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(3,671,515</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(30,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(13,350,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Condo</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(10,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(43,713,459</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(46,585,800</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(58,773,493</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><i>Recoveries:</i></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(1,510,949</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(121,898</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(2,243,197</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(704,494</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(796,068</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(3,881,757</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(2,215,443</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(917,966</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(6,124,954</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net Charge-offs</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(41,498,016</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(45,667,834</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(52,648,539</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Ratio of net charge-offs during the period to average loans and investments outstanding during the period</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2.6</font></td>
<td style="FONT-FAMILY: times;"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3.0</font></td>
<td style="FONT-FAMILY: times;"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3.4</font></td>
<td style="FONT-FAMILY: times;"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        A summary of the Company's impaired loans by asset class is as follows:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="14" align="center"><font size="1"><b>Year Ended December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 41pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Asset Class <!-- COMMAND=ADD_SCROPPEDRULE,41pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Allowance for<br />
Loan Losses</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Average Recorded<br />
Investment(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Interest Income<br />
Recognized</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">65,735,773</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">65,186,623</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">50,786,697</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">62,602,118</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,566,914</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">36,086,582</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">29,474,065</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">23,972,444</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">37,224,695</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,585,520</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">116,085,950</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">112,810,558</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">47,518,270</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">127,561,228</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">217,908,305</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">207,471,246</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">122,277,411</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">227,388,042</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,152,434</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2"><br /></font> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="14" align="center"><font size="1"><b>Year Ended December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 41pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Asset Class <!-- COMMAND=ADD_SCROPPEDRULE,41pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Allowance for<br />
Loan Losses</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Average Recorded<br />
Investment(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Interest Income<br />
Recognized</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">59,468,463</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">59,277,872</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">53,587,461</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">63,331,880</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">794,633</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">38,362,808</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">30,545,156</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">28,929,067</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">41,732,535</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,419,615</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">139,036,505</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">136,716,617</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">65,518,270</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">136,185,941</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Hotel</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,671,507</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,671,507</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,671,515</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">18,671,507</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">596,643</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Condo</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">173,920</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">250,539,283</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">240,211,152</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">161,706,313</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">269,921,863</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,984,811</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents the unpaid principal balance of impaired loans less unearned revenue and other holdbacks and adjustments by asset class.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents an average of the beginning and ending unpaid principal balance of each asset class.</font></dd></dl></div>
<p style="FONT-FAMILY: times;"><font size="2">        As of December 31, 2013, five loans with an aggregate carrying value of approximately $10.7 million, net of related loan loss reserves of $39.6 million, were classified as non-performing, of which one loan with a carrying value of $0.6 million did not have a loan loss reserve. Income from non-performing loans is recognized on a cash basis only to the extent it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced. As of December 31, 2012, nine loans with an aggregate carrying value of approximately $14.9 million, net of related loan loss reserves of $45.1 million, were classified as non-performing, of which one loan with a carrying value of $5.0 million did not have a loan loss reserve.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        A summary of the Company's non-performing loans by asset class as of December 31, 2013 and 2012 is as follows:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="50"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 41pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Asset Class <!-- COMMAND=ADD_SCROPPEDRULE,41pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Less Than<br />
90 Days<br />
Past Due</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Greater<br />
Than<br />
90 Days<br />
Past Due</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Less Than<br />
90 Days<br />
Past Due</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Greater<br />
Than<br />
90 Days<br />
Past Due</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">42,054,539</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">32,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,054,539</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,951,549</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,951,549</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,277,844</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,277,844</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,373,229</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,373,229</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24,999,972</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24,999,972</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Hotel</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,671,507</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,671,507</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Condo</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">50,332,383</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">32,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">18,332,383</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">59,996,257</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">59,996,257</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        At December 31, 2013, the Company did not have any loans contractually past due 90 days or more that are still accruing interest. During the year ended December 31, 2013, the Company refinanced and/or modified four loans with an aggregate unpaid principal balance of $52.5 million, which were not considered by the Company to be troubled debt restructurings; however, two loans with a combined unpaid principal balance of $14.6 million that were extended during 2013 were considered to be trouble debt restructurings. During the year ended December 31, 2012, the Company refinanced and/or modified two loans with a combined unpaid principal balance of $57.4 million, which were considered by the Company to be troubled debt restructurings and six loans with a combined unpaid principal balance of $144.9 million, which were not considered by the Company to be troubled debt restructurings. In addition, the Company had two loans with a combined unpaid principal balance of $37.8 million that were extended during 2012 which were considered troubled debt restructurings. The Company had no unfunded commitments on the modified and extended loans which were considered troubled debt restructurings as of December 31, 2013 and 2012.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        A summary of loan modifications and extensions by asset class that the Company considered to be troubled debt restructurings during the year ended December 31, 2013 and 2012 were as follows:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="42"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="14" align="center"><font size="1"><b>Year Ended December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 41pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Asset Class <!-- COMMAND=ADD_SCROPPEDRULE,41pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Number<br />
of Loans</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Original<br />
Unpaid<br />
Principal<br />
Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Original<br />
Weighted<br />
Average<br />
Rate of<br />
Interest</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Modified<br />
Unpaid<br />
Principal<br />
Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Modified<br />
Weighted<br />
Average<br />
Rate of<br />
Interest</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,192,666</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,192,666</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,400,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8.24</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,400,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8.24</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">14,592,666</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7.27</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">14,592,666</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7.27</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2"><br /></font> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="42"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="14" align="center"><font size="1"><b>Year Ended December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 41pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Asset Class <!-- COMMAND=ADD_SCROPPEDRULE,41pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Number<br />
of Loans</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Original<br />
Unpaid<br />
Principal<br />
Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Original<br />
Weighted<br />
Average<br />
Rate of<br />
Interest</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Modified<br />
Unpaid<br />
Principal<br />
Balance</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Modified<br />
Weighted<br />
Average<br />
Rate of<br />
Interest</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">32,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">32,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1.13</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">25,361,932</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5.32</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">25,332,451</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,818,270</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,818,270</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Hotel</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">35,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">35,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">95,180,202</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2.83</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">95,150,721</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2.18</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        There was one loan for $32.0 million in which the Company considered the modification to be troubled debt restructuring that was subsequently considered non-performing as of December 31, 2013 and 2012 and no additional loans were considered to be impaired due to the Company's troubled debt restructuring analysis for the years ended December 31, 2013 and 2012. These loans were modified to increase the total recovery of the combined principal and interest from the loan.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        As of December 31, 2013, the Company had total interest reserves of $11.7 million on 48 loans with an aggregate unpaid principal balance of $598.6 million and had two non-performing loans with an aggregate unpaid principal balance of $4.7 million with a funded interest reserve of $0.1 million.</font></p>
</div>
5037806
2819710
731921
208755305
320037
-5149490
46717669
38566933
41559813
462356
1159076
161185
26700
500000
11540649
11005354
52500000
41440000
41440000
34000000
34000000
83099540
55351004
55351004
3974882
22094412
1885284
266664
203438
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 4—Securities</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following is a summary of the Company's securities classified as available-for-sale at December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 62%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"130%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="130%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="54"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Amortized<br />
Cost</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Cumulative<br />
Unrealized<br />
Gain</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Cumulative<br />
Unrealized<br />
Loss</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value /<br />
Estimated<br />
Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Residential mortgage-backed security (RMBS)</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">39,013,690</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">34,049,310</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">437,774</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(6,298</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">34,480,786</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Commercial mortgage-backed security (CMBS)</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Common equity securities</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">58,789</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">676,077</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">734,866</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total available-for-sale securities</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">41,113,690</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">36,208,099</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,113,851</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(6,298</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">37,315,652</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        The following is a summary of the Company's securities classified as available-for-sale at December 31, 2012:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 80%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="54"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Amortized<br />
Cost</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Cumulative<br />
Unrealized<br />
Gain</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value /<br />
Estimated<br />
Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Collateralized debt obligation (CDO) bond</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Commercial mortgage-backed security (CMBS)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Common equity securities</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">58,789</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">293,947</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">352,736</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total available-for-sale securities</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">12,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,158,789</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">393,947</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,552,736</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        The following is a summary of the underlying credit rating of the Company's available-for-sale debt securities at December 31, 2013 and 2012:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="17"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="17"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 34pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Rating(1) <!-- COMMAND=ADD_SCROPPEDRULE,34pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>#</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Amortized<br />
Cost</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent<br />
of Total</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>#</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Amortized<br />
Cost</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent<br />
of Total</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">AA+</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">93,715</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">CCC</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">18,417,402</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">51</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">CCC-</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">NR</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">15,538,193</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">43</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">11</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">36,149,310</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
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<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Based on the rating published by Standard & Poor's for each security. NR stands for "not rated."</font></dd></dl></div>
<p style="FONT-FAMILY: times;"><font size="2">        During the fourth quarter of 2013, the Company's RMBS investments were reclassified as available-for-sale from held-to-maturity as a result of a change in intent to hold the securities to maturity due to management's decision to redeploy capital into the core lending business. Accordingly, the Company reclassified RMBS investments with a carrying amount of $34.0 million, to available-for-sale at their estimated fair value of $34.4 million, with a net unrealized gain of $0.4 million recorded in accumulated other comprehensive loss on the Company's Consolidated Balance Sheet. In the first quarter of 2014, the Company sold the majority of its RMBS investments with an aggregate carrying value of $32.9 million for approximately $33.4 million. These RMBS investments were financed with repurchase agreements totaling $24.8 million which were repaid with the proceeds.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company owns a CMBS investment, purchased at a premium in 2010 for $2.1 million, which is collateralized by a portfolio of hotel properties. The Company had two fully reserved mezzanine loans with a total carrying value before loan loss reserves of $30.0 million related to this portfolio that were charged off in the fourth quarter of 2012. The CMBS investment bears interest at a spread of 89 basis points over LIBOR, has a stated maturity of 6.5 years, but has an estimated life of 0.4 years based on the extended maturity of the underlying asset and a fair value of $2.1 million at December 31, 2013 and 2012.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company owns 2,939,465 shares of common stock of Realty Finance Corporation, formerly CBRE Realty Finance, Inc., a commercial real estate specialty finance company, which had a fair value of $0.7 million and $0.4 million at December 31, 2013 and 2012, respectively.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In May 2013, the Company sold a CDO bond investment that had a carrying value of $1.1 million for approximately $2.1 million and recorded a gain of approximately $1.1 million in other income in the Company's Consolidated Statements of Operations, which includes the realization of an unrealized gain of $0.1 million that was reclassified out of accumulated other comprehensive loss.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Available-for-sale securities are carried at their estimated fair value with unrealized gains and losses reported in accumulated other comprehensive loss. The Company evaluates these securities periodically to determine whether a decline in their value is other-than-temporary, though such a determination is not intended to indicate a permanent decline in value. The Company's evaluation is based on its assessment of cash flows which is supplemented by third-party research reports, internal review of the underlying assets securing the investments, levels of subordination and the ratings of the securities and the underlying collateral. The Company's estimation of cash flows expected to be generated by the securities portfolio is based upon an internal review of the underlying mortgage loans securing the investments both on an absolute basis and compared to the Company's initial underwriting for each investment and efforts are supplemented by third party research reports, third party market assessments and dialogue with market participants. Management closely monitors market conditions on which it bases such decisions. No impairment was recorded on the Company's available-for-sale securities for the years ended December 31, 2013, 2012 and 2011.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following is a summary of the Company's securities classified as held-to-maturity at December 31, 2012:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
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<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Amortized<br />
Cost</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unrealized<br />
Gain</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unrealized<br />
Loss</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Estimated<br />
Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Residential mortgage-backed securities (RMBS)</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">44,431,768</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">42,986,980</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">42,986,980</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">169,450</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(3,306</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">43,153,124</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        The following is a summary of the underlying credit ratings of the Company's RMBS and CMBS investments held-to-maturity at December 31, 2012:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="17"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 34pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Rating(1) <!-- COMMAND=ADD_SCROPPEDRULE,34pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>#</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Amortized<br />
Cost</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent<br />
of Total</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">AAA</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">407,514</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">AA</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">167,196</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">BB</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,742,011</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">20</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">D</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9,496,933</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">22</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">NR</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24,173,326</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">56</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">16</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">42,986,980</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Based on the rating published by Standard & Poor's for each security. NR stands for "not rated".</font></dd></dl></div>
<p style="FONT-FAMILY: times;"><font size="2">        During the year ended December 31, 2013, the Company purchased three RMBS investments, at a discount of $4.7 million, for $25.8 million and two RMBS investments, at par, for a total of $3.2 million and received total principal paydowns of $38.6 million on the portfolio. The RMBS investments are collateralized by portfolios of residential properties, bear interest at a weighted average fixed rate of 2.72%, have a weighted average stated maturity of 19.0 years, but have weighted average estimated lives of 6.8 years based on the estimated maturity of the RMBS investments, at December 31, 2013. Approximately $8.7 million is estimated to mature after one year through five years, and $25.8 million is estimated to mature after ten years. The RMBS investments were financed with two repurchase agreements with financial institutions which generally finance between 80% to 90% of the value of each individual investment. During year ended December 31, 2013, the Company financed $22.0 million of the RMBS investments and paid down the total debt by $30.9 million due to the principal paydowns received on the RMBS investments. The total repurchase agreement debt balance was $26.9 million at December 31, 2013. See Note 7—"Debt Obligations" for further details. As described in more detail above, during the fourth quarter of 2013, the Company's RMBS investments were reclassified as available-for-sale from held-to-maturity.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        During the year ended December 31, 2012, the Company purchased eight RMBS investments, at par, for a total of $31.8 million, eight RMBS investments, at a combined premium of $0.2 million, for a total of $22.9 million, and two RMBS investments, at a combined discount of $1.5 million, for $14.4 million, and received total principal paydowns of $55.2 million on the portfolio. During the year ended December 31, 2012, the Company financed $55.5 million of the RMBS investments and paid down the total debt by $45.9 million due to the principal paydowns received on the RMBS investments. The total repurchase agreement debt balance was $35.8 million at December 31, 2012. See Note 7—"Debt Obligations" for further details.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        At December 31, 2013 and 2012, the Company owned two and one RMBS investments, respectively, with deteriorated credit quality that had a total aggregate carrying value of $25.8 million and $9.5 million, respectively. These investments were sold for $26.0 million in the first quarter of 2014.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        For the years ended December 31, 2013 and 2012, approximately $0.1 million of premium was amortized and approximately $0.3 million of discount was accreted from the Company's held-to-maturity investments.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Securities held-to-maturity are carried at cost, net of unamortized premiums and discounts. The Company evaluates these securities periodically to determine whether a decline in their value is other-than-temporary, though such a determination is not intended to indicate a permanent decline in value. The Company's evaluation is based on its assessment of cash flows, which is supplemented by third-party research reports, internal review of the underlying assets securing the investments, levels of subordination and the ratings of the securities and the underlying collateral. The Company's estimation of cash flows expected to be generated by the securities portfolio is based upon an internal review of the underlying mortgage loans securing the investments both on an absolute basis and compared to the Company's initial underwriting for each investment and efforts are supplemented by third party research reports, third party market assessments and dialogue with market participants. Management closely monitors market conditions on which it bases such decisions. No impairment was recorded on the Company's securities held-to-maturity for the years ended December 31, 2013 and 2012.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The weighted average yield on the Company's CDO bond, CMBS and RMBS investments available-for-sale and held-to-maturity based on their face values was 4.29% and 4.51%, including the amortization of premium and the accretion of discount, for the years ended December 31, 2013 and 2012, respectively.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 5—Investments in Equity Affiliates</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following is a summary of the Company's investments in equity affiliates at December 31, 2013 and 2012:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="64"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="81"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Investments in Equity<br />
Affiliates at</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid Principal<br />
Balance of Loans<br />
to Equity<br />
Affiliates at</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 57pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Equity Affiliates <!-- COMMAND=ADD_SCROPPEDRULE,57pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Lightstone Value Plus REIT L.P</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,894,727</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">55,988,409</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">West Shore Café</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,690,280</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,821,536</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Issuers of Junior Subordinated Notes</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">578,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">578,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">JT Prime</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">425,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">851,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">930 Flushing & 80 Evergreen</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">92,199</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">342,197</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">23,200,145</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Lexford Portfolio</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">116,131,813</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">St. John's Development</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">450 West 33<sup>rd</sup> Street</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Ritz-Carlton Club</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,680,306</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">59,581,242</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">139,331,958</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        The Company accounts for the Lightstone Value Plus REIT L.P. ("Lightstone") and 450 West 33<sup>rd</sup> Street investments under the cost method of accounting and the remaining investments under the equity method.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>        <u>Lightstone Value Plus REIT L.P. / JT Prime</u></i></font><font size="2">—The Company owned approximately $56.0 million of preferred and common operating partnership units of Lightstone through a consolidated entity in which the Company has a two thirds interest. In addition, the consolidated entity had debt of approximately $50.2 million, which was secured by these operating partnership units. In September 2013, the Company's portion of the preferred operating partnership units were redeemed by Lightstone for cash, at par, and the note related to the Company's portion was repaid in full. As a result, the Company received cash of $2.0 million, reflecting the Company's equity in the preferred operating partnership units redeemed. In the fourth quarter of 2013, the entity's operating agreement was amended to provide joint control to the members of the entity, and therefore, the entity was deconsolidated. The investment balance of approximately $1.9 million reflects the carrying value of the remaining common operating partnership units of Lightstone. At the time of deconsolidation, the $1.9 million carrying value of the Company's remaining interest approximated its fair value. The fair value was determined by the latest issued tender offer by Lightstone for its common stock.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company owns a 50% non-controlling interest in an unconsolidated joint venture, JT Prime, which holds preferred and common operating partnership units of Lightstone as well as a promissory note secured by these operating partnership units. In September 2013, the Company's portion of the preferred operating partnership units were redeemed by Lightstone for cash, at par, and the note related to the Company's portion was repaid in full. As a result, the Company received cash of $0.4 million and the carrying value of the Company's investment in JT Prime was reduced to $0.4 million, reflecting the Company's remaining interest in the common operating partnership units.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The preferred operating partnership units yielded 4.63% and the loan bore interest at a rate of 4.00%. During each of the years ended December 31, 2013, 2012 and 2011, the Company recorded $1.8 million, $2.7 million and $2.7 million, respectively, of dividends from the preferred and common operating partnership units which were reflected in interest income, and $1.3 million, $2.0 million and $2.0 million, respectively, of interest expense in the Company's Consolidated Statement of Operations.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>        <u>West Shore Café</u></i></font><font size="2">—The Company owns a 50% noncontrolling interest with a 20% preferred return subject to certain conditions in the West Shore Lake Café, a restaurant/inn lakefront property in Lake Tahoe, California. For the years ended December 31, 2013 and 2012 the Company recorded $0.1 million of losses each year from the entity against the equity investment. For 2011, the Company received distributions of $0.1 million related to the preferred return, which were recorded as a return of investment. During the third quarter of 2013, the Company also received the payoff of a $5.5 million first mortgage loan that it provided to the equity affiliate which bore interest at a yield of 10.5%.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>        <u>Issuers of Junior Subordinated Notes</u></i></font><font size="2">—The Company has invested a total of $0.6 million for 100% of the common shares of two affiliated entities of the Company. These entities pay dividends on both the common shares and preferred securities on a quarterly basis at variable rates based on three-month LIBOR. See Note 7—"Debt Obligations" for further details.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>        <u>930 Flushing & 80 Evergreen</u></i></font><font size="2">—The Company has a 12.5% preferred interest in a joint venture that owns and operates two commercial properties. The Company has a bridge loan outstanding to affiliated entities of the joint venture with a scheduled maturity of August 2017, has a variable rate of LIBOR plus 3.23%, and has an outstanding principal balance of $22.7 million at December 31, 2013. During 2012, the Company originated a $0.5 million mezzanine loan to the joint venture that matures in 2017, has a variable rate of LIBOR plus 4.23% with a LIBOR floor of 0.24% and has an outstanding principal balance of $0.5 million at December 31, 2013. Also during 2012, the Company contributed $0.2 million of capital to the entity. For the years ended December 31, 2013, 2012 and 2011, the Company recorded losses from the entity against the equity investment of $0.2 million, $0.1 million and $0.3 million, respectively.