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<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:3pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Note 15 — Due to Borrowers</font>
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<font style="display: inline;"> </font>
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<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Due to borrowers represents borrowers’ funds held by us to fund certain expenditures or to be released at our 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>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
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<p><font size="1"> </font></p>
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<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table sets forth our base management fees and incentive fees for the periods indicated:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:72pt;">
<tr>
<td valign="bottom" style="width:59.10%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:36.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three Months Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font></p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Management Fees:</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.10%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Base (1)</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,675,000
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,450,000
</td>
<td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.10%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.10%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Incentive</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.10%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total management fee</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,675,000
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,450,000
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Included in base management fees at March 31, 2015 and 2014 was $1.4 million and $1.2 million, respectively, which was included in due to related party.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">A summary of charge-offs and recoveries is as follows:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;">
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:30.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three Months Ended</font></p>
</td>
<td valign="bottom" style="width:02.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March </font><font style="display: inline;font-weight:bold;font-size:8pt;">31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March </font><font style="display: inline;font-weight:bold;font-size:8pt;">31, 2014</font></p>
</td>
<td valign="bottom" style="width:02.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Charge-offs:</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,668,342
</td>
<td valign="bottom" style="width:02.30%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,668,342
</td>
<td valign="bottom" style="width:02.30%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Recoveries:</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17,320
</td>
<td valign="bottom" style="width:02.88%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(865,657
</td>
<td valign="bottom" style="width:02.30%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17,320
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(865,657
</td>
<td valign="bottom" style="width:02.30%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Net Recoveries (Charge-offs)</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,320
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,802,685
</td>
<td valign="bottom" style="width:02.30%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Ratio of net charge-offs during the period to average loans and investments outstanding during the period</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.0
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.3
</td>
<td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The chart below is a summary of our CDO and CLO compliance tests as of the most recent determination dates in April 2015:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 70.00%;margin-left:72pt;">
<tr>
<td valign="bottom" style="width:36.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cash Flow Triggers</font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">CDO III</font></p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">CLO III</font></p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">CLO IV</font></p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Overcollateralization (1)</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Current</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115.97
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133.33
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Limit</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105.60
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>132.33
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>135.99
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Pass / Fail</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Pass</font></p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Pass</font></p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Pass</font></p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Interest Coverage (2)</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Current</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>240.39
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>296.97
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>237.01
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Limit</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105.60
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120.00
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120.00
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Pass / Fail</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Pass</font></p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Pass</font></p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Pass</font></p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">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.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The chart below is a summary of our CDO and CLO overcollateralization ratios as of the following determination dates:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:72pt;">
<tr>
<td valign="bottom" style="width:33.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Determination Date</font></p>
</td>
<td valign="bottom" style="width:03.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">CDO III</font></p>
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">CLO III</font></p>
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">CLO IV</font></p>
</td>
<td valign="bottom" style="width:01.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">April 2015 </font></p>
</td>
<td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115.97
</td>
<td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133.33
</td>
<td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99
</td>
<td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.26%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">January 2015 </font></p>
</td>
<td valign="bottom" style="width:03.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>111.34
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133.33
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">October 2014</font></p>
</td>
<td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>110.65
</td>
<td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133.33
</td>
<td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.26%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">July 2014</font></p>
</td>
<td valign="bottom" style="width:03.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>109.20
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133.33
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">April 2014</font></p>
</td>
<td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>108.74
</td>
<td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Real Estate Owned</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:27.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:34.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:34.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:27.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Multifamily</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Hotel</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Total</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Multifamily</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Hotel</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Total</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:27.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Land</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,538,844
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,393,651
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,932,495
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,538,844
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,393,651
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,932,495
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:27.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Building and intangible assets</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,953,328
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59,110,681
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>92,064,009
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,249,869
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,818,891
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>90,068,760
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:27.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Less: accumulated depreciation and amortization</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,281,627
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13,637,151
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22,918,778
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,414,267
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,661,347
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(20,075,614
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:27.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Real estate owned, net</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,210,545
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54,867,181
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84,077,726
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,374,446
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>55,551,195
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84,925,641
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
180386200
180386200
15000000
92520637
29890563
42975000
180386200
179964341
397975374
397975374
9720000
15000000
132505286
87024993
58643095
38460000
56622000
397975374
397975374
397248343
397248343
397248343
81000000
1200000
1800000
500000
1400000
2300000
500000000
330400000
0.0050
150000000
300000000
275000000
150000000
150000000
150000000
2000000000
2000000000