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>        <u>Lexford Portfolio</u></i></font><font size="2">—The Company, along with third party investors, made a $0.1 million equity investment into Lexford, a portfolio of multi-family assets. The Company's portion of this investment is a $44,000 noncontrolling interest. The Company also had a $10.5 million interest in a $25.0 million preferred equity investment in Lexford with the same third party investors that was repaid during 2013. See Note 15—"Related Party Transactions" for further details about this investment.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>        <u>St. John's Development</u></i></font><font size="2">—The Company owned a 50% noncontrolling interest in a joint venture that owned more than 20 acres of land in Jacksonville, Florida that was used as collateral for a $25.0 million loan originated and held by the Company with an interest rate of LIBOR plus 6.48% and a LIBOR floor of 4.50%. Ownership of the remaining 50% interest in the joint venture was transferred to Company during the fourth quarter of 2013 and as a result the land was transferred to other assets at its fair value of $6.0 million. See Note 3—"Loans and Investments" for further details.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>        <u>450 West 33rd Street</u></i></font><font size="2">—The Company is a participant in an investor group that owns a non-controlling interest in an office building at 450 West 33rd Street in Manhattan, New York. The investor group as a whole has a 2% retained ownership interest in the property and 50% of the property's air rights. The Company has a 29% interest in the 2% retained ownership interest. In accordance with this transaction, the joint venture members agreed to guarantee $258.1 million of the $517.0 million of new debt outstanding on the property. The guarantee expires at the earlier of maturity or prepayment of the debt and was allocated to the members in accordance with their ownership percentages. The guarantee is callable, on a pro-rata basis, if the market value of the property declines below the $258.1 million of guaranteed debt. The Company's portion of the guarantee is $76.3 million. As a result of recording an other-than-temporary impairment during 2010, the balance of the Company's investment was reduced to $0. During 2012, the Company sold a $50.0 million mezzanine loan that had been entered into in a prior year to a third party, which relieved the Company of its liability on this loan. See Note 17—"Management Agreement" for details of the Company recording $77.1 million of deferred revenue and $19.0 million of prepaid management fees during 2007 related to this investment.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>        <u>Ritz-Carlton Club</u></i></font><font size="2">—The Company owns a 19.41% non-controlling interest with a 10% return subject to certain conditions in the Ritz-Carlton Club, a condominium project in Lake Tahoe, California. During 2012, the Company recorded $0.8 million of losses from the entity against the equity investment reducing the balance of the Company's investment to $0 at December 31, 2012.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Summarized Financial Information</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The condensed combined balance sheets for the Company's unconsolidated investments in equity affiliates accounted for under the equity method at December 31, 2013 and 2012 are as follows (amounts in thousands):</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 132pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Condensed Combined Balance Sheets <!-- COMMAND=ADD_SCROPPEDRULE,132pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Assets:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Cash and cash equivalents</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">13,101</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,727</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Real estate assets</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">697,484</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">699,474</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Other assets</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">19,618</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">22,473</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Total assets</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">730,203</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">726,674</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Liabilities:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Notes payable</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">734,693</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">737,350</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Other liabilities</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">19,607</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">23,796</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total liabilities</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">754,300</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">761,146</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Stockholders' equity Arbor(1)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,102</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,015</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Stockholders' (deficit) equity</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(28,199</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(37,487</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total stockholders' (deficit) equity</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(24,097</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(34,472</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Total liabilities and deficit</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">730,203</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">726,674</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Combined with $0.6 million of equity relating to the issuance of junior subordinated notes, equals $4.7 million of investments in equity affiliates, at December 31, 2013. Combined with $56.0 million of cost method investments and $0.6 million of equity relating to the issuance of junior subordinated notes, equals $59.6 million of investments in equity affiliates, at December 31, 2012.</font></dd></dl></div>
<p style="FONT-FAMILY: times;"><font size="2">        The condensed combined statements of operations for the Company's unconsolidated investments in equity affiliates accounted for under the equity method for the years ended December 31, 2013, 2012 and 2011, are as follows (amounts in thousands):</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="20"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="20"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="45"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Year Ended</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 92pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Statements of Operations: <!-- COMMAND=ADD_SCROPPEDRULE,92pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Revenue:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Rental income</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">85,551</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">80,472</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,626</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Interest income</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">478</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">813</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">814</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Operating income</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,709</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,619</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">13,299</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Reimbursement income</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,653</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,427</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">461</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Other income</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,686</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,436</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,268</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total revenues</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">105,077</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">101,767</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">28,468</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Expenses:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Operating expenses</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">58,265</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">60,257</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">16,749</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Interest expense</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">36,061</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">36,315</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,944</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Depreciation and amortization</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">23,345</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">22,283</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,725</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Other expenses</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">493</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">27</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">619</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total expenses</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">118,164</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">118,882</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">27,037</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Net (loss) income</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(13,087</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(17,115</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,431</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Arbor's Share of net (loss) income</b></font><font size="2">. </font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(204</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(698</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(218</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)(2)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The increase in revenues, expenses and net loss was due to the Lexford investment. See Note 15—"Related Party Transactions" for more details.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Combined with a $3.9 million gain on the sale of an equity method investment, equals $3.7 million of income from equity affiliates for the year ended December 31, 2011.</font></dd></dl></div>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 6—Real Estate Owned and Held-For-Sale</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Real Estate Owned</i></font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="67"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="67"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Multifamily<br />
Portfolio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Hotel<br />
Portfolio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Total</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Multifamily<br />
Portfolio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Hotel<br />
Portfolio</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Total</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Land</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">11,382,579</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">10,893,651</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">22,276,230</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">15,651,047</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">10,893,651</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">26,544,698</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Building and intangible assets</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">46,115,430</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">61,632,645</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">107,748,075</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">52,747,149</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">56,946,750</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">109,693,899</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Less:</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Accumulated depreciation and amortization</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(8,598,915</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(9,707,213</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(18,306,128</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(6,216,409</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(5,873,989</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(12,090,398</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Real estate owned, net</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">48,899,094</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">62,819,083</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">111,718,177</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">62,181,787</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">61,966,412</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">124,148,199</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        As of December 31, 2013, the Company's six multifamily properties ("Multifamily Portfolio") classified as real estate owned had a weighted average occupancy rate of approximately 85%. At December 31, 2012 and 2011, seven multifamily properties classified as real estate owned had a weighted average occupancy rate of approximately 85% and 79%, respectively. In the third quarter of 2013, one of the properties in this portfolio with a carrying value of $11.5 million, as well as an $11.0 million portion of a first lien mortgage, was classified as held-for-sale and its results of operations were reclassified as discontinued operations. During the fourth quarter of 2013, through site visits and discussion with market participants, the Company determined that one of the properties exhibited indicators of impairment and performed an impairment analysis. As a result of the impairment analysis based on the indicators of value from the market participants, the Company recorded an impairment loss of $1.0 million in the Consolidated Statement of Operations.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Multifamily Portfolio had a mortgage note payable of $42.7 million and $53.8 million as of December 31, 2013 and 2012, respectively.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        For the years ended December 31, 2013 and 2012, the Company's five hotel properties in Florida ("Hotel Portfolio") classified as real estate owned had a weighted average occupancy rate of approximately 48%, respectively, a weighted average daily rate of approximately $79 and $86, respectively, and a weighted average revenue per available room of approximately $38 and $41, respectively. For the year ended December 31, 2011, six hotel properties classified as real estate owned had a weighted average occupancy rate of approximately 46%, a weighted average daily rate of approximately $88 and a weighted average revenue per available room of approximately $40.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company's real estate assets had restricted cash balances totaling $0.9 million and $1.0 million as of December 31, 2013 and 2012, respectively, due to escrow requirements.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Real Estate Held-For-Sale</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The results of operations for properties classified as held-for-sale or that have been sold and with which the Company has no continuing involvement are reflected on the consolidated financial statements as discontinued operations and are summarized as follows:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="65"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Year Ended December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Revenue:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Property operating income</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,297,902</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,420,885</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,011,311</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Expenses:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Property operating expense</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,159,805</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,964,038</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,399,589</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Depreciation</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">582,220</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">576,596</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,161,614</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Impairment loss on real estate held-for-sale</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(1,450,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Gain on reversal of accrued liabilities</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,175,120</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Gain on sale of real estate held-for-sale</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,953,455</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">(Loss) income from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(444,123</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,008,826</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(2,999,892</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        In the third quarter of 2013, a property in the Multifamily Portfolio was classified as held-for-sale due to a proposed sale transaction. The corresponding results of operations were reclassified as discontinued operations for all prior periods presented. The Multifamily Portfolio property had a mortgage note payable of $11.0 million at December 31, 2013.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        During the year ended December 31, 2012, the Company sold an apartment building in Tucson, Arizona and a hotel in St. Louis, Missouri and recorded a net gain on sale of real estate held-for-sale of $3.5 million in its Consolidated Statements of Operations. Additionally, one of the properties in the Hotel Portfolio was sold to a third party and the Company recorded a gain on sale of $0.5 million, and the Company surrendered an office building in Indianapolis, Indiana to the first mortgage lender in full satisfaction of the mortgage note payable and recorded income from discontinued operations of $1.2 million related to the reversal of accrued liabilities which were not incurred.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        During the year ended December 31, 2011, through site visits and discussion with market participants, the Company determined that a hotel in St. Louis, Missouri exhibited indicators of impairment and performed an impairment analysis. As a result of the impairment analysis based on the indicators of value from the market participants, the Company recorded a total impairment loss of $1.5 million in the Consolidated Statements of Operations. The Company sold the property in the first quarter of 2012 and recorded a gain on sale of real estate held-for-sale of less than $0.1 million in its Consolidated Statements of Operations.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 7—Debt Obligations</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company utilizes various forms of short-term and long-term financing agreements to finance certain of its loans and investments. Borrowings underlying these arrangements are primarily secured by a significant amount of the Company's loans and investments.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Repurchase Agreements and Credit Facilities</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following table outlines borrowings under the Company's repurchase agreements and credit facilities as of December 31, 2013 and 2012:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 57%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_TABLEWIDTH,"140%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="140%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Debt<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Collateral<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Weighted<br />
Average<br />
Note Rate</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Debt<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Collateral<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Weighted<br />
Average<br />
Note Rate</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Repurchase agreement</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">12,497,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">15,536,049</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">1.75</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">35,072,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">43,604,281</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">1.75</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Repurchase agreement</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">14,425,553</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">18,944,735</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">2.00</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">689,619</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">827,488</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">1.73</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">$75.0 million warehousing credit facility</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">33,300,540</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">45,705,813</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">2.46</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">50,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">70,075,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">3.00</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">$50.0 million warehousing credit facility</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">30,838,180</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">46,774,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">2.70</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">$40.0 million warehousing credit facility</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">15,063,750</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">21,800,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">2.20</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">$33.0 million warehousing credit facility</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">33,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">55,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">2.45</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">$17.3 million warehousing credit facility</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">17,300,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">30,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">3.00</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">$12.6 million warehousing credit facility</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">12,600,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">18,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">3.00</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">$20.0 million revolving credit facility</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">20,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">8.50</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">15,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">8.50</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Total repurchase agreements and credit facilities</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">159,125,023</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">203,760,597</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">3.16</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">130,661,619</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">162,506,769</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">3.25</font></td>
<td style="FONT-FAMILY: times;"><font size="1">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        At December 31, 2013 and 2012, the weighted average note rate for the Company's repurchase agreements and credit facilities was 3.16% and 3.25%, respectively. There were no interest rate swaps on these facilities at December 31, 2013 and 2012. Including certain fees and costs, the weighted average note rate was 3.57% and 3.82% at December 31, 2013 and 2012, respectively.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In July 2011, the Company entered into a repurchase agreement with a financial institution to finance the purchase of RMBS investments. During the year ended December 31, 2013, the Company financed the purchase of four RMBS investments with this repurchase agreement for a total of $6.4 million and paid down the total debt by $29.0 million due to principal paydowns received on the RMBS investments. During the year ended December 31, 2012, the Company financed the purchase of 17 RMBS investments with this repurchase agreement for a total of $54.7 million and paid down the total debt by $45.7 million due to principal paydowns received on the RMBS investments. See Note 4—"Securities" for further details. The total debt balance was $12.5 million at December 31, 2013. The facility generally finances between 60% and 90% of the value of each investment, has a rolling monthly term, and bears interest at a rate of 125 to 200 basis points over LIBOR. The facility also includes a minimum net worth covenant of $100.0 million.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In June 2012, the Company entered into another repurchase agreement with a financial institution to finance the purchase of RMBS investments. During year ended December 31, 2013, the Company financed the purchase of an RMBS investment with this repurchase agreement for $15.6 million and paid down the total debt by $1.9 million due to principal paydowns received on the RMBS investments. During the year ended December 31, 2012, the Company financed the purchase of an RMBS investment for $0.8 million and paid down the debt by $0.1 million due to principal paydowns received on the RMBS investment. The total debt balance was $14.4 million at December 31, 2013. See Note 4—"Securities" for further details. The facility generally finances between 75% and 80% of the value of the investment, has a rolling monthly term, and bears interest at a rate of 180 to185 basis points over LIBOR.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In July 2011, the Company entered into a two year, $50.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily properties. In January 2013, the Company amended the facility, increasing the committed amount to $75.0 million. In April 2013, the facility was amended to bear interest at a rate of 225 basis points over LIBOR which was originally 275 basis points over LIBOR, require a 0.25% commitment fee, which was originally 1.0%, upon closing, matures in April 2015 with a one year extension option on outstanding advances that requires two 5% paydowns and has warehousing and non-use fees. The facility also has a maximum advance rate of 75% and contains several restrictions including full repayment of an advance if a loan becomes 60 days past due, is in default or is written down by the Company. The facility also includes various financial covenants including a minimum liquidity requirement of $20.0 million, minimum tangible net worth which includes junior subordinated notes as equity of $150.0 million, maximum total liabilities less subordinate debt of $2.0 billion, as well as certain other debt service coverage ratios and debt to equity ratios. The facility also has a compensating balance requirement of $50.0 million to be maintained by the Company and its affiliates. At December 31, 2013, the outstanding balance of this facility was $33.3 million.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In February 2013, the Company entered into a one year, $50.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily properties. The facility bears interest at a rate of 250 basis points over LIBOR, requires a 12.5 basis point commitment fee upon closing, had an original maturity in February 2014 that was extended to May 2014, has warehousing and non-use fees and allows for an original warehousing period of up to 24 months from the initial advance on an asset. The facility has a maximum advance rate of 75% and contains certain restrictions including partial prepayment of an advance if a loan becomes 90 days past due or in the process of foreclosure, subject to certain conditions. The facility also includes various financial covenants including a minimum liquidity requirement of $20.0 million, minimum tangible net worth which includes junior subordinated notes as equity of $150.0 million, maximum total liabilities less subordinate debt of $2.0 billion, as well as certain other debt service coverage ratios and debt to equity ratios. At December 31, 2013, the outstanding balance of this facility was $30.8 million.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In June 2013, the Company entered into a one year, $40.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily properties, including a $10.0 million sublimit to finance retail and office properties. The facility bears interest at a rate of 200 basis points over LIBOR, matures in June 2014, has warehousing fees and allows for an original warehousing period of up to 24 months from the initial advance on an asset. The facility also has a maximum advance rate of 70% or 75%, depending on the property type, and contains certain restrictions including prepayment of an advance if a loan becomes 60 days past due or in the process of foreclosure, subject to certain conditions. The facility also includes various financial covenants including a minimum liquidity requirement of $20.0 million, minimum tangible net worth of $150.0 million, as well as a minimum debt service coverage ratio. At December 31, 2013, the outstanding balance of this facility was $15.1 million.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In December 2013, the Company entered into a $33.0 million warehouse facility with a financial institution to finance the first mortgage loan on a multifamily property. The facility bears interest at a rate of 225 basis points over LIBOR which increases to 250 basis points over LIBOR in February 2014, requires up to a 45 basis point commitment fee and matures in November 2015 with a one year extension option. The facility also includes various financial covenants including a minimum liquidity requirement of $20.0 million, minimum tangible net worth which includes junior subordinated notes as equity of $150.0 million, maximum total liabilities less subordinate debt of $2.0 billion, as well as certain other debt service coverage ratios and debt to equity ratios. At December 31, 2013, the outstanding balance of this facility was $33.0 million.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In December 2012, the Company entered into a $17.3 million warehouse facility with a financial institution to finance the first mortgage loan on a multifamily property. The facility bore interest at a rate of 275 basis points over LIBOR or Prime at the Company's election, required a 1% commitment fee upon closing and had a maturity of December 2017. In January 2013, the facility was repaid in full as part of the issuance of a second CLO.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In June 2012, the Company entered into a $12.6 million warehouse facility with a financial institution to finance the first mortgage loan on a multifamily property. The facility bore interest at a rate of 275 basis points over LIBOR or Prime at the Company's election, required a 1% commitment fee upon closing, had a maturity of December 2013 and had a non-use fee. In January 2013, the facility was repaid in full as part of the issuance of a second CLO.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In May 2012, the Company entered into a $15.0 million committed revolving line of credit with a one year term maturing in May 2013, which is secured by a portion of the bonds originally issued by the Company's CDO entities that have been repurchased by the Company. This facility has a 1% commitment fee, a 1% non-use fee and pays interest at a fixed rate of 8% on any drawn portion of the line. The facility also includes a debt service coverage ratio requirement for the posting of collateral. In January 2013, the Company amended the facility, increasing the committed amount to $20.0 million and a fixed rate of interest of 8.5% on any drawn portion of the $20.0 million commitment. The amendment also included a one year extension option upon maturity in May 2013 and required a 1% commitment fee and a 1% non-use fee. In May 2013, the Company extended the facility to a maturity in May 2014 with a one year extension option and a 1% extension fee, as well as amended the facility to have an 8.5% non-use fee on the first $5.0 million not borrowed and a 1% non-use fee on the remaining funds not borrowed. If not extended in May 2014, there will be $0.1 million fee. At December 31, 2013, the outstanding balance of this facility was $20.0 million.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Collateralized Debt Obligations</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following table outlines borrowings and the corresponding collateral under the Company's collateralized debt obligations as of December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="30"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="42"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="30"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="55"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="17" align="center"><font size="1"><b>Collateral</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Debt</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Loans</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Securities</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Cash</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Fair<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Restricted<br />
Cash(3)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Collateral<br />
At-Risk(4)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">CDO I</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">126,753,077</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">132,399,560</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">284,758,473</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">237,194,618</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">79,986</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">179,466,954</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">CDO II</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">196,046,587</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">201,847,417</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">362,150,693</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">312,859,875</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,719,760</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">187,213,841</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">CDO III</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">296,754,194</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">305,376,004</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">395,783,494</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">365,236,505</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">23,607,813</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">240,503,823</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Total CDOs</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">619,553,858</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">639,622,981</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,042,692,660</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">915,290,998</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">25,407,559</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">607,184,618</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="1">CDO I—Issued four investment grade tranches in January 2005 with a reinvestment period through April 2009 and a stated maturity date of February 2040. Interest is variable based on three-month LIBOR; the weighted average note rate was 3.12%.</font></p>
<p style="FONT-FAMILY: times;"><font size="1">CDO II—Issued nine investment grade tranches in January 2006 with a reinvestment period through April 2011 and a stated maturity date of April 2038. Interest is variable based on three-month LIBOR; the weighted average note rate was 3.74%.</font></p>
<p style="FONT-FAMILY: times;"><font size="1">CDO III—Issued ten investment grade tranches in December 2006 with a reinvestment period through January 2012 and a stated maturity date of January 2042. Interest is variable based on three-month LIBOR; the weighted average note rate was 0.75%.</font></p></div>
<p style="FONT-FAMILY: times;"><font size="2">        The following table outlines borrowings and the corresponding collateral under the Company's collateralized debt obligations as of December 31, 2012:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="53"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="53"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="59"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="59"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="53"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="17" align="center"><font size="1"><b>Collateral</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Debt</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Loans</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Securities</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Cash</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Fair<br />
Value(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Restricted<br />
Cash(3)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Collateral<br />
At-Risk(4)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">CDO I</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">133,994,136</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">139,856,472</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">299,881,599</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">238,852,726</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,036,155</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">207,772,049</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">CDO II</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">231,186,301</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">237,209,429</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">395,266,909</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">345,919,525</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">470,952</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">188,271,174</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">CDO III</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">426,458,233</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">435,386,944</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">515,403,735</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">485,235,214</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">24,819,361</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">244,697,945</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Total CDOs</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">791,638,670</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">812,452,845</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,210,552,243</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,070,007,465</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">26,326,468</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">640,741,168</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
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<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -9pt;"><font size="1">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="1">Amounts include loans to real estate assets consolidated by the Company that were reclassified to real estate owned and held-for-sale, net on the Consolidated Financial Statements.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -9pt;"><font size="1">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="1">The security with a fair value of $1.1 million was rated a CCC- at December 31, 2012 by Standard & Poor's and was sold in May 2013.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -9pt;"><font size="1">(3)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="1">Represents restricted cash held for principal repayments in the CDOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -9pt;"><font size="1">(4)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="1">Amounts represent the face value of collateral in default, as defined by the CDO indenture, as well as assets deemed to be "credit risk." Credit risk assets are reported by each of the CDOs and are generally defined as one that, in the CDO collateral manager's reasonable business judgment, has a significant risk of declining in credit quality or, with a passage of time, becoming a defaulted asset.</font></dd></dl></div>
<p style="FONT-FAMILY: times;"><font size="2">        At December 31, 2013 and 2012, the aggregate weighted average note rate for the Company's CDOs, including the cost of interest rate swaps on assets financed in these facilities, was 2.18% and 1.87%, respectively. Excluding the effect of swaps, the weighted average note rate at December 31, 2013 and 2012 was 0.83% and 0.86%, respectively. Including certain fees and costs, the weighted average note rate was 3.26% and 2.77% at December 31, 2013 and 2012, respectively.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        On January 19, 2005, the Company completed its first CDO vehicle, issuing to third party investors four tranches of investment grade collateralized debt obligations ("CDO I") through a newly-formed wholly-owned subsidiary, Arbor Realty Mortgage Securities Series 2004-1, Ltd. ("the Issuer"). At inception, the Issuer held assets, consisting primarily of bridge loans, mezzanine loans and cash totaling approximately $469.0 million, which serve as collateral for CDO I. The Issuer issued investment grade notes with an initial principal amount of approximately $305.0 million and a wholly-owned subsidiary of the Company purchased the preferred equity interests of the Issuer. The four investment grade tranches were issued with floating rate coupons with an initial combined weighted average rate of three-month LIBOR plus 0.77%. The outstanding debt balance is reduced as loans are repaid. The Company incurred approximately $7.2 million of issuance costs which is amortized on a level yield basis over the average estimated life of CDO I. Investor capital is repaid quarterly from proceeds received from loan repayments held as collateral in accordance with the terms of the CDO. Proceeds distributed are recorded as a reduction of the CDO liability. Proceeds of $7.2 million and $26.4 million were distributed in 2013 and 2012, respectively. The CDO liability is also reduced as the investment grade notes are purchased by the Company—see below.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        On January 11, 2006, the Company completed its second CDO vehicle, issuing to third party investors nine tranches of investment grade collateralized debt obligations ("CDO II") through a newly-formed wholly-owned subsidiary, Arbor Realty Mortgage Securities Series 2005-1, Ltd. ("the Issuer II"). At inception, the Issuer II held assets, consisting primarily of bridge loans, mezzanine loans and cash totaling approximately $475.0 million, which serve as collateral for CDO II. The Issuer II issued investment grade notes with an initial principal amount of approximately $356.0 million and a wholly-owned subsidiary of the Company purchased the preferred equity interests of the Issuer II. The nine investment grade tranches were issued with floating rate coupons with an initial combined weighted average rate of three-month LIBOR plus 0.74%. The outstanding debt balance is reduced as loans are repaid. The Company incurred approximately $6.2 million of issuance costs which is being amortized on a level yield basis over the average estimated life of CDO II. Investor capital is repaid quarterly from proceeds received from loan repayments held as collateral in accordance with the terms of the CDO. Proceeds distributed are recorded as a reduction of the CDO liability. Proceeds of $34.1 million and $46.0 million were distributed and recorded as a reduction of the CDO II liability during both 2013 and 2012, respectively. The CDO liability is also reduced as the investment grade notes are purchased by the Company—see below.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        On December 14, 2006, the Company completed its third CDO vehicle, issuing to third party investors ten tranches of investment grade collateralized debt obligations ("CDO III") through a newly-formed wholly-owned subsidiary, Arbor Realty Mortgage Securities Series 2006-1, Ltd. ("the Issuer III"). At inception, the Issuer III held assets, consisting primarily of bridge loans, mezzanine loans, junior participation loans, preferred equity investments and cash totaling approximately $500.0 million, which serve as collateral for CDO III. The Issuer III issued investment grade notes with an initial principal amount of approximately $547.5 million, including a $100.0 million revolving note class that provides a revolving note facility and a wholly-owned subsidiary of the Company purchased the preferred equity interests of the Issuer III. The ten investment grade tranches were issued with floating rate coupons with an initial combined weighted average rate of three-month LIBOR plus 0.44% and the revolving note facility has a commitment fee of 0.22% per annum on the undrawn portion of the facility. The outstanding debt balance will be reduced as loans are repaid. Investor capital will be repaid quarterly from proceeds received from loan repayments held as collateral in accordance with the terms of the CDO. Proceeds distributed are recorded as a reduction of the CDO liability. Proceeds of $120.8 million and $50.7 million were distributed and recorded as a reduction of the CDO III liability during both 2013 and 2012, respectively. The CDO liability is also reduced as the investment grade notes are purchased by the Company—see below. The Company incurred approximately $9.7 million of issuance costs which is being amortized on a level yield basis over the average estimated life of CDO III. The outstanding note balance for CDO III was $257.4 million and $350.8 million at December 31, 2013 and 2012, respectively. CDO III has $100.0 million revolving note class that provides a revolving note facility. The outstanding revolving note facility for CDO III was $48.0 million and $84.6 million at December 31, 2013 and 2012, respectively.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Proceeds from the sale of the 23 investment grade tranches issued in CDO I, CDO II and CDO III were used to repay outstanding debt under the Company's repurchase agreements and notes payable. The assets pledged as collateral were contributed from the Company's existing portfolio of assets. Each CDO has reached the end of their replenishment period.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company accounts for these transactions on its Consolidated Balance Sheet as financing facilities. The Company's CDOs are VIEs for which the Company is the primary beneficiary and are consolidated in the Company's Financial Statements accordingly. The investment grade tranches are treated as secured financings, and are non-recourse to the Company.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In 2010, the Company re-issued its own CDO bonds it had acquired throughout 2009 with an aggregate face amount of approximately $42.8 million as part of an exchange for the retirement of $114.1 million of its junior subordinated notes. This transaction resulted in the recording of $65.2 million of additional CDO debt, of which $42.3 million represents the portion of the Company's CDO bonds that were exchanged and $22.9 million represents the estimated interest due on the reissued bonds through their maturity, of which $20.1 million remains at December 31, 2013.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following table sets forth the face amount and gain on extinguishment of the Company's CDO bonds repurchased in the following periods by bond class:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="17" align="center"><font size="1"><b>Year Ended December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 22pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Class: <!-- COMMAND=ADD_SCROPPEDRULE,22pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Amount</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Gain</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Amount</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Gain</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Amount</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Gain</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">B</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">13,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,615,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,654,540</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,086,799</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">C</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,329,509</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,200,182</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7,005,291</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,502,815</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">D</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">13,350,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,819,066</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,433,912</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,428,950</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">E</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">13,765,276</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,445,033</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,291,855</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,403,761</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">F</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9,708,556</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,048,417</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,918,343</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,455,892</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">G</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,672,039</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,777,138</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">H</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9,935,088</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,930,772</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,403,771</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,554,187</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9,935,088</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,930,772</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">66,229,151</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">30,459,023</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">21,303,941</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,878,217</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2"><i>Collateralized Loan Obligations</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following table outlines borrowings and the corresponding collateral under the Company's CLOs as of December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="50"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Debt</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Collateral</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Loans</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Cash</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Restricted<br />
Cash(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Collateral<br />
At-Risk(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">CLO I</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">87,500,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">87,500,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">114,414,154</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">113,940,857</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,672,496</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">CLO II</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">177,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">177,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">255,016,564</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">253,989,391</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">4,621,675</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total CLOs</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">264,500,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">264,500,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">369,430,718</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">367,930,248</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">15,294,171</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<ul>
<li style="list-style: none;">
<p style="FONT-FAMILY: times;"><font size="2">CLO I—Issued two investment grade tranches in September 2012 with a replacement period through September 2014 and a stated maturity date of October 2022. Interest is variable based on three-month LIBOR; the weighted average note rate was 3.61%.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">CLO II—Issued two investment grade tranches in January 2013 with a replacement period through January 2015 and a stated maturity date of February 2023. Interest is variable based on three-month LIBOR; the weighted average note rate was 2.56%.</font></p></li></ul>
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents restricted cash held for principal repayments in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Amounts represent the face value of collateral in default, as defined by the CLO indenture, as well as assets deemed to be "credit risk." Credit risk assets are reported by each of the CLOs and are generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of declining in credit quality or, with a passage of time, becoming a defaulted asset.</font></dd></dl></div>
<p style="FONT-FAMILY: times;"><font size="2">        The following table outlines borrowings and the corresponding collateral under the Company's CLOs as of December 31, 2012:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 57%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"140%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="140%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Debt</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Collateral</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Loans</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Cash</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Unpaid<br />
Principal</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Restricted<br />
Cash</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">CLO I</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">87,500,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">87,500,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">125,086,650</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">124,525,103</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
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<p style="FONT-FAMILY: times;"><font size="2">        In September 2012, the Company completed its first collateralized loan obligation, or CLO, issuing to third party investors two tranches of investment grade collateralized loan obligations through newly-formed wholly-owned subsidiaries, Arbor Realty Collateralized Loan Obligation 2012-1, Ltd. and Arbor Realty Collateralized Loan Obligation 2012-1, LLC. Initially, the notes are secured by a portfolio of loan obligations with a face value of approximately $125.1 million, consisting primarily of bridge loans and a senior participation interest in a first mortgage loan that were contributed from the Company's existing loan portfolio. The financing has a two-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. The aggregate principal amounts of the two classes of notes were $75.0 million of Class A senior secured floating rate notes and $12.5 million of Class B secured floating rate notes. The Company retained a residual interest in the portfolio with a notional amount of $37.6 million. The notes have an initial weighted average interest rate of approximately 3.39% plus one-month LIBOR and interest payments on the notes are payable monthly, beginning on November 15, 2012, to and including October 15, 2022, the stated maturity date of the notes. The Company incurred approximately $2.4 million of issuance costs which is being amortized on a level yield basis over the average estimated life of the CLO. Including certain fees and costs, the initial weighted average note rate was 4.35%. The Company accounts for this transaction on its balance sheet as a financing facility.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In January 2013, the Company completed its second CLO, issuing to third party investors two tranches of investment grade collateralized loan obligations through newly-formed wholly-owned subsidiaries, Arbor Realty Collateralized Loan Obligation 2013-1, Ltd. and Arbor Realty Collateralized Loan Obligation 2013-1, LLC. As of the CLO closing date, the notes are secured by a portfolio of loan obligations with a face value of approximately $210.0 million, consisting primarily of bridge loans and a senior participation interest in a first mortgage loan that were contributed from the Company's existing loan portfolio. The financing has a two-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $50.0 million for the purpose of acquiring additional loan obligations for a period of up to 90 days from the closing date of the CLO. Subsequently, the issuer owns loan obligations with a face value of approximately $260.0 million. The aggregate principal amounts of the two classes of notes were $156.0 million of Class A senior secured floating rate notes and $21.0 million of Class B secured floating rate notes. The Company retained a residual interest in the portfolio with a notional amount of approximately $83.0 million. The notes have an initial weighted average interest rate of approximately 2.36% plus one-month LIBOR and interest payments on the notes are payable monthly, beginning on March 15, 2013, to and including February 15, 2023, the stated maturity date of the notes. The Company incurred approximately $3.2 million of issuance costs which is being amortized on a level yield basis over the average estimated life of the CLO. Including certain fees and costs, the initial weighted average note rate was 3.00%. The Company accounts for this transaction on its balance sheet as a financing facility.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company's CLO vehicles are VIEs for which the Company is the primary beneficiary and are consolidated in the Company's Financial Statements. The two investment grade tranches are treated as a secured financing, and are non-recourse to the Company.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        At December 31, 2013 and 2012, the aggregate weighted average note rate for the Company's collateralized loan obligations was 2.91% and 3.65%, respectively. Including certain fees and costs, the weighted average note rate was 3.49% and 4.33% at December 31, 2013 and 2012, respectively.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Junior Subordinated Notes</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The carrying value of borrowings under the Company's junior subordinated notes was $159.3 million and $158.8 million at December 31, 2013 and 2012, respectively, which is net of a deferred amount of $16.6 million and $17.1 million, respectively. These notes have maturities ranging from March 2034 through April 2037 and pay interest quarterly at a fixed or floating rate of interest based on three-month LIBOR and, absent the occurrence of special events, were not redeemable for the first two years. The current weighted average note rate was 3.01% and 3.08% at December 31, 2013 and 2012, respectively, however, based upon the accounting treatment for the restructuring mentioned below, the effective rate was 3.06% and 3.12%, at December 31, 2013 and 2012, respectively. Including certain fees and costs, the weighted average note rate was 3.18% and 3.35%, respectively. The impact of these variable interest entities with respect to consolidation is discussed in Note 9—"Variable Interest Entities."</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In 2009, the Company retired $265.8 million of its then outstanding trust preferred securities, primarily consisting of $258.4 million of junior subordinated notes issued to third party investors and $7.4 million of common equity issued to the Company in exchange for $289.4 million of newly issued unsecured junior subordinated notes, representing 112% of the original face amount. The notes bore a fixed interest rate of 0.50% per annum until March 31, 2012 or April 30, 2012 (the "Modification Period"). Thereafter, interest is to be paid at the rates set forth in the existing trust agreements until maturity, equal to three month LIBOR plus a weighted average spread of 2.77% for the years ended 2013, 2012 and 2011. The 12% increase to the face amount due upon maturity, which had a balance of $16.6 million at December 31, 2013, is being amortized into interest expense over the life of the notes. The Company also paid transaction fees of approximately $1.3 million to the issuers of the junior subordinated notes related to this restructuring which is being amortized over the life of the notes. The terms of the Modification Period expired in April 2012.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Notes Payable</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following table outlines borrowings under the Company's notes payable as of December 31, 2013 and 2012:</font></p>
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<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="50"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="50"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="55"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="55"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Debt<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Collateral<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Debt<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Collateral<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Note payable relating to investment in equity affiliate, expiration July 2016, interest is fixed, the weighted average note rate was 4.06%</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">50,157,708</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">55,988,411</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Junior loan participation, secured by the Company's interest in a first mortgage loan with a principal balance of $1.3 million, participation interest was based on a portion of the interest received from the loan which has a fixed rate of 9.57%</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
1,300,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
1,300,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
1,300,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
1,300,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Junior loan participation, maturity of March 2014, secured by the Company's interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 15.00%</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
450,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
450,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Junior loan participation, maturity of October 2018, secured by the Company's interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 13.00%</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
750,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
750,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="1">Total notes payable</font></p></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">2,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">2,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">51,457,708</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="1">57,288,411</font></td>
<td style="FONT-FAMILY: times;"><font size="1"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        At December 31, 2013 and 2012, the aggregate weighted average note rate for the Company's notes payable was 4.26% and 3.91%, respectively. There were no interest rate swaps on the notes payable at December 31, 2013 and 2012.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In September 2013, the $50.2 million outstanding balance of a note payable related to the Company's interest in Lightstone was paid off upon the redemption of the preferred operating partnership units in Lightstone. The note payable originated in 2008 after the Company received cash related to a transaction with Lightstone to exchange the Company's profits interest in Prime Outlets Member, LLC ("POM") for operating partnership units in Lightstone. In addition, during the fourth quarter of 2013, the Company deconsolidated the entity that held the remaining portion of the note payable. See Note 5—"Investments in equity affiliates" for further details.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In October 2013, the Company entered into a non-recourse junior loan participation for approximately $0.8 million on a $3.0 million mezzanine loan. In September 2013, the Company entered into a non-recourse junior loan participation for approximately $0.5 million on another $3.0 million mezzanine loan. Interest expense is based on the portion of the interest received from the loan that is paid to the junior participant. The Company's obligation to pay interest on the participation is based on the performance of the related loan.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Mortgage Note Payable—Real Estate Owned and Held-For-Sale</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        During 2011, the Company assumed a $55.4 million interest-only first lien mortgage in connection with the acquisition of real property pursuant to bankruptcy proceedings for an entity in which the Company had a $29.8 million loan secured by the Multifamily Portfolio. The mortgage bears interest at a variable rate of one-month LIBOR plus 1.23% and has a maturity date of March 2014 with a one year and three month extension option, subject to certain conditions. In 2011, one of the properties in the Multifamily Portfolio was sold to a third party for $1.6 million and the proceeds were used to pay down the first lien mortgage to a balance of $53.8 million. In September 2013, one of the properties in the Multifamily Portfolio was classified as held-for-sale and thus $11.0 million of the first lien mortgage was classified as held-for-sale and the balance of $42.7 million was classified as real estate owned at December 31, 2013.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Debt Covenants</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company's debt facilities contain various financial covenants and restrictions, including minimum net worth, minimum liquidity and maximum debt balance requirements, as well as certain other debt service coverage ratios and debt to equity ratios. The Company was in compliance with all financial covenants and restrictions at December 31, 2013.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company's CDO and CLO vehicles contain interest coverage and asset overcollateralization covenants that must be met as of the waterfall distribution date in order for the Company to receive such payments. If the Company fails these covenants in any of its CDOs or CLOs, all cash flows from the applicable CDO or CLO would be diverted to repay principal and interest on the outstanding CDO or CLO bonds and the Company would not receive any residual payments until that CDO or CLO regained compliance with such tests. The Company's CDOs and CLOs were in compliance with all such covenants as of December 31, 2013, as well as on the most recent determination date in January 2014. In the event of a breach of the CDO or CLO covenants that could not be cured in the near-term, the Company would be required to fund its non-CDO or non-CLO expenses, including management fees and employee costs, distributions required to maintain REIT status, debt costs, and other expenses with (i) cash on hand, (ii) income from any CDO or CLO not in breach of a covenant test, (iii) income from real property and loan assets, (iv) sale of assets, or (v) accessing the equity or debt capital markets, if available. The Company has the right to cure covenant breaches which would resume normal residual payments to it by purchasing non-performing loans out of the CDOs or CLOs. However, the Company may not have sufficient liquidity available to do so at such time.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The chart below is a summary of the Company's CDO and CLO compliance tests as of the most recent determination dates in January 2014:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="41"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 68pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Cash Flow Triggers <!-- COMMAND=ADD_SCROPPEDRULE,68pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CDO I</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CDO II</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CDO III</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CLO I</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CLO II</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><b>Overcollateralization(1)</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Current</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">167.15</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">137.87</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">107.80</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">142.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">146.89</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Limit</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">145.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">127.30</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">105.60</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">137.86</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">144.25</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Pass / Fail</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><b>Interest Coverage(2)</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Current</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">547.23</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">430.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">779.18</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">289.34</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">325.74</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Limit</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">160.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">147.30</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">105.60</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">120.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">120.00</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Pass / Fail</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">Pass</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The overcollateralization ratio divides the total principal balance of all collateral in the CDO and CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset's principal balance for purposes of the overcollateralization test is the lesser of the asset's market value or the principal balance of the defaulted asset multiplied by the asset's recovery rate which is determined by the rating agencies. Rating downgrades of CDO and CLO collateral will generally not have a direct impact on the principal balance of a CDO and CLO asset for purposes of calculating the CDO and CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CDO and CLO vehicle.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by the Company.</font></dd></dl></div>