2000000000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Note 9 — Variable Interest Entities</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We have evaluated our loans and investments, mortgage related securities, investments in equity affiliates, senior unsecured notes, junior subordinated notes, CDO and CLOs, in order to determine if they qualify as VIEs or as variable interests in VIEs. This evaluation resulted in determining that our bridge loans, junior participation loans, mezzanine loans, preferred equity investments, investments in equity affiliates, junior subordinated notes, CDO, CLOs and investments in mortgage related securities are potential VIEs.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:39pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Our involvement with VIEs primarily affects our financial performance and cash flows through amounts recorded in interest income, interest expense, provision for loan losses and through activity associated with our derivative instruments.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Consolidated VIEs</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We consolidate our CDO and CLO subsidiaries, which qualify as VIEs, of which we are 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. We, or one of our affiliates, is named collateral manager, servicer, and special servicer for all CDO and CLO collateral assets which we believe gives us the power to direct the most significant economic activities of the entity. We also have exposure to CDO and CLO losses to the extent of our equity interests and also have 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 sheets reflect both the assets held and debt issued by the CDOs and CLOs to third parties. Our operating results and cash flows include the gross amounts related to CDO and CLO assets and liabilities as opposed to our net economic interests in the CDO and CLO entities.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">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 us 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 our consolidated balance sheets. See Note 7 — “Debt Obligations” for further details.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We are not obligated to provide, have not provided, and do not intend to provide financial support to any of the consolidated CDOs and CLOs.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Unconsolidated VIEs</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We determined that we are not the primary beneficiary of 23 VIEs in which we have a variable interest as of March 31, 2015 because we do not have the ability to direct the activities of the VIEs that most significantly impact each entity’s economic performance. VIEs, of which we are not the primary beneficiary, have an aggregate carrying amount of $478.6 million and exposure to real estate debt of approximately $2.1 billion at March 31, 2015.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following is a summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of March 31, 2015:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:72pt;">
<tr>
<td valign="bottom" style="width:59.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Type</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">Amount (1)</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Maximum</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">Exposure to</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Loss (2)</font></p>
</td>
<td valign="bottom" style="width:01.34%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.34%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Loans</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:15.06%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>387,100,762
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:15.06%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>387,100,762
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.14%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Loans and equity investments</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88,780,401
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88,780,401
</td>
<td valign="bottom" style="width:01.34%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CMBS</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.14%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Junior subordinated notes (3)</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>578,000
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>578,000
</td>
<td valign="bottom" style="width:01.34%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:15.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>478,559,163
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:15.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>478,559,163
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Represents the carrying amount of loans and investments before reserves. At March 31, 2015, $187.3 million of loans to VIEs had corresponding loan loss reserves of approximately $112.1 million and $40.3 million of loans to VIEs were related to loans classified as non-performing. See Note 3 — “Loans and Investments” for further details.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Our maximum exposure to loss as of March 31, 2015 would not exceed the carrying amount of its investment.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (3)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">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 our investments were funded by the entities that issued the junior subordinated notes, it is not considered to be at risk.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
478559163
2100000
387100762
88780401
578000
23
2100000000
0.05
false
--12-31
Q1
2015
2015-03-31
10-Q
0001253986
50943002
Yes
Accelerated Filer
ARBOR REALTY TRUST INC
134600000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table sets forth the composition of our loan and investment portfolio at March 31, 2015 and December 31, 2014:</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;"> 2015</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Percent</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">of Total</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Loan</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Count</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Wtd.</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Avg. Pay</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Rate (1)</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Wtd. Avg.</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Remaining</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">Months to</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Maturity</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">First</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">LTV</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Ratio (2)</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Last</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">LTV</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Ratio (3)</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Bridge loans</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,460,398,282
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.32
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17.2
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>73
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Mezzanine loans</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64,289,959
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.73
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41.2
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Junior participation loans</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104,088,985
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.62
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.2
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Preferred equity investments</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>110,153,007
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.82
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48.4
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,738,930,233
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.47
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19.6
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>74
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Unearned revenue</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,924,542
</td>
<td valign="bottom" style="width:02.00%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Allowance for loan losses</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(116,470,000
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Loans and investments, net</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,610,535,691
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Percent</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">of Total</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Loan</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Count</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Wtd.</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Avg. Pay</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Rate (1)</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Wtd. Avg.</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Remaining</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">Months to</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Maturity</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">First</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">LTV</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Ratio (2)</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Last</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">LTV</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Ratio (3)</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Bridge loans</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,273,439,238
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>101
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.19
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19.8
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>74
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Mezzanine loans</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76,392,650
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.78
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37.1
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Junior participation loans</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104,091,952
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.62
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12.3
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Preferred equity investments</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133,505,658
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.11
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45.5
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,587,429,498
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.45
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22.3
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Unearned revenue</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,466,528
</td>
<td valign="bottom" style="width:02.00%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">)</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Allowance for loan losses</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(115,487,320
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">)</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Loans and investments, net</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,459,475,650
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt 0pt 0pt 18.9pt;text-indent: -18.9pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">“Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balances of each loan in our 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.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">The “First Dollar LTV Ratio” is calculated by comparing the total of our 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 we will absorb a total loss of our position.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (3)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss.</font></p></td></tr></table></div>