<p style="FONT-FAMILY: times;"><font size="2">        The chart below is a summary of the Company's CDO and CLO overcollateralization ratios as of the following determination dates:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="41"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 70pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Determination Date <!-- COMMAND=ADD_SCROPPEDRULE,70pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CDO I</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CDO II</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CDO III</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CLO I</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>CLO II</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">January 2014</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">167.15</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">137.87</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">107.80</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">142.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">146.89</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">October 2013</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">166.88</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">133.77</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">106.64</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">142.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">146.89</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">July 2013</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">176.69</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">139.10</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">106.61</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">142.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">146.89</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">April 2013</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">174.76</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">138.97</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">106.56</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">142.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">146.89</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">January 2013</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">172.73</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">138.89</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">105.90</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">142.96</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        The ratio will fluctuate based on the performance of the underlying assets, transfers of assets into the CDOs and CLOs prior to the expiration of their respective replenishment dates, purchase or disposal of other investments, and loan payoffs. No payment due under the Junior Subordinated Indentures may be paid if there is a default under any senior debt and the senior lender has sent notice to the trustee. The Junior Subordinated Indentures are also cross-defaulted with each other.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 8—Noncontrolling Interest</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Noncontrolling interest of $1.9 million as of December 31, 2012 represents a third party's one third interest in the equity of a consolidated subsidiary that owns an investment that carried a note payable related to the exchange of POM profits interest transaction discussed in Note 7—"Debt Obligations." In September 2013, a portion of the investment was redeemed by Lightstone and the related note payable was repaid. In the fourth quarter of 2013, the entity's operating agreement was amended to provide joint control to the members of the entity, and therefore, the entity was deconsolidated. Upon completion of this transaction, the Company deconsolidated the entity and noncontrolling interest was reduced to zero. See Note 5—"Investments in equity affiliates" for further details. For the years ended December 31, 2013 and 2012, the Company recorded income of $0.1 million and $0.2 million, respectively, as well as distributions of $2.1 million which included a distribution of $0.9 million related to the transaction discussed above, and $0.2 million, respectively, attributable to the noncontrolling interest.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 9—Variable Interest Entities</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company has evaluated its loans and investments, mortgage related securities, investments in equity affiliates, junior subordinated notes, CDOs and CLOs, in order to determine if they qualify as VIEs or as variable interests in VIEs. This evaluation resulted in the Company determining that its bridge loans, junior participation loans, mezzanine loans, preferred equity investments, investments in equity affiliates, junior subordinated notes, CDOs, CLOs and investments in mortgage related securities are potential VIEs.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company's involvement with VIEs primarily affects its financial performance and cash flows through amounts recorded in interest income, interest expense, provision for loan losses and through activity associated with its derivative instruments.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Consolidated VIEs</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company consolidates its three CDO and two CLO subsidiaries, which qualify as VIEs, of which the Company is the primary beneficiary. These CDOs and CLOs invest in real estate and real estate-related securities and are financed by the issuance of CDO and CLO debt securities. The Company, or one of its affiliates, is named collateral manager, servicer, and special servicer for all CDO and CLO collateral assets which the Company believes gives it the power to direct the most significant economic activities of the entity. The Company also has exposure to CDO and CLO losses to the extent of its equity interests and also has rights to waterfall payments in excess of required payments to CDO and CLO bond investors. As a result of consolidation, equity interests in these CDOs and CLOs have been eliminated, and the Consolidated Balance Sheet reflects both the assets held and debt issued by the CDOs and CLOs to third parties. The Company's operating results and cash flows include the gross amounts related to CDO and CLO assets and liabilities as opposed to the Company's net economic interests in the CDO and CLO entities.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Assets held by the CDOs and CLOs are restricted and can be used only to settle obligations of the CDOs and CLOs. The liabilities of the CDOs and CLOs are non-recourse to the Company and can only be satisfied from each CDOs and CLOs respective asset pool. Assets and liabilities related to the CDOs and CLOs are disclosed parenthetically, in the aggregate, in the Company's Consolidated Balance Sheets. See Note 7—"Debt Obligations" for further details.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company is not obligated to provide, has not provided, and does not intend to provide financial support to any of the consolidated CDOs and CLOs.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Unconsolidated VIEs</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company determined that it is not the primary beneficiary of 40 VIEs in which it has a variable interest as of December 31, 2013 because it does not have the ability to direct the activities of the VIEs that most significantly impact each entity's economic performance. VIEs, of which the Company is not the primary beneficiary, have an aggregate carrying amount of $645.0 million and exposure to real estate debt of approximately $3.7 billion at December 31, 2013.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following is a summary of the Company's variable interests in identified VIEs, of which the Company is not the primary beneficiary, as of December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 16pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Type <!-- COMMAND=ADD_SCROPPEDRULE,16pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Amount(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Maximum<br />
Exposure to<br />
Loss(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loans</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">417,998,101</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">417,998,101</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loans and equity investments</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">115,253,740</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">115,253,740</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">RMBS</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">109,041,129</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">109,041,129</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">CMBS</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">2,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Junior subordinated notes(3)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">578,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">578,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">644,970,970</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">644,970,970</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents the carrying amount of loans and investments before reserves. At December 31, 2013, $185.0 million of loans to VIEs had corresponding loan loss reserves of approximately $110.9 million and $44.3 million of loans to VIEs were related to loans classified as non-performing. See Note 3—"Loans and Investments" for further details.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The Company's maximum exposure to loss as of December 31, 2013 would not exceed the carrying amount of its investment.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(3)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">These entities that issued the junior subordinated notes are VIEs. It is not appropriate to consolidate these entities as equity interests are variable interests only to the extent that the investment is considered to be at risk. Since the Company's investments were funded by the entities that issued the junior subordinated notes, it is not considered to be at risk.</font></dd></dl></div>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 10—Derivative Financial Instruments</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following is a summary of the derivative financial instruments held by the Company as of December 31, 2013 and 2012 (dollars in thousands):</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="51" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="28"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="28"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="51" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="44" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="11" align="center"><font size="1"><b>Notional Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 76pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Designation\Cash Flow <!-- COMMAND=ADD_SCROPPEDRULE,76pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Derivative</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Count</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Count</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Expiration<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Balance<br />
Sheet<br />
Location</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31,<br />
2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Non-Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Basis Swaps</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">11,600</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">603,524</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">2015</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Other Assets</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">5</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">128</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Non-Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR Caps</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">6,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Other Assets</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR Cap</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">73,301</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Other Assets</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Interest Rate Swaps</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">14</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">297,532</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">14</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">312,227</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">2014 - 2017</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Other Liabilities</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(24,794</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(37,755</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Non-Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Forward Contracts</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">12</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">2016 - 2036</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Other Assets</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">6,397</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">10,800</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
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<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
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<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
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<p style="FONT-FAMILY: times;"><font size="2">        The Non-Qualifying Basis Swaps Hedges are used to manage the Company's exposure to interest rate movements and other identified risks but do not meet hedge accounting requirements. The Company is exposed to changes in the fair value of certain of its fixed rate obligations due to changes in benchmark interest rates and uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the benchmark interest rate. These interest rate swaps designated as fair value hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. During the year ended December 31, 2013, seven basis swaps matured with a combined notional value of approximately $499.4 million and the notional value of one basis swap decreased by approximately $92.6 million pursuant to the contractual terms of the respective swap agreement. The Non-Qualifying LIBOR Cap Hedge with a notional value of approximately $6.0 million at December 31, 2012 also matured during the year ended December 31, 2013. The Company entered into these hedges in the fourth quarter of 2010 and the first quarter of 2011 due to loan agreements which required LIBOR Caps of 1% to 2%. During the year ended December 31, 2012, a basis swap matured with a notional value of approximately $110.1 million and the notional value of four basis swaps decreased by approximately $140.4 million pursuant to the contractual terms of the respective swap agreements. For the years ended December 31, 2013, 2012 and 2011, the change in fair value of the Non-Qualifying Swaps was $(0.1) million, $(1.4) million and $0.2 million, respectively, and was recorded in interest expense on the Consolidated Statements of Operations.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The change in the fair value of Qualifying Interest Rate Swap Cash Flow Hedges was recorded in accumulated other comprehensive loss on the Consolidated Balance Sheets. These interest rate swaps are used to hedge the variable cash flows associated with existing variable-rate debt, and amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. During the year ended December 31, 2013, the notional value on an interest rate swap decreased by approximately $14.5 million pursuant to the contractual terms of the respective swap agreement. The Qualifying LIBOR Cap Hedge with a notional value of approximately $73.3 million at December 31, 2012 also matured during the year ended December 31, 2013. During the year ended December 31, 2012, ten interest rate swaps matured with a combined notional value of approximately $196.4 million and the notional value on an interest rate swap decreased by approximately $6.4 million pursuant to the contractual terms of the respective swap agreement. As of December 31, 2013, the Company expects to reclassify approximately $(12.3) million of other comprehensive loss from Qualifying Cash Flow Hedges to interest expense over the next twelve months assuming interest rates on that date are held constant. Gains and losses on terminated swaps are being deferred and recognized in earnings over the original life of the hedged item. These swap agreements must be effective in reducing the variability of cash flows of the hedged items in order to qualify for the aforementioned hedge accounting treatment. As of December 31, 2013 and 2012, the Company has a net deferred loss of $1.6 million and $2.2 million, respectively, in accumulated other comprehensive loss. The Company recorded $0.9 million, $0.9 million and $1.8 million as additional interest expense related to the amortization of the loss for the years ended December 31, 2013, 2012 and 2011, respectively, and $0.2 million as a reduction to interest expense related to the accretion of the net gains for each of the years ended December 31, 2013, 2012 and 2011. The Company expects to record approximately $0.5 million of net deferred loss to interest expense over the next twelve months.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The fair value of Non-Qualifying Forward Contracts was $6.4 million as of December 31, 2013 and was recorded in other assets on the Consolidated Balance Sheets and consisted of $66.0 million of RMBS investments, which is net of $1.5 million of net losses in fair value, and $59.6 million of repurchase financing. The fair value of Non-Qualifying Forward Contracts was $10.8 million as of December 31, 2012 and was recorded in other assets on the Consolidated Balance Sheets and consisted of $75.3 million of RMBS investments, net of $64.6 million of repurchase financing. During the year ended December 31, 2013, the Company purchased nine RMBS investments for $85.3 million and financed the purchases with repurchase agreements totaling $73.7 million, which are accounted for as linked transactions and considered forward contracts. The repurchase agreements generally finance 80%—90% of the purchase and bear interest at a rate of 125 to 175 basis points over LIBOR. The Company received total principal paydowns on the RMBS of $31.9 million and paid down the associated repurchase agreement by $27.7 million. During the year ended December 31, 2013, the Company sold 11 RMBS investments, which were accounted for as linked transactions, with an aggregate carrying value of $61.0 million for approximately $61.4 million and recorded a net gain of $0.4 million related to the settlement of these linked transactions. The 11 RMBS investments were financed with repurchase agreements totaling $52.4 million which were repaid with the proceeds. During the year ended December 31, 2012, the Company purchased 12 RMBS investments for $84.6 million and financed 80%—90% of the purchases with repurchase agreements totaling $71.3 million that bear interest at a rate of 125 to 175 basis points over LIBOR and that are accounted for as linked transactions and considered forward contracts. The Company received total principal paydowns on the RMBS of $9.3 million and paid down the associated repurchase agreement by $6.7 million. For the year ended December 31, 2013, $1.9 million of net interest income and a $1.7 million decrease in fair value was recorded to other income on the Consolidated Statements of Operations. For the year ended December 31, 2012, $1.1 million of net interest income and a $0.2 million increase in fair value was recorded to other income in the Consolidated Statements of Operations. The RMBS investments bear interest at a weighted average fixed rate of 3.34%, have a weighted average stated maturity of 23.1 years, but have weighted average estimated lives of 9.0 years based on the estimated maturities of the RMBS investments. In the first quarter of 2014, the Company sold the majority of its RMBS investments accounted for as linked transactions with an aggregate carrying value of $48.3 million for approximately $48.5 million. These RMBS investments were financed with repurchase agreements totaling $36.0 million which were repaid with the proceeds.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following table presents the effect of the Company's derivative financial instruments on the Statements of Operations as of December 31, 2013, 2012 and 2011 (dollars in thousands):</font></p>
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<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="42" align="center"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="22"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="28"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="32"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="22"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="22"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="22"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="31"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="22"></td>
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="26"></td>
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<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
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<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Amount of Loss<br />
Recognized<br />
in Other<br />
Comprehensive Loss<br />
(Effective Portion)<br />
For the Year Ended<br />
December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Amount of Loss<br />
Reclassified from<br />
Accumulated Other<br />
Comprehensive Loss into<br />
Interest Expense<br />
(Effective Portion)<br />
For the Year Ended<br />
December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Amount of (Loss)<br />
Gain Recognized<br />
in Interest Expense<br />
(Ineffective Portion)<br />
For the Year Ended<br />
December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Amount of (Loss)<br />
Gain Recognized<br />
in Other Income<br />
For the Year Ended<br />
December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
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<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 71pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Designation\Cash Flow <!-- COMMAND=ADD_SCROPPEDRULE,71pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Derivative</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Non-Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Basis Swaps / Caps</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(12</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(22</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">827</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
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<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Interest Rate Swaps / Cap</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">520</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">7,699</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">20,698</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(14,131</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(16,565</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(27,164</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
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<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
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<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
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<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
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<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Non-Qualifying</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Forward Contracts</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">(1,676</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">167</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">    —</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
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<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        The cumulative amount of other comprehensive loss related to net unrealized losses on derivatives designated as qualifying hedges as of December 31, 2013 and 2012 of approximately $(26.3) million and $(40.0) million, respectively, is a combination of the fair value of qualifying cash flow hedges of $(24.8) million and $(37.8) million, respectively, deferred losses on terminated interest swaps of $(1.9) million and $(2.7) million as of December 31, 2013 and 2012, respectively, and deferred net gains on termination of interest swaps of $0.3 million and $0.5 million as of December 31, 2013 and 2012, respectively.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. As of December 31, 2013 and 2012, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, was $(13.8) million and $(19.2) million, respectively. As of December 31, 2013 and 2012, the Company had minimum collateral posting thresholds with certain of its derivative counterparties and had posted collateral of $14.2 million and $20.0 million, respectively, which is recorded in other assets in the Company's Consolidated Balance Sheets.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 11—Fair Value</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Fair Value of Financial Instruments</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Fair value estimates are dependent upon subjective assumptions and involve significant uncertainties resulting in variability in estimates with changes in assumptions. The following table summarizes the carrying values and the estimated fair values of the Company's financial instruments as of December 31, 2013 and 2012:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 62%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"130%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="130%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Estimated<br />
Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Estimated<br />
Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Financial assets:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loans and investments, net</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,523,699,653</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,550,248,793</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,325,667,053</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,316,001,339</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Available-for-sale securities</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">37,315,652</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">37,315,652</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,552,736</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,552,736</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Securities held-to-maturity, net</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">42,986,980</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">43,153,124</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Derivative financial instruments</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">6,402,336</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">6,402,336</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">10,927,551</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">10,927,551</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Financial liabilities:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Repurchase agreements and credit facilities. </font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">159,125,023</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">158,735,570</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">130,661,619</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">130,363,126</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Collateralized debt obligations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">639,622,981</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">521,938,885</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">812,452,845</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">590,901,757</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Collateralized loan obligations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">264,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">266,436,250</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">87,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">87,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Junior subordinated notes</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">159,291,427</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">101,240,185</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">158,767,145</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">99,984,066</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Notes payable</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,487,287</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">51,457,708</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">46,743,406</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Mortgage note payable—real estate owned and held-for-sale</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,751,004</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">52,943,305</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,751,004</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">50,005,874</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Derivative financial instruments</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">24,794,051</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">24,794,051</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">37,754,775</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">37,754,775</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        The following methods and assumptions were used by the Company in estimating the fair value of each class of financial instrument:</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Loans and investments, net:</i></b></font><font size="2">    Fair values of loans and investments that are not impaired are estimated using discounted cash flow methodology, using discount rates, which, in the opinion of management, best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. Fair values of loans and investments that are impaired are estimated by the Company using significant judgments, which include assumptions regarding discount rates, capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders and other factors deemed necessary by management.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Available-for-sale securities:</i></b></font><font size="2">    Fair values are approximated based on current market quotes received from active markets or financial sources that trade such securities and are based on prevailing market data and, in some cases, are derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions. Fair values of RMBS investments are approximated based on internally developed valuation models, which are compared to current non-binding market quotes received from financial sources that trade such securities. The fair values of certain CMBS securities are estimated by the Company using significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders and other factors deemed necessary by management.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Held-to-maturity securities:</i></b></font><font size="2">    Fair values are approximated based on internally developed valuation models, which are compared to current non-binding market quotes received from financial sources that trade such securities.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Derivative financial instruments:</i></b></font><font size="2">    Fair values of interest rate swap derivatives are approximated based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions. These items are included in other assets and other liabilities on the Consolidated Balance Sheets. The Company incorporates credit valuation adjustments in the fair values of its derivative financial instruments to reflect counterparty nonperformance risk. The fair values of RMBS underlying linked transactions are estimated based on internally developed valuation models, which are compared to broker quotations. The value of the underlying RMBS is then netted against the carrying amount (which approximates fair value) of the repurchase agreement borrowing at the valuation date. The fair value of linked transactions also includes accrued interest receivable on the RMBS and accrued interest payable on the underlying repurchase agreement borrowings.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Repurchase agreements, credit facilities, notes payable and mortgage notes payable:</i></b></font><font size="2">    Fair values are estimated using discounted cash flow methodology, using discount rates, which, in the opinion of management, best reflect current market interest rates for financing with similar characteristics and credit quality.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Collateralized debt obligations and collateralized loan obligations:</i></b></font><font size="2">    Fair values are estimated based on broker quotations, representing the discounted expected future cash flows at a yield that reflects current market interest rates and credit spreads.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Junior subordinated notes:</i></b></font><font size="2">    Fair values are estimated based on broker quotations, representing the discounted expected future cash flows at a yield that reflects current market interest rates and credit spreads.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>Fair Value Measurement</i></b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments' complexity.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Assets and liabilities disclosed at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities are as follows:</font></p>
<ul>
<li style="list-style: none;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">•</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Level 1—Inputs are unadjusted and quoted prices exist in active markets for identical assets or liabilities at the measurement date. The types of assets and liabilities carried at Level 1 fair value generally are government and agency securities, equities listed in active markets, investments in publicly traded mutual funds with quoted market prices and listed derivatives.</font> <font size="2"><br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">•</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated life. Level 2 inputs include quoted market prices in markets that are not active for an identical or similar asset or liability, and quoted market prices in active markets for a similar asset or liability. Fair valued assets and liabilities that are generally included in this category are non-government securities, municipal bonds, certain hybrid financial instruments, certain mortgage and asset-backed securities, certain corporate debt, certain commitments and guarantees, certain private equity investments and certain derivatives.</font> <font size="2"><br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">•</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Level 3—Inputs reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. These valuations are based on significant unobservable inputs that require a considerable amount of judgment and assumptions. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Generally, assets and liabilities carried at fair value and included in this category are certain mortgage and asset-backed securities, certain corporate debt, certain private equity investments, certain municipal bonds, certain commitments and guarantees and certain derivatives.</font></dd></dl></li></ul>
<p style="FONT-FAMILY: times;"><font size="2">        Determining which category an asset or liability falls within the hierarchy requires significant judgment and the Company evaluates its hierarchy disclosures each quarter.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company measures certain financial assets and financial liabilities at fair value on a recurring basis, including available—for—sale securities and derivative financial instruments. The fair value of these financial assets and liabilities was determined using the following inputs as of December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 62%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"130%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="130%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="51"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" colspan="8" align="center"><font size="1"><b>Fair Value Measurements<br />
Using Fair Value Hierarchy</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" colspan="2" align="center"><font size="1"><b>Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" colspan="2" align="center"><font size="1"><b>Fair<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 1</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 2</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 3</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Financial assets:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Available-for-sale securities(1)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">37,315,652</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">37,315,652</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">734,866</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">36,580,786</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Derivative financial instruments(2)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,402,336</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,402,336</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,483</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,396,853</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Financial liabilities:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Derivative financial instruments</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24,794,051</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24,794,051</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">24,794,051</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr></table></div>
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<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The Company's equity securities available-for-sale were measured using Level 1 inputs and the Company's RMBS and CMBS investments available-for-sale were measured using Level 3 inputs.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The Company's basis swap derivatives were measured using Level 2 inputs and the Company's forward contract derivatives were measured using Level 3 inputs.</font></dd></dl></div>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Available-for-sale securities:</i></b></font><font size="2">    Fair values are approximated based on current market quotes received from active markets or financial sources that trade such securities. The fair values of available-for-sale equity securities traded in active markets are approximated using Level 1 inputs, while the fair values of available-for-sale debt securities that are approximated using current, non-binding market quotes received from financial sources that trade such investments are valued using Level 3 inputs. The fair values of RMBS investments are approximated using Level 3 inputs that require significant judgments, and are used in internally developed valuation models, which are compared to current non-binding market quotes received from financial sources that trade such securities. The fair value of a CMBS security is estimated by the Company using Level 3 inputs that require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders and other factors deemed necessary by management.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Derivative financial instruments:</i></b></font><font size="2">    Fair values of interest rate swap derivatives are approximated using Level 2 inputs based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles including counterparty risks, credit spreads and interest rate projections, as well as reasonable estimates about relevant future market conditions. These items are included in other assets and other liabilities on the Consolidated Balance Sheet. The Company incorporates credit valuation adjustments in the fair values of its derivative financial instruments to reflect counterparty nonperformance risk. The fair values of forward contract derivatives are approximated using Level 3 inputs in internally developed valuation models, which are compared to current non-binding market quotes for the underlying RMBS received from pricing services and financial sources that trade such investments.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following roll forward table reconciles the beginning and ending balances of financial assets measured at fair value on a recurring basis using Level 3 inputs:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="81"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="93"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Available-for-sale<br />
Securities</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Derivative Financial<br />
Instruments</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Balance as of December 31, 2012</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,200,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,799,536</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Adjustments to fair value:</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Additions(1)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">34,480,786</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,285,729</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Paydowns(2)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(4,468,205</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Net changes in fair value(3)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(1,675,629</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Sales and settlements(4)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(1,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(8,544,578</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Balance as of December 31, 2013</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">36,580,786</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,396,853</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
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<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents RMBS investments transferred from held-to-maturity to available-for-sale and forward contract derivatives recorded at fair value in the year ended December 31, 2013.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents the paydowns on the forward contracts during the year ended December 31, 2013.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(3)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents the net change in fair value recorded to other income during the year ended December 31, 2013.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(4)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Represents the sale of a CDO bond investment and the settlement of forward contract derivatives during the year ended December 31, 2013.</font></dd></dl></div>
<p style="FONT-FAMILY: times;"><font size="2">        The Company measures certain financial and non-financial assets at fair value on a nonrecurring basis, such as impaired loans, impaired real estate owned and land investments. The fair value of these assets was determined using the following inputs as of December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 67%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"120%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="120%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="74"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" colspan="8" align="center"><font size="1"><b>Fair Value Measurements<br />
Using Fair Value Hierarchy</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" colspan="2" align="center"><font size="1"><b>Net<br />
Carrying<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" colspan="2" align="center"><font size="1"><b>Fair<br />
Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 1</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 2</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 3</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Financial assets:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Impaired loans, net(1)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">85,193,835</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">103,951,397</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">103,951,397</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Non-financial assets:</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Impaired real estate owned(2)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,437,152</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,437,152</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,437,152</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Land investment(3)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,061,498</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,061,498</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">6,061,498</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The Company had an allowance for loan losses of $122.3 million relating to 15 loans with an aggregate carrying value, before loan loss reserves, of approximately $207.5 million at December 31, 2013.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The Company recorded an impairment loss on one of the properties in its multifamily portfolio in the fourth quarter of 2013.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(3)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The Company recorded land held as collateral for a loan that was transferred to other assets at fair value in the fourth quarter of 2013.</font></dd></dl></div>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Loan impairment assessments:</i></b></font><font size="2">    Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for loan losses when such loan or investment is deemed to be impaired. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. The Company performs evaluations of its loans to determine if the value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, which may result in an allowance and corresponding charge to the provision for loan losses. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders and other factors deemed necessary by management. The table above includes all impaired loans, regardless of the period in which an impairment was recognized.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Real estate owned and land investments:</i></b></font><font size="2">    The Company performs evaluations of its real estate owned and land investments to determine if the fair value of the property is less than the net carrying value, which may result in impairment. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, comparable sales and other factors deemed necessary by management.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="64"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="154" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="145" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="143" align="center"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="2"><b>December 31, 2013</b></font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="2"><b>Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="2"><b>Valuation Technique(s)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="2"><b>Unobservable Inputs</b></font></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="2"><b>Range (Weighted Average)</b></font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font><font size="2"><b>Financial assets:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Impaired loans(1):</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"> </p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"> </p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"> </p></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 18pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
24,472,539</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Direct capitalization analysis</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Discount rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">7.50% to 8.00% (6.30%)</font></p></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">and discounted cash flows</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Capitalization rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">6.00% to 8.25% (6.98%)</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Revenue growth rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">2.00% to 3.00% (1.73%)</font></td></tr>
<tr style="padding:0;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 18pt;"><font size="2">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
7,330,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Discounted cash flows</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Discount rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">9.25% to 10.00% (9.45%)</font></p></td></tr>
<tr style="padding:0;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Capitalization rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">8.00% to 8.50% (8.16)%</font></td></tr>
<tr style="padding:0;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Revenue growth rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">2.50% to 3.00% (2.96)%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 18pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
72,148,858</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Discounted cash flows</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Discount rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">15.00%</font></p></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Capitalization rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">7.25%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Revenue growth rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">3.00%</font></td></tr>
<tr style="padding:0;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">CMBS</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
2,100,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Discounted cash flows</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Discount rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">17.17%</font></p></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->RMBS</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
34,480,786</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Valuation models</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Discount rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">(2)</font></p></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Loss severity</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">(2)</font></td></tr>
<tr style="padding:0;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Forward Contract Derivatives</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
6,396,853</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Valuation models</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Cumulative default rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">(2)</font></p></td></tr>
<tr style="padding:0;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Voluntary prepayment rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">(2)</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font><font size="2"><b>Non-financial assets:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"> </p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"> </p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"> </p></td></tr>
<tr style="padding:0;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Impaired real estate owned</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
3,437,152</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Discounted cash flows</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Discount rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">10.00%</font></p></td></tr>
<tr style="padding:0;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Capitalization rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">8.00%</font></td></tr>
<tr style="padding:0;" valign="top">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Revenue growth rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">2.35%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Land <!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"><br />
6,061,498</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="left"><font size="2">Comparable sales and</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">Dollar per acre</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"><font size="2">$293K/Acre</font></p></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" --></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">discounted cash flows</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">Discount rate</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">11.00%</font></td></tr></table></div>
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<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Includes all impaired loans regardless of the period in which provision was recorded.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Each RMBS and forward contract derivative is associated with an underlying security that is individually modeled and valued based on the security's specific characteristics, which include current collateral composition, collateral performance projections, tranche credit enhancement and other market factors. Accordingly, as the range of the unobservable inputs used to value each individual security varies greatly, disclosing a range or weighted average of such inputs would not be meaningful. In the first quarter of 2014, the Company sold the majority of these RMBS investments and forward contract derivatives.</font></dd></dl></div>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Impaired Loans and CMBS:</i></b></font><font size="2">    The Company analyzes valuation policies and procedures and analyzes changes in fair value from period to period through its quarterly impairment analysis. Many methods are used to develop and substantiate unobservable inputs such as analyzing discount and capitalization rates as well as researching revenue and expense growth. Significant increases in discount or capitalization rates in isolation would result in a significantly lower fair value measurement while significant increases in revenue growth rates in isolation would result in a significantly higher fair value measurement. Significant decreases in discount or capitalization rates in isolation would result in a significantly higher fair value measurement while significant decreases in revenue growth rates in isolation would result in a significantly lower fair value measurement.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        RMBS and Forward Contract Derivatives:</i></b></font><font size="2">    Fair value is approximated based on internally developed valuation models, which are compared to current non-binding market quotes received from financial sources that trade such securities. Significant unobservable inputs used to calculate the quotes are not readily available to the Company.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Real estate owned and land investment:</i></b></font><font size="2">    The Asset Management department is responsible for the Company's valuation policies and procedures and analyzes changes in fair value from period to period through its quarterly impairment analysis. Many methods are used to develop and substantiate unobservable inputs such as analyzing discount and capitalization rates as well as researching revenue and expense growth. Significant increases in discount or capitalization rates and comparable sales in isolation would result in a significantly lower fair value measurement while significant increases in revenue growth rates in isolation would result in a significantly higher fair value measurement. Significant decreases in discount or capitalization rates and comparable sales in isolation would result in a significantly higher fair value measurement while significant decreases in revenue growth rates in isolation would result in a significantly lower fair value measurement.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company measures certain assets and liabilities for which fair value is only disclosed. The fair value of these assets and liabilities was determined using the following inputs as of December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 62%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"130%" --></font></p>
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<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="130%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Fair Value Measurements<br />
Using Fair Value Hierarchy</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Fair Value</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 1</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 2</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Level 3</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Financial assets:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loans and investments, net</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,523,699,653</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,550,248,793</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,550,248,793</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Financial liabilities:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Repurchase agreements and credit facilities</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">159,125,023</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">158,735,570</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">158,735,570</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Collateralized debt obligations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">639,622,981</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">521,938,885</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">521,938,885</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Collateralized loan obligations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">264,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">266,436,250</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">266,436,250</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Junior subordinated notes</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">159,291,427</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">101,240,185</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">101,240,185</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Notes payable</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,487,287</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,487,287</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Mortgage note payable—real estate owned and held-for-sale</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,751,004</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">52,943,305</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">52,943,305</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Loans and investments, net:</i></b></font><font size="2">    Fair values of loans and investments that are not impaired are estimated using Level 3 inputs in a discounted cash flow model, using discount rates, which, in the opinion of management, best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. Fair values of loans and investments that are impaired are estimated at Level 3 by the Company using significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders and other factors deemed necessary by management.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Repurchase agreements, credit facilities, notes payable and mortgage notes payable:</i></b></font><font size="2">    Fair values are estimated at Level 3 using discounted cash flow methodology, using discount rates, which, in the opinion of management, best reflect current market interest rates for financing with similar characteristics and credit quality.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Collateralized debt obligations and collateralized loan obligation:</i></b></font><font size="2">    Fair values are estimated at Level 3 based on broker quotations, representing the discounted expected future cash flows at a yield that reflects current market interest rates and credit spreads.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><b><i>        Junior subordinated notes:</i></b></font><font size="2">    Fair values are estimated at Level 3 based on discounted expected future cash flows at a yield that reflects current market interest rates and credit spreads.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 12—Commitments and Contingencies</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Contractual Commitments</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company's debt facilities which include repurchase agreements, credit facilities, CDOs, CLOs, junior subordinated notes, notes payable and mortgage notes payable have approximate maturities of $531.4 million in 2014, $203.4 million in 2015, $194.2 in 2016, $106.3 million in 2017, $84.2 million in 2018 and $175.9 million thereafter.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In accordance with certain loans and investments, the Company has outstanding unfunded commitments of $5.8 million as of December 31, 2013 that the Company is obligated to fund as the borrowers meet certain requirements. Specific requirements include, but are not limited to, property renovations, building construction, and building conversions based on criteria met by the borrower in accordance with the loan agreements. In relation to the $5.8 million outstanding balance at December 31, 2013, the Company's restricted cash balance contained approximately $5.8 million available to fund the portion of the unfunded commitments for loans financed by the Company's CDO vehicles.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Litigation</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company currently is neither subject to any material litigation nor, to management's knowledge, is any material litigation currently threatened against the Company other than the following:</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        On June 15, 2011, three related lawsuits were filed by the Extended Stay Litigation Trust (the "Trust"), a post-bankruptcy litigation trust alleged to have standing to pursue claims that previously had been held by Extended Stay, Inc. and the Homestead Village L.L.C. family of companies (together "ESI") (formerly Chapter 11 debtors, together the "Debtors") that have emerged from bankruptcy. Two of the lawsuits were filed in the United States Bankruptcy Court for the Southern District of New York, and the third in the Supreme Court of the State of New York, New York County. There are 73 defendants in the three lawsuits, including 55 corporate and partnership entities and 18 individuals. A subsidiary of the Company and certain other entities that are affiliates of the Company are included as defendants. The New York State Court action has been removed to the Bankruptcy Court. The Company's affiliates filed a motion to dismiss the three lawsuits.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The lawsuits all allege, as a factual basis and background certain facts surrounding the June 2007 leveraged buyout of ESI from affiliates of Blackstone Capital. The Company's subsidiary, Arbor ESH II, LLC, had a $115.0 million investment in the Series A1 Preferred Units of a holding company of Extended Stay, Inc. The New York State Court action and one of the two federal court actions name as defendants, Arbor ESH II, LLC, Arbor Commercial Mortgage, LLC and ABT-ESI LLC, an entity in which the Company has a membership interest, among the broad group of defendants. These two actions were commenced by substantially identical complaints. The defendants are alleged in these complaints, among other things, to have breached fiduciary and contractual duties by causing or allowing the Debtors to pay illegal dividends or other improper distributions of value at a time when the Debtors were insolvent. These two complaints also allege that the defendants aided and abetted, induced, or participated in breaches of fiduciary duty, waste, and unjust enrichment ("Fiduciary Duty Claims") and name a director of the Company, and a former general counsel of Arbor Commercial Mortgage, LLC, each of whom had served on the Board of Directors of ESI for a period of time. The Company is defending these two defendants and paying the costs of such defense. On the basis of the foregoing allegations, the Trust has asserted claims under a number of common law theories, seeking the return of assets transferred by the Debtors prior to the Debtors' bankruptcy filing.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In the third action, filed in Bankruptcy Court, the same plaintiff, the Trust, has named Arbor Commercial Mortgage, LLC and ABT-ESI LLC, together with a number of other defendants and asserts claims, including constructive and fraudulent conveyance claims under state and federal statutes, as well as a claim under the Federal Debt Collection Procedure Act.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        On June 28, 2013, the Trust filed a motion to amend the lawsuits, to, among other things, (i) consolidate the lawsuits into one lawsuit, (ii) remove 47 defendants, none of whom are related to the Company, from the lawsuits so that there are 26 remaining defendants, including 16 corporate and partnership entities and 10 individuals, and (iii) reduce the counts within the lawsuits from over 100 down to 17. The remaining counts in the amended complaint against affiliates of the Company are principally state law claims for breach of fiduciary duties, waste, unlawful dividends and unjust enrichment, and claims under the Bankruptcy Code for avoidance and recovery actions, among others. The bankruptcy court granted the motion and the amended complaint has been filed. The amended complaint seeks $139 million in the aggregate from director designees and affiliates of the Company. The Company has moved to dismiss the referenced actions and intends to vigorously defend against the claims asserted therein. A hearing date for the motion to dismiss has not been set yet.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company has not made a loss accrual for this litigation because it believes that it is not probable that a loss has been incurred and an amount cannot be reasonably estimated.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 13—Equity</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Preferred Stock</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In February 2013, the Company completed an underwritten public offering of 1,400,000 shares of 8.25% Series A cumulative redeemable preferred stock with a liquidation preference of $25.00 per share, generating net proceeds of approximately $33.6 million after deducting the underwriting discount and other offering expenses. Also in February 2013, the underwriters exercised a portion of their over-allotment option for 151,500 shares providing additional net proceeds of approximately $3.7 million.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In May 2013, the Company completed an underwritten public offering of 1,200,000 shares of 7.75% Series B cumulative redeemable preferred stock generating net proceeds of approximately $28.9 million after deducting the underwriting discount and other offering expenses. Also in May 2013, the underwriters exercised a portion of their over-allotment option for 60,000 shares providing additional net proceeds of approximately $1.5 million.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Common Stock</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In June 2012, the Company completed a public offering in which it sold 3,500,000 shares of its common stock for $5.40 per share, and received net proceeds of approximately $17.5 million after deducting the underwriting discount and other offering expenses.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In October 2012, the Company completed another public offering in which it sold 3,500,000 shares of its common stock for $5.80 per share, and received net proceeds of approximately $19.2 million after deducting the underwriting discount and other offering expenses.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In December 2012, the Company entered into an "At-The-Market" ("ATM") equity offering sales agreement with JMP Securities LLC ("JMP") whereby, in accordance with the terms of the agreement, from time to time the Company could issue and sell through JMP up to 6,000,000 shares of its common stock. Sales of the shares were made by means of ordinary brokers' transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices. As of March 15, 2013, JMP sold all of the 6,000,000 shares for net proceeds of $45.6 million.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In March 2013, the Company completed another public offering in which it sold 5,625,000 shares of its common stock for $8.00 per share, and received net proceeds of approximately $43.0 million after deducting the underwriting discount and other offering expenses.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In June 2013, the Company filed a shelf registration statement on Form S-3 with the SEC under the 1933 Act with respect to an aggregate of $500.0 million of debt securities, common stock, preferred stock, depositary shares and warrants that may be sold by the Company from time to time pursuant to Rule 415 of the 1933 Act. On August 5, 2013, the SEC declared this shelf registration statement effective.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In September 2013, the Company completed another public offering in which it sold 6,000,000 shares of its common stock for $7.08 per share, and received net proceeds of approximately $40.9 million after deducting the underwriting discount and other offering expenses.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company used the net proceeds from its preferred and common offerings to make investments, to repurchase or pay liabilities and for general corporate purposes.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In February 2014, we entered into an ATM equity offering sales agreement with JMP whereby, in accordance with the terms of the agreement, from time to time we may issue and sell through JMP up to 7,500,000 shares of our common stock. Sales of the shares, if any, will be made by means of ordinary brokers' transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. As of February 14, 2014, no shares have been sold.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        As of February 14, 2014, the Company has $457.5 million available under its $500.0 million shelf registration statement that was declared effective by the SEC in August 2013.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Deferred Compensation</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company has a stock incentive plan under which the Board of Directors has the authority to issue shares of stock to certain directors, officers of the Company and employees of the Company and ACM. On May 1, 2013, the Company issued 70,000 shares of fully vested common stock to the independent members of the Board of Directors under the 2003 Stock Incentive Plan, as amended and restated in 2009 (the "Plan"), and recorded $0.5 million to selling and administrative expense in its Consolidated Statements of Operations in the second quarter of 2013. On February 28, 2013, the Company issued 192,750 shares of restricted common stock under the Plan to certain employees of the Company and ACM with a total grant date fair value of $1.5 million and recorded $0.2 million to employee compensation and benefits and $0.4 million to selling and administrative expense in the Company's Consolidated Statements of Operations in the first quarter of 2013. One third of the shares vested as of the date of grant, one third will vest in February 2014, and the remaining third will vest in February 2015. During the third quarter of 2013, a total of 667 shares of unvested restricted stock with a grant date fair value of less than $0.1 million were forfeited. As of December 31, 2013, unvested restricted stock consisted of 82,500 shares granted to non-employees with a grant date fair value of $0.7 million, which is subject to remeasurement each reporting period, and 45,333 shares granted to employees of the Company with a grant date fair value of $0.4 million. Expense is recognized ratably over the vesting period in the Company's Consolidated Statements of Operations in selling and administrative expense and employee compensation and benefits expense, respectively. During the year ended December 31, 2013, the Company recorded the ratable portion of the unvested restricted stock to employee compensation and benefits for $0.2 million and to selling and administrative expense for $0.3 million in its Consolidated Statements of Operations.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        On April 3, 2012, the Company issued an aggregate of 90,000 shares of fully vested common stock to the non-management members of the Board of Directors, as well as 6,255 shares of fully vested common stock to a former director who was also the corporate secretary, under the 2003 Stock Incentive Plan, as amended and restated in 2009 (the "Plan"), and recorded approximately $0.5 million to selling and administrative expense in its Consolidated Statement of Operations for the year ended December 31, 2012. On March 19, 2012, the Company issued 10,000 shares of fully vested common stock under the Plan to a director who is also an officer of the managing member of ACM, and recorded approximately $0.1 million to selling and administrative expense in the Company's Consolidated Statement of Operations for the year ended December 31, 2012. On January 22, 2012, the Company issued 15,000 shares of fully vested common stock under the Plan to a director who was re-appointed to the Board of Directors on December 19, 2011, and accrued approximately $0.1 million to selling and administrative expense in the Company's Consolidated Statement of Operations for the year ended December 31, 2011. In February 2013, the Board of Directors authorized the issuance of approximately 200,000 shares of restricted common stock under the Plan to certain employees of the Company and ACM. The effective date of the grant will be February 28, 2013 and will vest over a two year period. One third of the shares will vest as of the date of grant, one third will vest in February 2014, and the remaining third will vest in February 2015.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        On December 12, 2011, the Company issued an aggregate of 250,000 shares of common stock under the Plan to certain employees of the Company and ACM. The 250,000 common shares underlying the stock awards granted were fully vested as of the date of grant and the Company recorded approximately $0.4 million to employee compensation and benefits and approximately $0.5 million to selling and administrative expense in its Consolidated Statement of Operations for the year ended December 31, 2011. On July 22, 2011, the Company issued an aggregate of 105,000 shares of common stock under the Plan to the non-management members of the Board of Directors. The 105,000 common shares underlying the stock awards granted were fully vested as of the date of grant and the Company recorded approximately $0.5 million to selling and administrative expense in its Consolidated Statement of Operations for the year ended December 31, 2011. On April 1, 2010, the Company issued an aggregate of 90,000 shares of common stock under the Plan to the independent members of the Board of Directors. The 90,000 common shares underlying the stock awards granted were fully vested as of the date of grant and the Company recorded $0.3 million to selling and administrative expense in its Consolidated Statement of Operations for the year ended December 31, 2010. In May 2009, the Company's stockholders approved an amendment to the Plan to authorize the grant of stock options, as well as the authorization of an additional 1,250,000 shares of the Company's common stock to be reserved for issuance under the Plan.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Vesting is dependent on a service requirement. Dividends paid on restricted shares are recorded as dividends on shares of the Company's common stock whether or not they are vested. For accounting purposes, the Company measures the compensation costs for these shares as of the date of the grant, with subsequent remeasurement for any unvested shares granted to non-employees of the Company with such amounts expensed against earnings, at the grant date (for the portion that vest immediately) or ratably over the respective vesting periods.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Warrants</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In connection with a debt restructuring with Wachovia Bank in 2009, the Company issued Wachovia 1.0 million warrants at an average strike price of $4.00. Of such warrants, 500,000 warrants are exercisable at a price of $3.50, 250,000 warrants are exercisable at a price of $4.00 and 250,000 warrants are exercisable at a price of $5.00. As of December 31, 2013, all of the warrants were exercisable, expire on July 23, 2015 and no warrants have been exercised to date.</font></p>
<p style="FONT-FAMILY: times;"><font size="2"><i>Accumulated Other Comprehensive Loss</i></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        At December 31, 2013, accumulated other comprehensive loss was $25.2 million and consisted of $26.3 million of net unrealized losses on derivatives designated as cash flow hedges and a $1.1 million unrealized gain related to available-for-sale securities. At December 31, 2012, accumulated other comprehensive loss was $39.6 million and consisted of $40.0 million of net unrealized losses on derivatives designated as cash flow hedges and a $0.4 million unrealized gain related to available-for-sale securities.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2013 and 2012 were as follows (in thousands):</font></p>
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<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" colspan="5" align="center"><font size="1"><b>Year Ended<br />
December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th></tr>
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<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" rowspan="2" align="center"><font size="1"><b>Statement of<br />
Operations Caption</b></font></th></tr>
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<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th></tr>
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<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net realized losses on derivatives designated as cash flow hedges:</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2"> </font></td></tr>
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<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Interest Rate Swaps / Cap</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(14,131</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(16,565</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">Interest expense(1)</font></td></tr>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