<p style="margin:0pt 0pt 0pt 23.4pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
300000
400000
-15000000
-9700000
-14668250
-9334110
629880774
631568183
100000
100000
400000
100000
100000
400000
100000
400000
200000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">A summary of the changes in the allowance for loan losses is as follows:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:69.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Months Ended</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Months Ended</font></p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2014</font></p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.02%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Allowance at beginning of the period</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.16%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115,487,320
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.16%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>122,277,411
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.02%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Provision for loan losses</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000,000
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000,000
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Charge-offs</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,668,342
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.02%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Recoveries of reserves</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17,320
</td>
<td valign="bottom" style="width:02.58%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(865,657
</td>
<td valign="bottom" style="width:00.98%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Allowance at end of the period</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>116,470,000
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>116,743,412
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
865657
865657
17320
17320
200000
200000
1500000
500000
0
0
1880422590
1901690415
33400000
2499709
2499709
2499709
2499709
500000
2000000
499709
2558498
2558498
2558498
2558498
600000
2000000
558498
2558498
2558498
558498
2000000
-400000
-340920
100000
-440920
-399709
100000
-499709
2158789
2100000
58789
2158789
2100000
58789
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:9pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Basis of Presentation and Principles of Consolidation</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), for interim financial statements and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared under GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2014 Annual Report, which was filed with the SEC.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The accompanying unaudited consolidated financial statements include our financial statements, our wholly owned subsidiaries, and partnerships or other joint ventures in which we own a voting interest of greater than 50 percent, and variable interest entities (“VIEs”) of which we are 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 us 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, we have separately disclosed parenthetically the assets and liabilities of our collateralized debt obligation (“CDO”) and collateralized loan obligation (“CLO”) subsidiaries on our consolidated balance sheets. Entities in which we have significant influence are accounted for primarily under the equity method.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">As a REIT, we are generally not subject to federal income tax on our REIT—taxable income that we distribute to our stockholders, provided that we distribute at least 90% of our REIT—taxable income and meet certain other requirements. As of March 31, 2015 and 2014, we were in compliance with all REIT requirements and, therefore, have not provided for income tax expense for the three months ended March 31, 2015 and 2014. Certain of our assets that produce non-qualifying income are owned by our taxable REIT subsidiaries, the income of which is subject to federal and state income taxes. During the three months ended March 31, 2015 and 2014, we did not record any provision for income taxes for these taxable REIT subsidiaries as we expect any income to be offset by available federal and state net operating loss carryforwards.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Certain prior year amounts have been reclassified to conform to current period presentation. In the second quarter of 2014, we reclassified a property from real estate held-for-sale to real estate owned when it was determined that a sale of the property would not take place, resulting in reclassifications of the property’s operating activity and related depreciation for all prior periods presented from discontinued operations to property operating income and property operating expenses.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
9600000
60389552
32704172
50417745
105434483
-27685380
55016738
25800000
4.00
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Note 11 — Commitments and Contingencies</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Contractual Commitments</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Our debt obligations have approximate maturities of $211.1 million in 2015, $196.3 million in 2016, $402.8 million in 2017, $187.9 million in 2018, $17.2 million in 2019 and $273.7 million thereafter.</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In accordance with certain loans and investments, we have outstanding unfunded commitments of $18.2 million as of March 31, 2015 that we are 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. Our restricted cash balance at March 31, 2015 contained approximately $18.2 million which was available to fund all of the unfunded commitments for loans financed by our CDO and CLO vehicles.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Litigation</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We currently are neither subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against us other than the following:</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">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 U.S. 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 were 73 defendants in the three lawsuits, including 55 corporate and partnership entities and 18 individuals. A subsidiary of ours and certain other entities that are affiliates of ours are included as defendants. The New York State Court action has been removed to the Bankruptcy Court. Our affiliates filed a motion to dismiss the three lawsuits.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:39pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">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. Our 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 we have 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 ours, 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. We are 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="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:39pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">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="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">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 us, 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 our</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">affiliates 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 $139.0 million in the aggregate from director designees and our affiliates as well as unaffiliated defendants. We have moved to dismiss the referenced actions and intend to vigorously defend against the claims asserted therein. During a status conference held on March 18, 2014, the Court heard oral argument on the motion to dismiss and adjourned the case pending a ruling.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We have not made a loss accrual for this litigation because we believe that it is not probable that a loss has been incurred and an amount cannot be reasonably estimated.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
0.13
0.13
0.13
0.15
0.01
0.01
500000000
500000000
53128075
53593769
50477308
50943002
531280
535937
8383600
20344609
9974530
22233039
0.14
0.28
0.10
0.23
0.12
0.22
0.12
0.23
273700000
17200000
187900000
211100000
196300000
402800000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Note 5 — Investments in Equity Affiliates</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following is a summary of our investments in equity affiliates at March 31, 2015 and December 31, 2014:</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:43.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:34.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Investment in Equity Affiliates at</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">UPB of Loans to</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Equity Affiliates at</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Equity Affiliates</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Arbor Residential Investor LLC</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,294,803
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Lightstone Value Plus REIT L.P.</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,894,727
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,894,727
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">West Shore Café</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,892,661
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,872,661
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,687,500
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Issuers of Junior Subordinated Notes</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>578,000
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>578,000
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">JT Prime</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>425,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>425,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">East River Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98,647
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98,578
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,994,166
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Lexford Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>94,640,000
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Ritz-Carlton Club</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,183,938
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,869,066
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>101,321,666
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We account for all investments in equity affiliates under the equity method.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;text-decoration:underline;">Arbor Residential Investor LLC (“ARI”) </font><font style="display: inline;font-size:10pt;">— </font><font style="display: inline;font-size:10pt;">In the first quarter of 2015, we invested $9.6 million for 50% of our Manager’s indirect interest in a joint venture with a third party that was formed to invest in a residential mortgage banking business. Our Manager retained a promote of 25% over a 10% return on this investment. As a result of this transaction, we currently own a 22.5% indirect interest in the mortgage banking business, which is subject to dilution upon attaining certain profit hurdles of the business. In the first quarter of 2015, we recorded $3.1 million to income from equity affiliates in our consolidated statements of income related to this investment.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Also during the quarter, we invested $1.7 million through ARI for 100% of our Manager’s investment in non-qualified residential mortgages purchased from the mortgage banking business’s origination platform, resulting in a non-controlling ownership interest of 50% in this investment. We also funded $1.9 million of additional mortgage purchases for a total investment of $3.6 million as of March 31, 2015. In the first quarter of 2015, we recorded a loss of less than $0.1 million to income from equity affiliates in our consolidated statements of income related to this investment.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