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<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="center">​</td></tr>
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<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net realized gain on sale of available-for-sale investments:</font></p></td>
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<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
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<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
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<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">CDO bond investment</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">Other income(2)</font></td></tr>
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<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
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<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="center">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
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<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="center">​</td></tr>
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<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">See Note 10—"Derivative Financial Instruments" for additional details.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">See Note 4—"Securities" for additional details.</font></dd></dl></div>
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<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 14—Earnings Per Share</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Basic earnings per share ("EPS") is calculated by dividing net income (loss) attributable to Arbor Realty Trust, Inc. by the weighted average number of shares of common stock outstanding during each period inclusive of unvested restricted stock with full dividend participation rights. Diluted EPS is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period using the treasury stock method. The Company's common stock equivalents include the dilutive effect of warrants outstanding.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations for the years ended December 31, 2013, 2012, and 2011, respectively.</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
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<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="56"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="60"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
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<td style="FONT-FAMILY: times;" width="60"></td>
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<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="17" align="center"><font size="1"><b>Year Ended December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Basic</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Diluted</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Basic</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Diluted</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Basic</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Diluted</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Income (loss) from continuing operations, net of noncontrolling interest and preferred stock dividends</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">17,112,078</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">17,112,078</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">16,492,062</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">16,492,062</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(37,311,821</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(37,311,821</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">(Loss) income from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(444,123</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(444,123</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,008,826</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,008,826</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(2,999,892</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(2,999,892</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Net income (loss) attributable to Arbor Realty Trust, Inc. common stockholders(1)</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">16,667,955</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">16,667,955</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">21,500,888</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">21,500,888</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(40,311,713</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(40,311,713</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Weighted average number of common shares outstanding</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">42,399,872</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">42,399,872</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">26,956,938</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">26,956,938</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">24,968,894</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">24,968,894</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Dilutive effect of warrants(2)</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">435,272</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">254,349</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Weighted average number of common shares outstanding</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">42,399,872</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">42,835,144</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">26,956,938</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">27,211,287</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">24,968,894</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">24,968,894</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Income (loss) from continuing operations, net of noncontrolling interest and preferred stock dividends, per common share</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.40</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.40</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.61</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.61</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(1.49</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(1.49</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Income (loss) from discontinued operations per common share</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.01</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.01</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.19</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.18</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.12</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.12</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">Net income (loss) attributable to Arbor Realty Trust, Inc. per common share(1)</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.39</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.39</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.80</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.79</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(1.61</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(1.61</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
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<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Net of noncontrolling interest and preferred stock dividends.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">In connection with a debt restructuring with Wachovia Bank in the third quarter of 2009, the Company issued Wachovia 1.0 million warrants at an average strike price of $4.00. For the year ended December 31, 2011, the Company had a net loss and thus did not have a dilutive effect from the warrants.</font></dd></dl></div>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 15—Related Party Transactions</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Due from related party was approximately $0.1 million at both December 31, 2013 and 2012 and consisted primarily of escrows held by ACM and its affiliates related to real estate transactions.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Due to related party was $2.8 million and $3.1 million at December 31, 2013 and December 31, 2012, respectively, and consisted primarily of base management fees due to ACM that were remitted by the Company in the following quarter.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In October 2013, the Company purchased, at par, a $3.0 million mezzanine loan from ACM who originated the loan in September 2013 to a third party entity. The loan has a fixed interest rate of 13.00% and a maturity date of October 2018. Interest income recorded from this loan was approximately $0.1 million for the year ended December 31, 2013.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In June 2013, the Company's board of directors formed a Special Committee consisting of independent directors in connection with the exploration and evaluation of a potential transaction with the Company's manager involving the acquisition of its manager's Fannie Mae, DUS, FHA and CMBS platforms, as well as the internalization of the management of its current business. Although there have been preliminary discussions between the Special Committee and representatives of the Company's manager, it cannot provide any assurance regarding the timing, terms or form of any such transaction, including the amount or type of consideration (including the issuance of common stock) or related financing, or whether any transaction between the Company and its manager will occur at all. Also, in connection with evaluating a potential transaction with the Company's manager, the Special Committee has engaged legal, financial and accounting advisors resulting in approximately $1.4 million of advisory fees to date.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In April 2013, the Company originated six bridge loans totaling $53.0 million for a portfolio of multifamily properties owned by a consortium of investors including Mr. Ivan Kaufman and his affiliates and Mr. Fred Weber, who together own an interest of approximately 19% in the borrowing entity. The loans had an interest rate of one-month LIBOR plus 7.25% and a maturity date of April 2015, which were paid off in the fourth quarter of 2013. In November 2013, we originated a new bridge loan for $2.0 million with an interest rate of one-month LIBOR plus 5.50%. Interest income recorded from these loans totaled approximately $3.1 million for the year ended December 31, 2013.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In April 2013, the Company also purchased, at par, a $6.4 million bridge loan from ACM who originated the loan in March 2013 to a third party entity that acquired a property from an entity owned by Mr. Ivan Kaufman and his affiliates and Mr. Fred Weber, who together also provided a $1.1 million preferred equity contribution to the overall transaction. Mr. Ivan Kaufman also provided a $1.0 million personal guaranty on the bridge loan. The bridge loan bears interest at a rate of one-month LIBOR plus 5.00% for the first year then one-month LIBOR plus 6.00% thereafter and has a maturity date of March 2015 with three one year extension options. Interest income recorded from this loan totaled approximately $0.2 million for the year ended December 31, 2013.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In January 2013, the Company originated a $7.5 million bridge loan for a multifamily property in Charlotte, North Carolina. William C. Green, who serves on the Company's Board of Directors, holds a 6.6% partnership interest in the borrowing entity and is the chief financial officer of an affiliated entity that is a partner in, and the management company for, the borrowing entity. Mr. Green also provided a $0.4 million personal guaranty on the bridge loan. The loan bears interest at a rate of one-month LIBOR plus 6.00% and has a maturity date of January 2015. Interest income recorded from this loan totaled approximately $0.5 million for the year ended December 31, 2013.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In December 2012, ACM acquired a multifamily property in Detroit, Michigan and simultaneously sold the property to a third party, who received a $30.0 million bridge loan from the Company. ACM retained a $6.0 million preferred equity interest in the entity. The loan to the Company bears interest at a rate of one-month LIBOR plus 5.00% with a LIBOR cap of 1.00% and has a maturity date of November 2014 with three one year extension options. Interest income recorded from this loan totaled approximately $1.6 million and $0.2 million for the years ended December 31, 2013 and 2012, respectively.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In September 2012, the Company purchased, at par, a $5.1 million bridge loan from ACM. The loan was originated by ACM in May 2012 to a third party entity that acquired a multifamily property from ACM. The loan bears interest at a rate of one-month LIBOR plus 5.50% with a LIBOR floor of 0.24% and has a maturity date of May 2015. Interest income recorded from this loan totaled approximately $0.3 million and $0.1 million for the years ended December 31, 2013 and 2012, respectively.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In December 2011, the Company completed a restructuring of a $67.6 million preferred equity investment on the Lexford Portfolio ("Lexford"), which is a portfolio of multi-family assets. The Company, along with a consortium of independent outside investors, made an additional preferred equity investment of $25.0 million in Lexford of which the Company held a $10.5 million interest, and Mr. Fred Weber, the Company's executive vice president of structured finance, held a $0.5 million interest, which was paid down to $22.5 million in the third quarter of 2013, and then paid off in the fourth quarter of 2013. The original preferred equity investment now bears a fixed rate of interest of 2.36%, revised from an original rate of LIBOR plus 5.00% (the loan was paying a modified rate of LIBOR plus 1.65% at the time of the new investment). The original preferred equity investment matures in June 2020. Interest income recorded from the preferred equity investment totaled approximately $1.1 million, $1.3 million and $0.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. The new preferred equity investment had a fixed interest rate of 12% and a maturity date in June 2020. The Company, along with the same outside investors, also made a $0.1 million equity investment into Lexford, of which the Company held a $44,000 noncontrolling interest, and does not have the power to control the significant activities of the entity. During the fourth quarter of 2011, the Company recorded losses from the entity against the equity investment, reducing the balance to zero. The Company records this investment under the equity method of accounting. In addition, under the terms of the restructuring, Lexford's first mortgage lender required a change of property manager for the underlying assets. The new management company is an affiliate of Mr. Ivan Kaufman, the Company's chairman and chief executive officer, and has a contract with the new entity for 7.5 years and will be entitled to 4.75% of gross revenues of the underlying properties, along with the potential to share in the proceeds of a sale or refinancing of the debt should the management company remain engaged by the new entity at the time of such capital event. In the first quarter of 2012, Mr. Fred Weber invested $250,000 in the new management company and currently owns a 23.5% ownership interest. Mr. Ivan Kaufman and his affiliates currently own a 53.9% ownership interest. The Company has provided limited ("bad boy") guarantees for certain debt controlled by Lexford. The bad boy guarantees may become a liability for the Company upon standard "bad" acts such as fraud or a material misrepresentation by Lexford or the Company. At December 31, 2013, this debt had an aggregate outstanding balance of $703.6 million and is scheduled to mature between 2017 and 2023.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        During the second quarter of 2011, the Company originated a mortgage loan to a third party borrower secured by property purchased from ACM. The loan had an unpaid principal balance of $6.2 million, a maturity date of May 2014 and a variable interest rate of LIBOR plus 6.00%. Upon approving the transaction, the independent directors committee of the Board of Directors required the Company to sell the loan in 90 days and ACM agreed to guarantee the loan until it was sold. In the third quarter of 2011, the loan was sold to an affiliated entity of Mr. Ivan Kaufman for $6.2 million. Interest income recorded from this loan for the year ended December 31, 2011 was approximately $0.2 million.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        During the second quarter of 2011, the Company originated a loan to a third party borrower for a portfolio of properties with an unpaid principal balance of $24.4 million, of which one property in the portfolio was previously financed with an $11.7 million loan that was purchased by ACM. The $11.7 million loan was repaid as part of the $24.4 million loan on the portfolio. The new loan had a variable interest rate of LIBOR plus 4.75% and was repaid in full in January 2013. Interest income recorded from this loan totaled approximately $0.1 million, $1.7 million and $0.8 million for the years ended December 31, 2013, 2012 and 2011, respectively.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        During the first quarter of 2011, the Company originated four mortgage loans totaling $28.4 million to borrowers which were secured by property purchased from ACM or its affiliate. Two of the loans totaling $22.4 million have maturity dates of March 2014 and a combined weighted average variable interest rate of 6.20% as of December 31, 2013 and were secured by the same property. The third was a $2.0 million bridge loan with a maturity date of February 2013 and an interest rate of one-month LIBOR plus 6.00%, which was paid off in the third quarter of 2012. The fourth was a $4.0 million bridge loan with an original maturity date in April 2013 which was extended to March 2014 and an interest rate of one-month LIBOR plus 6.00%. Interest income recorded from these loans totaled approximately $1.8 million, $1.9 million and $1.5 million for the years ended December 31, 2013, 2012 and 2011, respectively.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In October 2010, the Company purchased, at par, a $4.7 million bridge loan from ACM. The loan was originated by ACM in June 2010 to a joint venture that acquired a condo development property in Brooklyn, New York. The loan bore interest at a rate of one-month LIBOR plus 8% with a LIBOR floor of 0.5% and a LIBOR cap of 1.5% and had a maturity date of June 2012. In the second quarter of 2012, the loan matured and was paid off. In addition, ACM contributed $0.9 million for a 50% non-controlling interest in an entity, which owns 28% of this joint venture. In the third quarter of 2011, ACM sold its investment in this joint venture to an affiliated entity of Mr. Ivan Kaufman for $0.9 million. Interest income recorded from this loan totaled approximately $0.1 million and $0.4 million for the years ended December 31, 2012 and 2011, respectively.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company is dependent upon its manager, ACM, with whom it has a conflict of interest, to provide services to the Company that are vital to its operations. The Company's chairman, chief executive officer and president, Mr. Ivan Kaufman, is also the chief executive officer and president of ACM, and, the Company's chief financial officer and treasurer, Mr. Paul Elenio, is the chief financial officer of ACM. In addition, Mr. Kaufman and his affiliated entities ("the Kaufman Entities") together beneficially own approximately 92% of the outstanding membership interests of ACM and certain of the Company's employees and directors also hold an ownership interest in ACM. Furthermore, one of the Company's former directors is general counsel to ACM and another of the Company's directors also serves as the trustee of one of the Kaufman Entities that holds a majority of the outstanding membership interests in ACM and co-trustee of another Kaufman Entity that owns an equity interest in ACM. ACM currently holds approximately 5.3 million of the Company's common shares, representing approximately 11% of the voting power of the Company's outstanding stock as of December 31, 2013. The Company's Board of Directors approved a resolution under the Company's charter allowing Ivan Kaufman and ACM, (which Mr. Kaufman has a controlling equity interest in), to own more than the ownership interest limit of the Company's common stock stated in the Company's charter as amended. In May 2012, the Company's charter was amended to lower each of the general aggregate stock ownership limit and the general common stock ownership limit from 7% to 5% unless an exemption is granted by the Company's Board of Directors.</font></p>
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<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 16—Distributions</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following table presents dividends declared by the Board of Directors on the Company's common stock from January 1, 2013 through December 31, 2013:</font></p>
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<td style="FONT-FAMILY: times;" width="112" align="center"></td>
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<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Declaration<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>For Quarter<br />
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Date</b></font></th>
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<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Dividend<br />
Per Share</b></font></th>
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<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->November 6, 2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">September 30, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">November 20, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">December 2, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.13</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">July 31, 2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">June 30, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">August 14, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">September 3, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.13</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->May 1, 2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">March 31, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">May 15, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">May 31, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.12</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">February 12, 2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">December 31, 2012</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">March 5, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">March 12, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.12</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        On February 12, 2014, the Board of Directors declared a cash dividend of $0.13 for the quarter ended December 31, 2013. The dividend is payable on February 28, 2014 to common stockholders of record on February 25, 2014.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following table presents dividends declared by the Board of Directors on the Company's 8.25% Series A preferred stock from February 1, 2013 (date of issuance) through December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" width="2%"></td>
<td style="FONT-FAMILY: times;" width="84" align="center"></td>
<td style="FONT-FAMILY: times;" width="2%"></td>
<td style="FONT-FAMILY: times;" width="91" align="center"></td>
<td style="FONT-FAMILY: times;" width="2%"></td>
<td style="FONT-FAMILY: times;" width="94" align="center"></td>
<td style="FONT-FAMILY: times;" width="2%"></td>
<td style="FONT-FAMILY: times;" width="94" align="center"></td>
<td style="FONT-FAMILY: times;" width="2%"></td>
<td style="FONT-FAMILY: times;" width="91" align="center"></td>
<td style="FONT-FAMILY: times;" width="2%"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="50"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Declaration Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>For Period<br />
Beginning</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>For Period<br />
Ended</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Record<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Payment<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Dividend<br />
Per Share</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->October 25, 2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">September 1, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">November 30, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">November 15, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">December 2, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.515625</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2">July 31, 2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">June 1, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">August 31, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">August 14, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">September 3, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.515625</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->May 1, 2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">February 1, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">May 31, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">May 15, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="center"><font size="2">May 31, 2013</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.6875</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        On February 3, 2014, the Board of Directors declared a cash dividend of $0.515625 per share of 8.25% Series A cumulative redeemable preferred stock reflecting dividends from December 1, 2013, through February 28, 2014. The dividend is payable on February 28, 2014 to preferred stockholders of record on February 15, 2014. The Company accrued dividends of $0.3 million in the fourth quarter of 2013.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following table presents dividends declared by the Board of Directors on the Company's 7.75% Series B preferred stock from May 9, 2013 (date of issuance) through December 31, 2013:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 100%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 0%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="89" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="96" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="100" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="100" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="96" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="53"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Declaration<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>For Period<br />
Beginning</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>For Period<br />
Ended</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Record<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Payment<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Dividend<br />
Per Share</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->October 25, 2013</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">September 1, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">November 30, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">November 15, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">December 2, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0.484375</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">July 31, 2013</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">May 9, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">August 31, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">August 14, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">September 3, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0.6028</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        On February 3, 2014, the Board of Directors also declared a cash dividend of $0.484375 per share of 7.75% Series B cumulative redeemable preferred stock reflecting dividends from December 1, 2013, through February 28, 2014. The dividend is payable on February 28, 2014 to preferred stockholders of record on February 15, 2014. The Company accrued dividends of $0.2 million in the fourth quarter of 2013.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company declared and paid distributions of $14,500, $12,236 and $14,500 for the years ended December 31, 2013, 2012 and 2011, respectively, representing the 12.5% return on the preferred shares issued to third parties by its subsidiary REIT.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company must currently distribute at least 90% of its taxable income in order to qualify as a REIT and must distribute 100% of its taxable income in order not to be subject to corporate federal income taxes on retained income. The Company anticipates it will distribute all of its taxable income to its stockholders. Because taxable income differs from cash flow from operations due to non-cash revenues or expenses (such as depreciation or provision for loan losses), in certain circumstances, the Company may generate operating cash flow in excess of its distributions or, alternatively, may be required to borrow to make sufficient distribution payments. The Company was in compliance with all REIT requirements as of December 31, 2013, 2012 and 2011.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following table presents dividends paid by the Company on its common and preferred stock for the years ended December 31, 2013 and 2012:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="73"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="47"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="37"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="44"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="20" align="center"><font size="1"><b>For Tax Purposes</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="FONT-FAMILY: times;" colspan="2" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Dividend Classified as<br />
Ordinary Income</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Capital Gain<br />
Distribution</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>Dividend Classified<br />
as Return of Capital</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 16pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Year <!-- COMMAND=ADD_SCROPPEDRULE,16pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Total<br />
Dividends<br />
Paid(1)<br />
(In Thousands)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Dividend<br />
Paid<br />
Per Share</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Dividend<br />
Paid<br />
Per<br />
Share</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Qualified<br />
Dividend<br />
Income(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Dividend<br />
Paid<br />
Per<br />
Share</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Percent</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Dividend<br />
Paid<br />
Per<br />
Share</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>Common Stock:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
21,327</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
0.500</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
100</font></td>
<td style="FONT-FAMILY: times;"><font size="2"><br />
%</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
0.500</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">2012</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">8,031</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.285</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">100</font></td>
<td style="FONT-FAMILY: times;"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.285</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>8.25% Series A Preferred Stock:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
2,667</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
1.719</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
100</font></td>
<td style="FONT-FAMILY: times;"><font size="2"><br />
%</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
1.719</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><b>7.75% Series B Preferred Stock:</b></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">2013</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
1,370</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
1.087</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
100</font></td>
<td style="FONT-FAMILY: times;"><font size="2"><br />
%</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
1.087</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr></table></div>
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<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The Company did not pay dividends on its common stock in 2011 and 2013 is the initial year for the preferred stock dividends.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Qualified dividend income is eligible for reduced dividend rates.</font></dd></dl></div>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 17—Management Agreement</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company, ARLP and Arbor Realty SR, Inc. have a management agreement with ACM, pursuant to which ACM provides certain services and the Company pays ACM a base management fee and under certain circumstances, an annual incentive fee.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company's chief executive officer is also ACM's chief executive officer and controlling equity owner and the Company's chief financial officer and treasurer is also ACM's chief financial officer. ACM has agreed to provide the Company with structured finance investment opportunities and loan servicing as well as other services necessary to operate its business. The Company relies to a significant extent on the facilities and resources of ACM to conduct its operations. ACM's management of the Company is under the direction or supervision of the Company's Board of Directors. The management agreement requires ACM to manage the business affairs in conformity with the policies and the general investment guidelines that are approved and monitored by the Company's Board of Directors.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company and its operating partnership have also entered into a services agreement with ACM pursuant to which its asset management group provides asset management services to ACM. In the event the services provided by its asset management group pursuant to the agreement exceed by more than 15% per quarter the level of activity anticipated by the Board of Directors, it will negotiate in good faith with its manager an adjustment to the manager's base management fee under the management agreement, to reflect the scope of the services, the quantity of serviced assets or the time required to be devoted to the services by its asset management group.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The base management fee is an arrangement whereby the Company reimburses ACM for its actual costs incurred in managing the Company's business based on the parties' agreement in advance on an annual budget with subsequent quarterly true-ups to actual costs. All origination fees on investments are retained by the Company.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The incentive fee is calculated as (1) 25% of the amount by which (a) the Company's funds from operations per share, adjusted for certain gains and losses including gains from the retirement and restructuring of debt and 60% of any loan loss reserve recoveries (spread over a three year period), exceeds (b) the product of (x) 9.5% per annum or the Ten Year U.S. Treasury Rate plus 3.5%, whichever is greater, and (y) the greater of $10.00 or the weighted average of book value of the net assets contributed by ACM to ARLP per ARLP partnership unit, the offering price per share of the Company's common equity in the private offering on July 1, 2003 and subsequent offerings and the issue price per ARLP partnership unit for subsequent contributions to ARLP, multiplied by (2) the weighted average of the Company's outstanding shares.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The minimum return, or incentive fee hurdle to be reached before an incentive fee is earned, is a percentage applied on a per share basis to the greater of $10.00 or the average gross proceeds per share. In addition, 60% of any loan loss and other reserve recoveries are eligible to be included in the incentive fee calculation, which recoveries are spread over a three year period.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The management agreement also allows the Company to consider, from time to time, the payment of additional "success-based" fees to ACM for accomplishing certain specified corporate objectives; has a termination fee of $10.0 million; and is renewable automatically for successive one-year terms, unless terminated with six months prior written notice. If the Company terminates or elects not to renew the management agreement without cause, it is required to pay the termination fee of $10.0 million.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The incentive fee is measured on an annual basis. However, when applicable, the Company will pay the annual incentive fee in quarterly installments, each within 60 days of each fiscal quarter. The quarterly installments are calculated based on the results for the period of twelve months ending on the last day of each quarter with respect to which such installment is payable. Each quarterly installment payment is deemed to be an advance of a portion of the incentive fee payable for the year, with an adjustment at year end to reflect the full year's results. At least 25% of any incentive fee is paid to ACM in shares of the Company's common stock, subject to ownership limitations in the Company's charter. For purposes of determining the number of shares that are paid to ACM to satisfy the common stock portion of the incentive fee from and after the date the Company's common shares are publicly traded, each common share shall have a value equal to the average closing price per common share based on the last twenty days of the fiscal quarter with respect to which the incentive fee is being paid.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The incentive fee is accrued as it is earned. The expense incurred for incentive fee paid in common stock is determined using the amount of stock calculated as noted above and the quoted market price of the stock on the last day of each quarter. At December 31 of each year, the Company remeasures the incentive fee expense paid to ACM in shares of the Company's common stock in accordance with current accounting guidance, which discusses how to determine the expense when certain terms are not known prior to the measurement date. Accordingly, any expense recorded related to common stock issued as a portion of incentive fee is adjusted to reflect the fair value of the stock on the measurement date when the final calculation of the total incentive fee is determined. In the event the calculated incentive fee for the full year is an amount less than the total of the installment payments made to ACM for the year, ACM will refund to the Company the amount of such overpayment in cash regardless of whether such installments were paid in cash or common stock. In such a case, the Company would record a negative incentive fee expense in the quarter when such overpayment is determined.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        ACM is responsible for all costs incident to the performance of its duties under the management agreement, including compensation of its employees, rent for facilities and other "overhead" expenses. The Company is required to pay ACM management fees as well as reimburse ACM for all expenses incurred on behalf of the Company in connection with the raising of capital or the incurrence of debt, interest expenses, taxes and license fees, litigation and extraordinary or non recurring expenses.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        ACM, pursuant to the management agreement with the Company, and Mr. Kaufman, pursuant to his non-competition agreement with the Company, have granted the Company a right of first refusal to pursue all opportunities identified by them or their affiliates to invest in multifamily and commercial mortgage loans and customized financing transactions, including bridge loans, mezzanine loans, preferred equity investments, note acquisitions and participation interests in owners of real properties (collectively, "Structured Finance Investments") as long as such investment opportunities are consistent with the Company's investment objectives and guidelines and such investments would not adversely affect the Company's status as a REIT. These agreements also provide that ACM or Mr. Kaufman, as the case may be, may pursue any opportunity in Structured Finance Investments if the opportunity is rejected by both the Company's credit committee and a majority of the Company's independent directors.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Pursuant to the management agreement and Mr. Kaufman's non-competition agreement, the Company has agreed not to pursue, and to allow ACM and its affiliates, including Mr. Kaufman, to pursue opportunities to invest in multi-family and commercial mortgage loans that meet the underwriting and approval guidelines of Fannie Mae, the Federal Housing Administration and conduit commercial lending programs secured by first liens on real property (collectively, the "Manager Target Investments"). In addition to its exclusive right to pursue Manager Target Investments, ACM and its affiliates may pursue any other type of investment (except Structured Finance Investments) without the Company's consent.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following table sets forth the Company's base management fees and incentive fees for the periods indicated:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
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<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="61"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Year Ended December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 66pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Management Fees: <!-- COMMAND=ADD_SCROPPEDRULE,66pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Base(1)</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,900,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,300,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Incentive</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total management fee</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,900,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">10,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">8,300,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
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<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">Included in base management fees at December 31, 2013 and 2012 was $2.8 million and $3.1 million, respectively, which was included in due to related party. These amounts are paid in the quarters subsequent to each respective year end.</font></dd></dl></div>
<p style="FONT-FAMILY: times;"><font size="2">        For the years ended December 31, 2013, 2012 and 2011, no "success-based" payments were made.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Installments of the annual incentive fee are subject to quarterly recalculation and potential reconciliation at the end of the fiscal year, and any overpayments are required to be repaid in accordance with the management agreement. For the years ended December 31, 2013, 2012 and 2011, ACM did not earn an incentive management fee.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Additionally, in 2007, ACM, received an incentive fee installment totaling $19.0 million which was recorded as a prepaid management fee related to the incentive fee on $77.1 million of deferred revenue recognized on the transfer of control of the 450 West 33<sup>rd</sup> Street property, which is one of the Company's equity affiliates.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 18—Income Taxes</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company is organized and conducts its operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code with respect thereto. A REIT is generally not subject to federal income tax on taxable income which is distributed to its stockholders, provided that at least 90% of taxable income is distributed and provided that certain other requirements are met. The Company did not have REIT—federal taxable income net of dividends paid and net operating loss deductions for the years ended December 31, 2013, 2012 and 2011, and therefore, has not provided for federal income tax expense, except for $0.4 million of federal alternative minimum tax recorded in 2012.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Certain of the Company's assets or operations that would not otherwise comply with the REIT requirements, are owned or conducted by its taxable REIT subsidiaries, the income of which is subject to federal and state income taxes. The Company did not record a provision for current income taxes related to the assets that are held in taxable REIT subsidiaries for the years ended December 31, 2013, 2012 and 2011 as they were in a net loss position. However, during the year ended December 31, 2012, the Company recorded a $1.4 million benefit from income taxes for the receipt of a refund of federal income taxes paid by a taxable REIT subsidiary in a prior year.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        In 2012, the Company recorded $0.2 million of estimated state income taxes incurred in those states that did not adopt the federal tax law that allows the Company to elect to defer income generated from certain debt extinguishment transactions. There were no such estimated income taxes for the years ended December 31, 2013 and 2011. For the 2009 and 2010 tax years, the income and the tax on certain debt extinguishment transactions was, at the Company's election, deferred to future periods.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company's (benefit) provision for income taxes was comprised as follows:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
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<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="65"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="36"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Year Ended December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Current tax (benefit) provision:</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Federal</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(1,025,508</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">    —</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">State</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">245,517</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total current tax (benefit) provision</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(779,991</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Deferred tax (benefit) provision:</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Federal—net of valuation allowance</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(13,695</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">State—net of valuation allowance</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(7,872</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total deferred tax (benefit) provision</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(21,567</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total (benefit) provision</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(801,558</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        The Company's effective income tax rate as a percentage of pretax income or loss differed from the U.S. federal statutory rate was as follows:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="31"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="31"></td>
<td style="FONT-FAMILY: times;" width="18"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="31"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Year Ended December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">U.S. federal statutory rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">35.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">35.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">35.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">REIT non-taxable income</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(35.7</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(41.0</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(41.9</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">State and local income taxes, net of federal tax benefit</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(1.1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(1.1</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(0.9</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Change in valuation allowance</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1.8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">9.8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">7.8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Refund</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(6.5</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Effective income tax rate</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(3.8</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">%</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        The significant components of deferred tax assets (liabilities) were as follows:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="65"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="65"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="5" align="center"><font size="1"><b>December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Deferred tax assets (liabilities):</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Expenses not currently deductible</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,585,723</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">1,705,929</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net operating and capital loss carryforwards</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,534,018</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,180,736</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Interest in equity affiliates—net</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(1,489,269</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(1,034,317</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Deferred tax assets</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">5,630,472</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">3,852,348</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Valuation allowance</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(5,608,905</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">(3,830,781</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net deferred tax asset</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">21,567</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">21,567</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2">        Deferred tax assets, net of deferred tax liabilities, are included in other assets in the Consolidated Balance Sheet. At December 31, 2013, the Company had approximately $7.1 million of deferred tax assets consisting of expenses not currently deductible, net operating loss carryforwards and capital loss carryforwards. The Company's deferred tax assets are offset by approximately $1.5 million in deferred tax liabilities consisting of timing differences from investments in equity affiliates, and a valuation allowance of approximately $5.6 million.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        At December 31, 2012, the Company had approximately $4.8 million of deferred tax assets consisting of expenses not currently deductible, net operating loss carryforwards and capital loss carryforwards. The Company's deferred tax assets are offset by approximately $1.0 million of deferred tax liabilities resulting from timing differences relating to investments in equity affiliates, and a valuation allowance of approximately $3.8 million.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The taxable REIT subsidiaries have federal and state net operating loss carryforwards as of December 31, 2013 and 2012 of approximately $13.0 million and $17.5 million, respectively, which will expire through 2034 and 2033, respectively. The taxable REIT subsidiaries also have a federal and state capital loss carryover as of December 31, 2013 of approximately $2.4 million, of which $2.0 million will expire in 2017 and $0.4 million will expire in 2019. The Company has concluded that it is more likely than not that the net operating and capital loss carryforwards will not be utilized during the carryforward period, and as such, net of deferred tax liabilities, the Company has established a valuation allowance against substantially all of these net deferred tax assets.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        As of December 31, 2013, the Company (excluding the taxable REIT subsidiaries) will have approximately $182.0 million of federal and state net operating loss carryforwards and approximately $90.0 million of capital loss carryforwards. The net operating losses will expire through 2034 and the capital losses will expire through 2018. In 2013, the Company recorded $113.0 million in capital gain from the redemption of preferred stock in Lightstone. The Capital gain was fully offset by available capital loss carryforwards.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The Company has assessed its tax positions for all open tax years, which includes 2011 to 2013, and concluded there were no material uncertainties to be recognized. The Company's accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as provision for income taxes. The Company has not recognized any interest and penalties related to tax uncertainties for the years ended December 31, 2013, 2012 and 2011.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 19—Due to Borrowers</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Due to borrowers represents borrowers' funds held by the Company to fund certain expenditures or to be released at the Company's discretion upon the occurrence of certain pre-specified events, and to serve as additional collateral for borrowers' loans. While retained, these balances earn interest in accordance with the specific loan terms they are associated with.</font></p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2"><b>Note 20—Summary Quarterly Consolidated Financial Information—Unaudited</b></font></p>
<p style="FONT-FAMILY: times;"><font size="2">        The following tables represent summarized quarterly financial data of the Company for the years ended December 31, 2013 and 2012 which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company's results of operations.</font></p>
<p style="FONT-FAMILY: times;"><font size="2">        Net income (loss) shown agrees with the Company's quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items vary from such reports due to the presentation of discontinued operations being retroactively reclassified from property operating activity and related depreciation due to the classification of a real estate investment that was part of a portfolio of multifamily properties as held-for-sale sale in 2013 and the sale of a real estate investment that was part of a portfolio of hotel properties in 2012.</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 67%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"120%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="120%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="91"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="73"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="11" align="center"><font size="1"><b>Three Months Ended</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>September 30, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>June 30, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>March 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net interest income</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">15,526,603</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">15,097,248</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">13,996,043</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">12,346,578</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total other revenue</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,465,819</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">6,688,523</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">8,251,944</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">9,713,786</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total other expenses</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">16,083,239</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">17,700,377</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">17,873,676</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">18,412,689</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Income from continuing operations before gain on extinguishment of debt and income (loss) from equity affiliates</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,909,183</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,085,394</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,374,311</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,647,675</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Gain on extinguishment of debt</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,167,772</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,763,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Income (loss) from equity affiliates</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">40,937</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(81,723</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(81,804</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(81,885</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Income from continuing operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,950,120</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,171,443</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,292,507</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">7,328,790</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loss from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(172,644</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(79,716</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(90,191</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(101,572</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net income</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,777,476</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,091,727</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,202,316</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">7,227,218</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Preferred stock dividends</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,410,305</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,410,333</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,152,617</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">533,328</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net income attributable to noncontrolling interest</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">16,715</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,833</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,651</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net income attributable to Arbor Realty Trust, Inc. common stockholders</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,367,171</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,664,679</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,995,866</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">6,640,239</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><i>Basic earnings per common share(1):</i></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Income from continuing operations, net of noncontrolling interest and preferred stock dividends</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.08</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.20</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loss from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net income attributable to Arbor Realty Trust, Inc. common stockholders</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.08</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.20</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><i>Diluted earnings per common share(1):</i></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Income from continuing operations, net of noncontrolling interest and preferred stock dividends</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.08</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.19</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loss from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net income attributable to Arbor Realty Trust, Inc. common stockholders</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.08</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.19</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2"><br /></font> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 67%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"120%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="120%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="91"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="65"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="73"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="11" align="center"><font size="1"><b>Three Months Ended</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>September 30, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>June 30, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>March 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Net interest income</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">11,034,505</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">10,520,512</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">9,731,906</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">7,845,007</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Total other revenue</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,580,252</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">7,477,408</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">7,931,963</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">8,312,312</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Total other expenses</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">17,473,474</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">19,439,955</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">23,310,912</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">22,064,620</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Loss from continuing operations before gain on extinguishment of debt, income (loss) from equity affiliates and benefit (provision) for income taxes</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(858,717</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(1,442,035</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(5,647,043</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(5,907,301</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Gain on extinguishment of debt</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,144,688</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">20,968,214</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,346,121</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Income (loss) from equity affiliates</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,347</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(225,493</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(224,136</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(250,574</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">(Loss) income before benefit (provision) for income taxes</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(856,370</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,477,160</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">15,097,035</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(811,754</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Benefit (provision) for income taxes</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">275,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(275,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(600,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,401,558</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">(Loss) income from continuing operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(581,370</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,202,160</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">14,497,035</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">589,804</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Gain on sale of real estate held-for-sale</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">466,310</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,487,145</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">(Loss) income from operations of real estate held-for-sale</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(98,210</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(87,855</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,102,794</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">138,642</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Income (loss) from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">368,100</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(87,855</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,102,794</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,625,787</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Net (loss) income</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(213,270</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,114,305</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">15,599,829</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,215,591</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Net income attributable to noncontrolling interest</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,969</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,976</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,811</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,811</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Net (loss) income attributable to Arbor Realty Trust, Inc. common stockholders</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(267,239</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,060,329</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">15,546,018</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,161,780</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><i>Basic (loss) earnings per common share(1):</i></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">(Loss) income from continuing operations, net of noncontrolling interest and preferred stock dividends</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.02</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.58</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.02</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Income (loss) from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.01</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.04</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.15</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Net (loss) income attributable to Arbor Realty Trust, Inc. common stockholders</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.01</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.62</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.17</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><i>Diluted (loss) earnings per common share(1):</i></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">(Loss) income from continuing operations, net of noncontrolling interest and preferred stock dividends</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.02</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.58</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.02</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Income (loss) from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.01</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.04</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.15</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Net (loss) income attributable to Arbor Realty Trust, Inc. common stockholders</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.01</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.62</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.17</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0; FONT-SIZE: 1.5pt;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The total for the year may differ from the sum of the quarters as a result of weighting.</font></dd></dl></div>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;" align="center"><font size="2"><b>SCHEDULE IV—LOANS AND OTHER LENDING INVESTMENTS</b></font></p>
<p style="FONT-FAMILY: times;" align="center"><font size="2"><b>DECEMBER 31, 2013</b></font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 64.11%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="37" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="39" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="108" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="53"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="59"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="59"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 14pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Type <!-- COMMAND=ADD_SCROPPEDRULE,14pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Location</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Periodic<br />
Payment<br />
Terms(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Maturity<br />
Date(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Interest Pay<br />
Rate<br />
Index(3)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Prior Liens</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Amount(4)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Amount(5)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Amount<br />
Subject to<br />
Delinquent<br />
Interest</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1"><b><i>Bridge Loans:</i></b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" colspan="19">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Bridge loans in excess of 3% of carrying amount of total loans:</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Various</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">2014 - 2017</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR + 3.49% - 5.60%<br />
Floor 0.25% - 0.48%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">219,930,532</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">214,377,554</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" colspan="19">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Bridge loans less than 3% of carrying amount of total loans(6):</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Various</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">2014 - 2020</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR + 2.60% - 15.64%<br />
Floor 0.17% - 1.50%<br />
Fixed 10.00% - 15.00%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">11,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">624,059,592</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">616,544,218</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">4,006,693</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Various</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2014 - 2020</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR + 3.10% - 8.00%<br />
Floor 0.24% - 4.25%<br />
Fixed 4.00% - 6.30%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">156,715,698</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">152,482,970</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">6,277,844</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Various</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2014 - 2016</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR + 4.50%<br />
Fixed 7.00% - 11.64%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2,855,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">107,418,594</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">69,233,293</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Hotel</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Various</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO / PI</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2017</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR + 7.25%<br />
Floor 0.50%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">34,181,252</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">34,181,252</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Commercial</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">NY</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">PI</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2017</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR + 3.23%<br />
Floor 0.24%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">22,728,245</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">22,728,245</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Retail</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">NJ</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2014</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR + 5.75%<br />
Floor 0.29%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">6,750,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">6,750,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">13,855,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">951,853,382</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">901,919,978</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">10,284,537</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1"><b>Total Bridge Loans</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">13,855,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,171,783,914</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,116,297,532</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">10,284,537</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" colspan="5">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1"><b><i>Mezzanine Loans:</i></b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" colspan="19">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Mezzanine loans less than 3% of carrying amount of total loans(6):</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Various</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO / PI</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2014 - 2045</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR + 3.51% - 12.00%<br />
Fixed 4.00% - 15.00%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">493,840,977</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">89,966,018</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">75,832,439</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">447,846</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Various</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO / PI</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2015</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Fixed 9.39% - 10.00%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">142,020,551</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">18,779,285</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">18,735,412</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Land</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">CA</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2014</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">9,332,969</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Commercial</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">NY</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">PI</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2017</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR + 4.23%<br />