6997123
6385088
1000000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Note 7 — Debt Obligations</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We utilize various forms of short-term and long-term financing agreements to finance certain of our loans and investments. Borrowings underlying these arrangements are primarily secured by a significant amount of our loans and investments.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Credit Facilities and Repurchase Agreements</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table outlines borrowings under our credit facilities and repurchase agreements as of March 31, 2015 and December 31, 2014:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="7" valign="bottom" style="width:39.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015 </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:37.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31, 2014</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Weighted</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Weighted</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Average</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Average</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Note Rate</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Note Rate</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$150 million warehouse repurchase facility </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>132,505,286
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>218,741,287
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.42
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.78%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$100 million warehousing credit facility </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,643,095
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87,717,666
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.46
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>92,520,637
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>128,593,000
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.45
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$87 million warehouse repurchase facility </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87,024,993
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115,763,996
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.79
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$75 million warehousing credit facility </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56,622,000
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75,500,000
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.46
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,975,000
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,000,000
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.45
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$60 million warehousing credit facility </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,460,000
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,705,000
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.21
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,890,563
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,422,236
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.20
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$25 million term credit facility </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,720,000
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,200,000
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.21
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$15 million term credit facility </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,000,000
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.50
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,000,000
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.50
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total credit facilities and repurchase agreements</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>397,975,374
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>561,627,949
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.68
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>180,386,200
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>232,015,236
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.84
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">At March 31, 2015 and December 31, 2014, the weighted average interest rate for our credit facilities and repurchase agreements was 2.68% and 2.84%, respectively. Including certain fees and costs, the weighted average interest rate was 2.97% and 3.06% at March 31, 2015 and December 31, 2014, respectively. There were no interest rate swaps on these facilities at March 31, 2015 and December 31, 2014.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In January 2015, we entered into a $150.0 million warehouse repurchase facility with a financial institution to finance a significant portion of the unwind of our CDO I and CDO II vehicles. The facility bears interest at a rate of 212.5 basis points over LIBOR on senior mortgage loans, 350.0 basis points over LIBOR on junior mortgage loans, and matures in January 2017 with a one-year extension option. The facility also has a structuring fee of 50 basis points, is subject to mark-to-market provisions, and contains certain financial covenants and restrictions, including a minimum liquidity requirement of $20.0 million and minimum tangible net worth of $300.0 million plus 75% of the net cash proceeds of any equity issuance that occurs after the closing date. See “Collateralized Debt Obligations” below.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In July 2011, we entered into a two year, $50.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily properties. In 2013, we amended the facility increasing the committed amount to $75.0 million, decreased the rate of interest from 275 basis points over LIBOR to 225 basis points over LIBOR, decreased certain commitment, warehousing and non-use fees and extended the maturity to April 2015, which was subsequently extended to May 2015, with a maturity of April 2016 for the outstanding advances only. In March 2014, the facility’s committed amount was increased to $110.0 million, which included a temporary increase of $10.0 million that was repaid in April 2014 as part of the issuance of our third CLO, and required a 0.13% commitment fee, which was increased to 0.35% upon an amendment in August 2014 that included the elimination of advance fees. The facility 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 us. The facility has 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 has a compensating balance requirement of $50.0 million to be maintained by us and our affiliates.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In March 2015, we entered into an $87.0 million warehouse repurchase facility with a financial institution to finance the acquisition of a first mortgage note. The facility bore interest at a rate of 250 basis points over a LIBOR floor of .25%, had a commitment fee of .25% and a maturity in March 2016. The facility also contained certain financial covenants and restrictions including a minimum liquidity requirement of $20.0 million and minimum tangible net worth of $275.0 million. The facility was repaid in April 2015.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In February 2013, we entered into a one year, $50.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily properties. In April 2014, we amended the facility, increasing the committed amount to $75.0 million. The facility bears interest at a rate of 225 basis points over LIBOR which was originally 250 basis points over LIBOR, upon closing, requires a 17.5 basis point commitment fee, which was originally 12.5 basis points, upon closing, had a maturity in March 2015 that was extended to May 2015, 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 has 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.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In June 2013, we 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. In February 2014, we amended the facility, increasing the committed amount to $45.0 million, and in April 2014 the committed amount was increased to $60.0 million. The facility bears interest at a rate of 200 basis points over LIBOR, matures in April 2015, 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. In April 2015, the facility was extended to April 2016 and the committed amount was increased to $75.0 million.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In February 2015, we entered into a $25.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily properties. The facility bears interest at a rate of 200 basis points over LIBOR, matures in February 2016, and has warehousing fees. 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 maximum total liabilities less subordinate debt of $2.0 billion.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In August 2014, we entered into a $15.0 million term facility with a maturity in August 2015 and a fixed interest rate of 7.5%. The facility is secured by a portion of the bonds originally issued by our CDO III entity that we repurchased.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Collateralized Loan Obligations (CLOs)</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table outlines borrowings and the corresponding collateral under our CLOs as of March 31, 2015:</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:18pt;">
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:27.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:41.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:27.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:27.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Loans</font></p>
</td>
<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cash</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Face</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Unpaid</font></p>
</td>
<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Restricted</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Principal</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cash (1)</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">At-Risk (2)</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CLO III</font></p>
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>281,250,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>281,250,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>363,222,090
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>361,637,105
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.48%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,237,093
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CLO IV</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>219,000,000
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>219,000,000
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>293,955,425
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>293,094,777
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,044,575
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total CLOs</font></p>
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>500,250,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>500,250,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>657,177,515
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>654,731,882
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.48%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,281,668