Floor 0.24%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">471,900</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">469,618</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" colspan="5">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1"><b>Total Mezzanine Loans</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">635,861,528</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">118,550,172</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">95,037,469</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">447,846</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 65.73%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="1"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="37" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="39" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="108" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="59"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="59"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="59"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="4" align="right"></td>
<td style="FONT-FAMILY: times;" width="49"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 14pt; MARGIN-BOTTOM: 0pt;"><font size="1"><b>Type <!-- COMMAND=ADD_SCROPPEDRULE,14pt --></b></font></div></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Location</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Periodic<br />
Payment<br />
Terms(1)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Maturity<br />
Date(2)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Interest Pay<br />
Rate<br />
Index(3)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Prior Liens</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Face<br />
Amount(4)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Amount(5)</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Carrying<br />
Amount<br />
Subject to<br />
Delinquent<br />
Interest</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" colspan="5">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1"><br /></font><font size="1"><b><i>Junior Participations:</i></b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><br />
<font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><br />
<font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><br />
<font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><br />
<font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><br />
<font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><br />
<font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" colspan="19">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Junior participation loans in excess of 3% of carrying amount of total loans:</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right">
<p style="MARGIN-TOP: 9pt; TEXT-INDENT: 0pt; FONT-FAMILY: times; MARGIN-LEFT: 0pt;" align="center"> </p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Various</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2016</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR + 2.00% - 6.71%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">88,500,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">95,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">95,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" colspan="19">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1"><br /></font><font size="1">Junior participation loans less than 3% of carrying amount of total loans(6):</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><br />
<font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Various</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2014</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR + 1.25%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">185,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">32,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Various</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO / PI</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2014 - 2017</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR + 5.29%<br />
Fixed 4.00% - 10.07%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,334,319,803</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">86,337,542</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">61,050,989</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Hotel</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Various</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO / PI</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2014</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR + 1.79%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">46,347,139</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">35,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">35,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" colspan="5">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1"><b>Total Junior Participations</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,654,166,942</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">248,337,542</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">191,050,989</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" colspan="5">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1"><br /></font><font size="1"><b><i>Preferred Equity Loans:</i></b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><br />
<font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><br />
<font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><br />
<font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><br />
<font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><br />
<font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><br />
<font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" colspan="19">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1"><br /></font><font size="1">Preferred equity loans less than 3% of carrying amount of total loans(6):</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><br />
<font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"><br />
 </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Multi-family</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Various</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2014 - 2020</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR + 9.85%<br />
Fixed 2.36% - 15.00%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">557,207,083</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">102,573,673</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">102,389,316</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Office</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">NY</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2014</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">LIBOR + 6.75%<br />
Floor 0.25%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2,000,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Commercial</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">NY</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2017</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Fixed 12.00%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">22,750,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,700,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,700,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1">Condo</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">NY</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">IO</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2014</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1">Fixed 17.00%</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">25,603,873</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">15,250,000</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">15,224,347</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;" valign="bottom" colspan="5">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1"><b>Total Preferred Equity Loans</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">605,560,956</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">121,523,673</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">121,313,663</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times;" valign="bottom" colspan="5">
<p style="TEXT-INDENT: -7pt; FONT-FAMILY: times; MARGIN-LEFT: 7pt;"><font size="1"><b>Total Loans</b></font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">2,909,444,426</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,660,195,301</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">1,523,699,653</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="1">10,732,383</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="1"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom"><font size="1"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="center">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" valign="bottom">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="top" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" align="center"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -9pt;"><font size="1">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="1">IO = Interest Only, PI = Principal and Interest.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -9pt;"><font size="1">(2)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="1">Maturity date does not include possible extensions.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -9pt;"><font size="1">(3)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="1">References to LIBOR are to one-month LIBOR unless specifically stated otherwise.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -9pt;"><font size="1">(4)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="1">During 2013, $52.5 million of loans were modified to $51.7 million and $189.5 million of loans were extended.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -9pt;"><font size="1">(5)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="1">The federal income tax basis is approximately $1.5 billion.<br />
<br /></font></dd>
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -9pt;"><font size="1">(6)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="1">Individual loans each have a carrying value less than 3% of total loans.</font></dd></dl></div>
<p style="FONT-FAMILY: times;"><font size="2">        The following table reconciles the Company's loans and investments carrying amounts for the periods indicated:</font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 93.98%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="83"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="8" align="center"><font size="1"><b>Year Ended December 31,</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>2011</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Balance at beginning of year</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,325,667,053</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,302,440,660</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,414,225,388</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Additions during period:</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">New loan originations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">591,537,200</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">275,633,168</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">206,477,919</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Funding of unfunded loan commitments(1)</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">322,926</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">7,271,166</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,660,638</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Accretion of unearned revenue</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,385,999</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,794,627</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,203,739</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Loan charge-offs</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">24,713,459</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">46,585,800</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">27,062,564</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Recoveries of reserves</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,215,443</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">917,966</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">6,124,954</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Charge-off on loan converted to other assets</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">19,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Charge-off on loans converted to real estate owned</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">31,710,929</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="MARGIN-TOP: 12pt; TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Deductions during period:</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"><br />
 </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Loan payoffs</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(324,358,463</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(171,822,185</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(108,668,220</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Proceeds and receivables from sale of loans</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(4,424,097</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(17,945,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(31,450,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Proceeds used against junior loan participations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(34,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Loan paydowns</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(54,261,753</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(13,889,148</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(55,307,130</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Loss on sale and restructuring of loans</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(4,710,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Use of loan charge-offs</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(24,713,459</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(46,585,800</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(27,062,564</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Loans converted to real estate owned</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(114,810,469</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Loan converted to other assets</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(25,000,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Provision for loan losses</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(6,500,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(23,828,224</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(44,810,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt;"><font size="2">Unearned revenue and costs</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(5,884,655</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(1,905,977</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(2,207,088</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Balance at end of year</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,523,699,653</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,325,667,053</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,302,440,660</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000;" align="left" size="1" width="26%" noshade="noshade" /></div>
<div style="POSITION: relative; TEXT-ALIGN: left; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">In accordance with certain loans and investments, the Company has outstanding unfunded commitments that it is obligated to fund as the borrowers meet certain requirements. Specific requirements include but are not limited to property renovations, building construction, and building conversions based on criteria met by the borrower in accordance with the loan agreements.</font></dd></dl></div></div>
31200663
-26047590
-45888085
101124564
55236479
0.79
0.50
5
6
0.46
1000000
100000
-100000
-100000
0.1941
0.10
-800000
0
100000
44000
200000
100000
13101000
697484000
19618000
730203000
734693000
19607000
754300000
4102000
-28199000
-24097000
730203000
4727000
699474000
22473000
726674000
737350000
23796000
761146000
3015000
-37487000
-34472000
726674000
56000000
600000
600000
80472000
10626000
813000
814000
8619000
13299000
5427000
461000
6436000
3268000
101767000
28468000
60257000
16749000
36315000
6944000
22283000
2725000
27000
619000
118882000
27037000
-17115000
1431000
698000
218000
85551000
478000
5709000
6653000
6686000
105077000
58265000
36061000
23345000
493000
118164000
-13087000
204000
3900000
0.1250
2
0.0323
22700000
500000
500000
0.0423
200000
-300000
-100000
300000
3100000
LIBOR
0.0600
12236
14500
4909183
4085394
4374311
3647675
-858717
-1442035
-5647043
-5907301
1410305
1410333
1152617
533328
214377554
616544218
152482970
69233293
34181252
22728245
6750000
75832439
18735412
102389316
469618
15224347
95000000
61050989
35000000
121313663
191050989
95037469
1116297532
901919978
1414225388
1302440660
1325667053
1523699653
-6124954
0
0
5710000
-40311713
213100000
169200000
43900000
P1Y
31710929
6
144900000
1
500000
100000
900000
26400000
7200000
0.0022
4
14400000
15063750
40000000
12600000
0.0850
0.0850
three-month LIBOR
0.085
three-month LIBOR
0.01
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;">
<p style="FONT-FAMILY: times;"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 83.34%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"> </p>
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="120%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="91"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="68"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="7" align="right"></td>
<td style="FONT-FAMILY: times;" width="73"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="11" align="center"><font size="1"><b>Three Months Ended</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>September 30, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>June 30, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>March 31, 2013</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net interest income</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">15,526,603</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">15,097,248</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">13,996,043</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">12,346,578</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total other revenue</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,465,819</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">6,688,523</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">8,251,944</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">9,713,786</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Total other expenses</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">16,083,239</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">17,700,377</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">17,873,676</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">18,412,689</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Income from continuing operations before gain on extinguishment of debt and income (loss) from equity affiliates</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,909,183</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,085,394</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,374,311</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,647,675</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Gain on extinguishment of debt</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,167,772</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,763,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Income (loss) from equity affiliates</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">40,937</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(81,723</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(81,804</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(81,885</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Income from continuing operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,950,120</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,171,443</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,292,507</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">7,328,790</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loss from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(172,644</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(79,716</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(90,191</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(101,572</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net income</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,777,476</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,091,727</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,202,316</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">7,227,218</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Preferred stock dividends</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,410,305</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,410,333</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,152,617</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">533,328</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net income attributable to noncontrolling interest</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">16,715</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,833</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,651</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net income attributable to Arbor Realty Trust, Inc. common stockholders</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,367,171</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,664,679</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,995,866</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">6,640,239</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><i>Basic earnings per common share(1):</i></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Income from continuing operations, net of noncontrolling interest and preferred stock dividends</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.08</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.20</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loss from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net income attributable to Arbor Realty Trust, Inc. common stockholders</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.08</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.20</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2"><i>Diluted earnings per common share(1):</i></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Income from continuing operations, net of noncontrolling interest and preferred stock dividends</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.08</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.19</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Loss from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt;"><font size="2">Net income attributable to Arbor Realty Trust, Inc. common stockholders</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.08</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.19</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times;"><font size="2"><br /></font> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 82.55%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt;">
<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"120%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table style="text-align:left;TEXT-ALIGN: left;" border="0" cellspacing="0" cellpadding="0" width="120%">
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" align="left"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="88"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="91"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="65"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="73"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="11" align="center"><font size="1"><b>Three Months Ended</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom">
<th style="FONT-FAMILY: times;" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>December 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>September 30, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>June 30, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>March 31, 2012</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Net interest income</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">11,034,505</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">10,520,512</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">9,731,906</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">7,845,007</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Total other revenue</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,580,252</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">7,477,408</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">7,931,963</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">8,312,312</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Total other expenses</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">17,473,474</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">19,439,955</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">23,310,912</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">22,064,620</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Loss from continuing operations before gain on extinguishment of debt, income (loss) from equity affiliates and benefit (provision) for income taxes</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(858,717</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(1,442,035</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(5,647,043</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(5,907,301</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Gain on extinguishment of debt</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,144,688</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">20,968,214</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">5,346,121</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Income (loss) from equity affiliates</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,347</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(225,493</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(224,136</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(250,574</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">(Loss) income before benefit (provision) for income taxes</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(856,370</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,477,160</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">15,097,035</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(811,754</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Benefit (provision) for income taxes</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">275,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(275,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(600,000</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,401,558</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">(Loss) income from continuing operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(581,370</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,202,160</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">14,497,035</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">589,804</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Gain on sale of real estate held-for-sale</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">466,310</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,487,145</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">(Loss) income from operations of real estate held-for-sale</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(98,210</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(87,855</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,102,794</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">138,642</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Income (loss) from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">368,100</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(87,855</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">1,102,794</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">3,625,787</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Net (loss) income</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(213,270</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,114,305</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">15,599,829</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,215,591</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Net income attributable to noncontrolling interest</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,969</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,976</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,811</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">53,811</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Net (loss) income attributable to Arbor Realty Trust, Inc. common stockholders</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(267,239</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">2,060,329</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">15,546,018</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">4,161,780</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><i>Basic (loss) earnings per common share(1):</i></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">(Loss) income from continuing operations, net of noncontrolling interest and preferred stock dividends</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.02</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.58</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.02</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Income (loss) from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.01</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.04</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.15</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Net (loss) income attributable to Arbor Realty Trust, Inc. common stockholders</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.01</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.62</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.17</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><i>Diluted (loss) earnings per common share(1):</i></font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">(Loss) income from continuing operations, net of noncontrolling interest and preferred stock dividends</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.02</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.58</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.02</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Income (loss) from discontinued operations</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.01</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.04</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.15</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">Net (loss) income attributable to Arbor Realty Trust, Inc. common stockholders</font></p></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">(0.01</font></td>
<td style="FONT-FAMILY: times;"><font size="2">)</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.07</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.62</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" align="right"><font size="2">0.17</font></td>
<td style="FONT-FAMILY: times;"><font size="2"> </font></td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.1pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;" --></font>​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;" align="right">​</td>
<td style="LINE-HEIGHT: 0.75pt; FONT-FAMILY: times;">​</td></tr>
<tr style="padding:0;PADDING-BOTTOM: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 1.5pt; PADDING-TOP: 0px;" valign="bottom" bgcolor="#ffffff">
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"><!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" --><!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" --> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; LINE-HEIGHT: 0pt; FONT-FAMILY: times;" colspan="2" align="right"> </td>
<td style="LINE-HEIGHT: 0pt; FONT-FAMILY: times;"> </td></tr></table></div>
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<dl compact="compact">
<dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">(1)</font></dt>
<dd style="FONT-FAMILY: times;"><font size="2">The total for the year may differ from the sum of the quarters as a result of weighting.</font></dd></dl></div></div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="FONT-FAMILY: times;"><font size="2">The following table presents dividends declared by the Board of Directors on the Company's 7.75% Series B preferred stock from May 9, 2013 (date of issuance) through December 31, 2013:</font></p>
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<p style="FONT-FAMILY: times;"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="text-align:left;">
<tr style="padding:0;"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times;" width="6"></td>
<td style="FONT-FAMILY: times;" width="89" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="96" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="100" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="100" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="96" align="center"></td>
<td style="FONT-FAMILY: times;" width="12"></td>
<td style="FONT-FAMILY: times;" width="6" align="right"></td>
<td style="FONT-FAMILY: times;" width="53"></td>
<td style="FONT-FAMILY: times;" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="padding:0;" valign="bottom">
<th style="FONT-FAMILY: times;"><font size="2"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Declaration<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>For Period<br />
Beginning</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>For Period<br />
Ended</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Record<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" align="center"><font size="1"><b>Payment<br />
Date</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times;" colspan="2" align="center"><font size="1"><b>Dividend<br />
Per Share</b></font></th>
<th style="FONT-FAMILY: times;"><font size="1"> </font></th></tr>
<tr style="padding:0;" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2"><!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->October 25, 2013</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">September 1, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">November 30, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">November 15, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">December 2, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0.484375</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr>
<tr style="padding:0;" valign="top">
<td style="FONT-FAMILY: times;"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center">
<p style="TEXT-INDENT: -9pt; FONT-FAMILY: times; MARGIN-LEFT: 9pt;"><font size="2">July 31, 2013</font></p></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">May 9, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">August 31, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">August 14, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="center"><font size="2">September 3, 2013</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times;" valign="bottom" align="right"><font size="2">0.6028</font></td>
<td style="FONT-FAMILY: times;" valign="bottom"><font size="2"> </font></td></tr></table></div>
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</div>
28
23
2100000
1500000
40
25603873
605560956
0.0312
three-month LIBOR
0.0374
three-month LIBOR
three-month LIBOR
0.0075
0
0
0
0
14500
12236
14500
400000
0.0200
LIBOR
LIBOR
260000000
53800000
-100000
-1400000
200000
-12000
-22000
827000
-1676000
167000
20000000
150000000
0.0660
0.12
500000
LIBOR
0.0500
LIBOR
0.0165
22500000
703600000
67600000
3437152
P7Y6M
0.0475
2667000
1370000
1.719
1.087
250000
0.235
2000000
400000
1.719
1.087
1.00
1.00
LIBOR
0.0985
33000000
0.0225
LIBOR
0.0250
LIBOR
0.0045
P1Y
20000000
150000000
2000000000
33000000
3000000
0.13
50200000
1000000
431476
33438472
33438472
79000000
86000000
38000000
41000000
88000000
40000000
42700000
53800000
77100000
19000000
LIBOR
750000
23200000
23200000
19000000
1500000
42800000
3800000
25000000
5900000
43400000
5500000
6000000
4400000
20.5
2.3
60
1600000
2
0.51
0.06
0.43
1.00
1.00
1.00
437774
676077
1113851
100000
293947
6298
393947
6298
113000000
51700000
33400000
24800000
2
1
25800000
32000000
25000000
26000000
LIBOR
0.0089
P6Y6M
P4M24D
0.48
189500000
4006693
6277844
10284537
10284537
447846
447846
10732383
19000000
25000000
LIBOR
33000000
55000000
0.0245
0.0125
0.0175
3437152
3437152
6061498
6061498
6061498
3437152
0.1000
0.0800
0.0235
6061498
293000
0.1100
56000000
0.667
50200000
25000000
25000000
0.50
6000000
7500000
0
90000
6255
10000
15000
250000
105000
90000
500000
100000
100000
400000
500000
500000
300000
200000
P2Y
0.33
1250000
25000000
10500000
1900000
600000
1.00
2
three-month LIBOR
11000000
33300000
30800000
15100000
1
0
44810000
119900000
205470302
27062564
38308816
7114677
13350000
58773493
-2243197
-3881757
52648539
0.034
431476
431476
18662363
16781950
1880413
6000000
19000000
0.0463
0.0400
1300000
2000000
2000000
258100000
517000000
76300000
0.01
0.02
3000000
0.1300
100000
27100000
1800000
2700000
2700000
LIBOR
0.0648
0.0450
77200000
31700000
2
1175120