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table outlines borrowings and the corresponding collateral under our CLOs as of December 31, 2014:</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:18pt;">
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:27.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:41.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:27.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:27.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Loans</font></p>
</td>
<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cash</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Face</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Unpaid</font></p>
</td>
<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Restricted</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Principal</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cash (1)</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">At-Risk (2)</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CLO II</font></p>
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>177,000,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>177,000,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>252,353,210
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>251,658,406
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.48%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,284,919
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CLO III</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>281,250,000
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>281,250,000
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>315,390,280
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>313,932,084
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59,245,183
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total CLOs</font></p>
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>458,250,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>458,250,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>567,743,490
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>565,590,490
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.48%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,530,102
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CLO II — Issued two investment grade tranches in January 2013 and a stated maturity date of February 2023. Interest was variable based on three-month LIBOR; the weighted average note rate was 2.56%.</font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CLO III — Issued three investment grade tranches in April 2014 with a replacement period through October 2016 and a stated maturity date of May 2024. Interest is variable based on three-month LIBOR; the weighted average note rate was 2.61%.</font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CLO IV — Issued three investment grade tranches in February 2015 with a replacement period through September 2017 and a stated maturity date of March 2025. Interest is variable based on three-month LIBOR; the weighted average note rate was 2.45%.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:23pt;"><p style="width:23pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:23pt;"><p style="width:23pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">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></p></td></tr></table></div>
<p style="margin:0pt 0pt 0pt 13.5pt;text-indent: -13.5pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">In March 2015, we completed the unwinding of CLO II, redeeming $177.0 million of our outstanding notes which were repaid primarily from the refinancing of the remaining assets within our new and existing financing facilities as well as with cash held by the </font><font style="display: inline;font-size:10pt;color:#000000;">CLO and expensed approximately $1.5 million of deferred fees in the first quarter of 2015 into interest expense on the consolidated statements of income.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">In February 2015, we completed our fourth collateralized securitization vehicle (“CLO IV”), issuing to third party investors three tranches of investment grade CLOs through two newly-formed wholly-owned subsidiaries totaling $219.0 million. As of the CLO closing date, the notes are secured by a portfolio of loan obligations with a face value of approximately $250.0 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has an approximate 2.5 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 120 days from the closing date of the CLO. Subsequently, the issuer will own loan obligations with a face value of approximately $300.0 million. The aggregate principal amounts of the three classes of notes are $165.8 million of Class A senior secured floating rate notes, $24.8 million of Class B secured floating rate notes and $28.5 million of Class C secured floating rate notes. We retained a residual interest in the portfolio with a notional amount of approximately $81.0 million. The notes have an initial weighted average interest rate of approximately 2.24% plus one-month LIBOR and interest payments on the notes are payable monthly. Including certain fees and costs, the initial weighted average note rate was 2.96%.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">At March 31, 2015 and December 31, 2014, the aggregate weighted average note rate for our CLOs was 2.54% and 2.59%, respectively. Including certain fees and costs, the weighted average note rate was 3.05% and 3.14% at March 31, 2015 and December 31, 2014, respectively.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">Collateralized Debt Obligations (CDOs)</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">The following table outlines borrowings and the corresponding collateral under our CDO as of March 31, 2015:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:14.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:39.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Collateral</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Loans</font></p>
</td>
<td valign="bottom" style="width:02.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Cash</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Face</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Unpaid</font></p>
</td>
<td valign="bottom" style="width:02.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Restricted</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Collateral</font></p>
</td>
<td valign="bottom" style="width:01.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Principal (1)</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value (1)</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Cash (2)</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">At-Risk (3)</font></p>
</td>
<td valign="bottom" style="width:01.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.12%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">CDO III</font></p>
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:11.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>79,420,379
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:11.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87,659,614
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:11.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>195,580,494
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:11.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>163,771,280
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:09.02%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,176,997
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:11.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130,971,721
</td>
<td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">The following table outlines borrowings and the corresponding collateral under our CDOs as of December 31, 2014:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:25.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:40.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Collateral</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:25.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:25.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Loans</font></p>
</td>
<td valign="bottom" style="width:02.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Cash</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Face</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Unpaid</font></p>
</td>
<td valign="bottom" style="width:02.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Restricted</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Collateral</font></p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Principal (1)</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value (1)</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Cash (2)</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">At-Risk (3)</font></p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">CDO I </font></p>
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>69,972,159
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75,402,789
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>222,903,486
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>174,460,160
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,232,226
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>180,691,292
</td>
<td valign="bottom" style="width:00.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">CDO II</font></p>
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,906,092
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103,484,624
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>192,522,685
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>143,824,571
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>69,412,808
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>106,139,494
</td>
<td valign="bottom" style="width:00.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">CDO III</font></p>
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>144,192,804
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>152,507,713
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>202,758,120
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>171,457,394
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64,771,797
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>147,049,346
</td>
<td valign="bottom" style="width:00.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Total CDOs</font></p>
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>312,071,055
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>331,395,126
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>618,184,291
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>489,742,125
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139,416,831
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>433,880,132
</td>
<td valign="bottom" style="width:00.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">CDO I — Issued four investment grade tranches in January 2005 with a stated maturity date of February 2040. Interest was variable based on three-month LIBOR; the weighted average note rate was 3.23% at December 31, 2014.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">CDO II — Issued nine investment grade tranches in January 2006 with stated maturity date of April 2038. Interest was variable based on three-month LIBOR; the weighted average note rate was 6.22% at December 31, 2014.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">CDO III — Issued ten investment grade tranches in December 2006 with a stated maturity date of January 2042. Interest is variable based on three-month LIBOR; the weighted average note rate was 1.32% and 0.98% at March 31, 2015 and December 31, 2014, respectively.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Amounts include loans to real estate assets consolidated by us that were reclassified to real estate owned and held-for-sale, net on the consolidated financial statements.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Represents restricted cash held for principal repayments in the CDOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (3)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">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></p></td></tr></table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">At March 31, 2015 and December 31, 2014, the aggregate weighted average note rate for our CDOs, including the cost of interest rate swaps on assets financed in these facilities, was 1.32% and 3.13%, respectively. Excluding the effect of swaps, the weighted average note rate at March 31, 2015 and December 31, 2014 was 0.94% and 1.07%, respectively. Including certain fees and costs, the weighted average note rate was 2.04% and 3.55% at March 31, 2015 and December 31, 2014, respectively.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">In January 2015, we completed the unwinding of CDO I and CDO II, redeeming $167.9 million of our outstanding notes. The notes were repaid primarily from proceeds received from the refinancing of CDO I and II’s remaining assets within a new $150.0 million warehouse repurchase facility and our existing financing facilities, as well as with cash held by each CDO. As a result of this transaction, we generated approximately $30.0 million in cash equity and expensed $0.5 million of deferred fees in the first quarter of 2015. We also terminated the related basis and interest rate swaps and incurred a loss of $4.3 million in the first quarter of 2015. See Note 8 </font><font style="display: inline;font-size:10pt;color:#000000;">—</font><font style="display: inline;font-size:10pt;color:#000000;"> “Derivative Financial Instruments” for additional details.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">In 2010, we re-issued our own CDO bonds we 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 our 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 our CDO bonds that were exchanged and $22.9 million represents the estimated interest due on the reissued bonds through their maturity. In the first quarter of 2015, we unwound our CDO I and CDO II vehicles and reduced the balance of estimated interest by $11.0 million, recording a gain on acceleration of deferred income in the consolidated statements of income, and $8.2 million remains at March 31, 2015.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">As CDO III is past its reinvestment period, 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. CDO III had a $100.0 million revolving note class that provided a revolving note facility, which was paid off in the first quarter of 2015.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">We account for our CLO and CDO transactions on our consolidated balance sheet as financing facilities. Our CLOs and CDOs are VIEs for which we are the primary beneficiary and are consolidated in our financial statements accordingly. The investment grade tranches are treated as secured financings, and are non-recourse to us.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">Senior Unsecured Notes</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">In May 2014, we issued $55.0 million aggregate principal amount of 7.375% senior unsecured notes due in 2021 in an underwritten public offering, generating net proceeds of approximately $52.9 million after deducting the underwriting discount and offering expenses. Also in May 2014, the underwriters exercised a portion of their over-allotment option for a $3.6 million aggregate principal amount providing additional net proceeds of $3.5 million.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">In August 2014, we issued an additional $35.0 million of the senior unsecured notes for net proceeds of approximately $32.5 million after deducting the issuance and underwriting discounts and offering expenses. Additionally, the underwriters exercised a portion of their over-allotment option for a $4.2 million aggregate principal amount providing additional net proceeds of $3.9 million. The notes can be redeemed by us after May 15, 2017. The interest is paid quarterly in February, May, August, and November starting in August 2014. Including certain fees and costs, the weighted average note rate was 8.09% and 8.06% at March 31, 2015 and December 31, 2014, respectively. We used the net proceeds to make investments, to repurchase or pay liabilities and for general corporate purposes.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">Junior Subordinated Notes</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">The carrying value of borrowings under our junior subordinated notes was $160.0 million and $159.8 million at March 31, 2015 and December 31, 2014, respectively, which is net of a deferred amount of $15.9 million and $16.0 million, respectively. These notes have maturities ranging from March 2034 through April 2037, pay interest quarterly at a fixed or floating rate of interest based on three-month LIBOR and were not redeemable for the first two years. The current weighted average note rate was 3.03% and 3.01% at March 31, 2015 and December 31, 2014, respectively, however, based upon the accounting treatment for the restructuring mentioned below, the effective rate was 3.08% and 3.07% at March 31, 2015 and December 31, 2014, respectively. Including certain fees and costs, the weighted average note rate was 3.20% and 3.18% at March 31, 2015 and December 31, 2014, respectively. The entities that issued the junior subordinated notes have been deemed VIEs. See Note 9 — “Variable Interest Entities” for further details.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">In 2009, we retired $265.8 million of our 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 us in exchange for $289.4 million of newly issued unsecured junior subordinated notes, representing 112% of the original face amount. The notes bear interest equal to three month LIBOR plus a weighted average spread of 2.77%. The 12% increase to the face amount due upon maturity, which had a balance of $15.9 million at March 31, 2015, is being amortized into interest expense over the life of the notes. We 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 into interest expense over the life of the notes.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">Notes Payable</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">The following table outlines borrowings under our notes payable as of March 31, 2015 and December 31, 2014:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Collateral</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Collateral</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Carrying</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Junior loan participation, secured by our interest in a first mortgage loan with a principal balance of $1.3 million, participation interest was based on a portion of the interest received from the loan which has a fixed rate of 9.57%</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Junior loan participation, secured by our interest in a first mortgage loan with a principal balance of $28.8 million, expiration January 2016, interest is based on a portion of the interest received from the loan which has a fixed rate of 15.0%</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000,000
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000,000
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Total notes payable</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,300,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,300,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">At March 31, 2015 and December 31, 2014, the weighted average note rate for our notes payable was 6.61%. There were no interest rate swaps on the notes payable at March 31, 2015 and December 31, 2014.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Our obligation to pay interest on the junior loan participations is based on the performance of the related loan. Interest expense is based on the portion of the interest received from the loan that is paid to the junior participant.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">Mortgage Note Payable — Real Estate Owned and Held-For-Sale</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">We have a first lien mortgage in connection with the acquisition of real property pursuant to bankruptcy proceedings for an entity in which we had a loan secured by the Multifamily Portfolio. In the first quarter of 2015, we made required paydowns of $10.3 million and repaid the existing mortgage of $20.7 million, replacing it with two new notes payable totaling $27.2 million. At March 31, 2015, the new notes payable consists of a $24.7 million secured loan that bears interest at a fixed rate of 3.00% and matures in December 2017, as well as a $2.5 million, unsecured loan that bears interest at a variable rate of one-month LIBOR plus 2.75% and matures in December 2016. At December 31, 2014, the prior mortgage had an outstanding balance of $31.0 million, bore interest at a variable rate of one-month LIBOR plus 1.23% and was to mature in June 2015.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">Debt Covenants</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Our debt facilities contain various financial covenants and restrictions, including </font><font style="display: inline;font-size:10pt;color:#000000;">minimum net worth, minimum liquidity and maximum debt balance requirements, as well as certain other debt service coverage ratios and debt to equity ratios.</font><font style="display: inline;font-size:10pt;color:#000000;"> We were in compliance with all financial covenants and restrictions at </font><font style="display: inline;font-size:10pt;color:#000000;">March </font><font style="display: inline;font-size:10pt;color:#000000;">31, 2015.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Our CDO and CLO vehicles contain interest coverage and asset overcollateralization covenants that must be met as of the waterfall distribution date in order for us to receive such payments. If we fail these covenants in our CDO or any of our 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 we would not receive any residual payments until that CDO or CLO regained compliance with such tests. Our CDO and CLOs were in compliance with all such covenants as of </font><font style="display: inline;font-size:10pt;color:#000000;">March </font><font style="display: inline;font-size:10pt;color:#000000;">31, 2015, as well as on the most recent determination dates in April 2015. In the event of a breach of the CDO or CLO covenants that could not be cured in the near-term, we would be required to fund our 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 CLO not in breach of a covenant test, (iii) income from real property and loan assets, (iv) sale of assets, or (v) or accessing the equity or debt capital markets, if available. We have the right to cure covenant breaches which would resume normal residual payments to us by purchasing non-performing loans out of the CDO or CLOs. However, we may not have sufficient liquidity available to do so at such time.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">The chart below is a summary of our CDO and CLO compliance tests as of the most recent determination dates in April 2015:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 70.00%;margin-left:72pt;">
<tr>
<td valign="bottom" style="width:36.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Cash Flow Triggers</font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">CDO III</font></p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">CLO III</font></p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">CLO IV</font></p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Overcollateralization (1)</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Current</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115.97
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133.33
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Limit</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105.60
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>132.33
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>135.99
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Pass / Fail</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Pass</font></p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Pass</font></p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Pass</font></p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Interest Coverage (2)</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Current</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>240.39
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>296.97
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>237.01
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Limit</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105.60
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120.00
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120.00
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:03.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Pass / Fail</font></p>
</td>
<td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Pass</font></p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Pass</font></p>
</td>
<td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Pass</font></p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">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.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">The chart below is a summary of our CDO and CLO overcollateralization ratios as of the following determination dates:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:72pt;">
<tr>
<td valign="bottom" style="width:33.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Determination Date</font></p>
</td>
<td valign="bottom" style="width:03.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">CDO III</font></p>
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">CLO III</font></p>
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">CLO IV</font></p>
</td>
<td valign="bottom" style="width:01.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:03.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">April 2015 </font></p>
</td>
<td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115.97
</td>
<td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133.33
</td>
<td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99
</td>
<td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.26%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">January 2015 </font></p>
</td>
<td valign="bottom" style="width:03.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>111.34
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133.33
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">October 2014</font></p>
</td>
<td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>110.65
</td>
<td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133.33
</td>
<td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.26%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">July 2014</font></p>
</td>
<td valign="bottom" style="width:03.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>109.20
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133.33
</td>
<td valign="bottom" style="width:03.74%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">April 2014</font></p>
</td>
<td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>108.74
</td>
<td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">The ratio will fluctuate based on the performance of the underlying assets, transfers of assets into the CDO 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>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
0.0277
0.0275
0.0225
0.025
0.0123
0.0225
0.02
0.025
0.02
0.03500
0.02125
0.0275
0.0175
0.0125
three month LIBOR
LIBOR
LIBOR
LIBOR
three-month LIBOR
three-month LIBOR
one-month LIBOR
LIBOR
three-month LIBOR
three-month LIBOR
three-month LIBOR
three-month LIBOR
LIBOR
LIBOR floor of .25%
LIBOR
three-month LIBOR
LIBOR
LIBOR
one-month LIBOR
LIBOR
one-month LIBOR
289400000
42800000
55000000
3600000
15000000
35000000
4200000
69972159
144192804
97906092
281250000
177000000
312071055
458250000
165800000
24800000
28500000
300000000
79420379
219000000
281250000
500250000
2500000
27200000
0.0307
0.0308
0.07375
0.0957
0.0957
0.075
0.0300
P2Y
P1Y
P1Y
P120D
0.0323
0.0098
0.0622
0.0661
0.0284
0.0750
0.0245
0.0220
0.0245
0.0313
0.0259
0.0301
0.0806
0.0224
0.0132
0.0245
0.0261
0.0256
0.0661
0.0268
0.150
0.0221
0.0750
0.0242
0.0279
0.0246
0.0221
0.0246
0.0132
0.0254
0.0303
0.0809
12466528
11924542
-1100000
-1000000
1811683
1438677
1811683
228955
1438677
13040
13700000
3000000
71707000
3000000
43500000
71701000
1995
1995
26564
26564
26564
26564
26564
0.02
2900000
16600000
2000
27000
100000
13908000
8769000
-4300000
-100000
-45000
-100000
-3000
-100000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Note 8 — Derivative Financial Instruments</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following is a summary of the derivative financial instruments held by us as of March 31, 2015 and December 31, 2014 (dollars in thousands):</font>
</p>
<p style="margin:0pt;text-indent:18pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:14.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="9" valign="bottom" style="width:34.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Notional Value</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:17.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair Value</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Designation\</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Cash Flow</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Derivative</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Count</font></p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Count</font></p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Expiration</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Date</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Balance</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Sheet</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Location</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Non-Qualifying</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Basis</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Swaps</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:06.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">1</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,000
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">-</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Other</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Assets</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:09.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:09.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Non-Qualifying</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">LIBOR</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Cap</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">1</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:06.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71,701
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">1</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71,701
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Other</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Assets</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Qualifying</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">LIBOR</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Cap</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">1</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:06.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,500
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">2017</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Other</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Assets</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Qualifying</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Interest</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Rate</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Swaps</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">6</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:06.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115,729
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">12</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>250,321
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">2016 - 2017</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Other</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Liabilities</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,769
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13,908
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The non-qualifying basis swaps hedges are used to manage our exposure to interest rate movements and other identified risks but do not meet hedge accounting requirements. We are exposed to changes in the fair value of certain of our fixed rate obligations due to changes in benchmark interest rates and use interest rate swaps to manage our 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 us making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. During the three months ended March 31, 2015, CDO II was unwound and the related basis swap with a notional value of $3.0 million and a fair value of less than $0.1 million was terminated and recorded as a loss in the first quarter of 2015. See Note 7 — “Debt Obligations — Collateralized Debt Obligations” for further details. For the three months ended March 31, 2015 and 2014, the change in fair value of the non-qualifying basis swaps and LIBOR caps was less than $(0.1) million and was recorded in interest expense on the consolidated statements of income.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">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 our variable-rate debt. During the three months ended March 31, 2015, CDO I and CDO II were unwound and the related interest rate swaps with an aggregate notional value of $134.6 million and an aggregate fair value of $(4.3) million were terminated and recorded as a loss in the first quarter of 2015. See Note 7 — “Debt Obligations — Collateralized Debt Obligations” for further details. Also during the three months ended March 31, 2015, we entered into a qualifying LIBOR cap hedge due to a CLO agreement requiring a LIBOR cap of 2%. During the three months ended March 31, 2014, two interest swaps matured with a combined notional value of approximately $32.0 million. As of March 31, 2015, we expect to reclassify approximately $(5.7) million of other comprehensive loss from qualifying cash flow hedges to interest expense over the next twelve months assuming interest rates on</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">that date are held constant. 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. Gains and losses on terminated swaps are being deferred and recognized in earnings over the original life of the hedged item. As of March 31, 2015 and December 31, 2014, we had a net deferred loss of $1.0 million and $1.1 million, respectively, in accumulated other comprehensive loss related to these terminated swap agreements. We recorded $0.2 million as additional interest expense related to the amortization of the loss for both the three months ended March 31, 2015 and 2014, and $0.1 million as a reduction to interest expense related to the accretion of the net gains for both the three months ended March 31, 2015 and 2014. We expect to record approximately $0.5 million of net deferred loss to interest expense over the next twelve months.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The fair value of non-qualifying forward contracts was $2.9 million as of March 31, 2014 and consisted of $16.6 million of RMBS investments, net of $0.6 million of net unrealized losses in fair value and $13.7 million of repurchase financing. </font><font style="display: inline;font-size:10pt;">The RMBS investments were financed with repurchase agreements and were accounted for as linked transactions, which are considered forward contracts. The repurchase agreements generally financed 80% - 90% of the purchase and bore interest at a rate of 125 to 175 basis points over LIBOR. During the three months ended </font><font style="display: inline;font-size:10pt;">March </font><font style="display: inline;font-size:10pt;">31, 2014, we sold six RMBS investments, which were accounted for as linked transactions, with an aggregate carrying value of $47.8 million for approximately $48.0 million and recorded a net gain of $0.2 million related to the settlement of these linked transactions. The six RMBS investments were financed with repurchase agreements totaling $41.8 million which were repaid with the proceeds. For the three months ended </font><font style="display: inline;font-size:10pt;">March </font><font style="display: inline;font-size:10pt;">31, 2014, $0.1 million of net interest income and a less than $0.1 million decrease in fair value was recorded to other income in the consolidated statements of </font><font style="display: inline;font-size:10pt;">income</font><font style="display: inline;font-size:10pt;">.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table presents the effect of our derivative financial instruments on the Statements of Income as of March 31, 2015 and 2014 (dollars in thousands):</font>
</p>
<p style="margin:0pt;text-indent:18pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Amount of Loss</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Recognized in</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Other</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Comprehensive Loss</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">(Effective Portion)</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">For the Three</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Months Ended</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:14.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Amount of Loss</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Reclassified from</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Accumulated Other</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Comprehensive Loss</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">into Interest Expense</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">(Effective Portion)</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">For the Three</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Months Ended</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Amount of Loss</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Reclassified from</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Accumulated Other</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Comprehensive Loss</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">into Loss on</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Termination of Swaps</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">(Ineffective Portion)</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">For the Three</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Months Ended</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Amount of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Loss Recognized</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">in Loss on</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Termination of Swaps</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">(Ineffective Portion)</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">For the Three</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Months Ended</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Amount of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Loss Recognized</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">in Other Income</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">For the Three</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Months Ended</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Designation\</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Cash Flow</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Derivative</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.18%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.18%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Non-Qualifying</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Basis</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Swaps</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:04.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.94%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.94%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.96%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.02%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.18%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Qualifying</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Interest</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Rate</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Swaps/Cap</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>742
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>442
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,731
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,441
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,286
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:04.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="middle" style="width:10.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.74%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:04.88%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="middle" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Non-Qualifying</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Forward Contracts</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:04.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The cumulative amount of other comprehensive loss related to net unrealized losses on derivatives designated as qualifying hedges as of March 31, 2015 and December 31, 2014 of approximately $(9.7) million and approximately $(15.0) million, respectively, is a combination of the fair value of qualifying cash flow hedges of $(8.7) million and $(13.9) million, respectively, deferred losses on terminated interest rate swaps of $(1.1) million and $(1.2) million, respectively, and deferred net gains on termination of interest rate swaps of $0.1 million for both periods.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We have agreements with certain of our derivative counterparties that contain a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">by the lender, then we could also be declared in default on our derivative obligations. As of March 31, 2015 and December 31, 2014, 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 $(8.3) million and $(9.2) million, respectively. As of March 31, 2015 and December 31, 2014, we had minimum collateral posting thresholds with certain of our derivative counterparties and had posted collateral of $8.6 million and $9.6 million, respectively, which is recorded in other assets in our consolidated balance sheets.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
442000
-742000
3441000
1731000
4286000
-46071
13908163
13908163
8769143
8769143
8769143
8769143
8769143
250321000
115729000
600000
4300000
-9200000
-8300000
0
0
1
1
12
0
0
1
1
6
3984364
6562050
6562050
1888430
3894
1888430
3894
36515
0
100000
10995
229913
100000
2653333
2700000
1448332
1400000
0.12
0.30
0.12
0.30
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Note 13 — Earnings Per Share</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Basic EPS is calculated by dividing net income 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 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. Our common stock equivalents include the weighted average dilutive effect of performance-based restricted stock units granted to our chief executive officer in the first quarter of 2015 as well as the weighted average dilutive effect of warrants for the period of time that they were outstanding.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following is a reconciliation of the numerator and denominator of the basic and diluted EPS computations for the three months ended March 31, 2015 and 2014.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three Months Ended</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three Months Ended</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Basic</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Diluted</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Basic</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Diluted</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Net income attributable to Arbor Realty Trust, Inc. common stockholders (1)</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,010,469
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,010,469
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,874,761
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,874,761
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Weighted average number of common shares outstanding</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,544,575
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,544,575
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,336,308
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,336,308
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Dilutive effect of restricted stock units (2)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>288,161
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Dilutive effect of warrants (3)</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>416,505
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Weighted average number of common shares outstanding </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,544,575
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,832,736
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,336,308
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,752,813
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Net income attributable to Arbor Realty Trust, Inc. per common share (1)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.30
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.30
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.12
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.12
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Net of preferred stock dividends.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Mr. Kaufman was granted restricted stock units which vest at the end of a four-year performance period based upon our achievement of total shareholder return objectives. See Note 12 — “Equity” for further details.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (3)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">On July 1, 2014, we acquired and canceled all of our warrants. See Note 12 — “Equity” for further details.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
40048
40048
0.539
0.235
0.50
0.05
0
9600000
1900000
3600000
1700000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We measure certain assets and liabilities for which fair value is only disclosed. The fair value of these assets and liabilities was determined using the following input levels as of March 31, 2015:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:35.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair Value Measurements</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:35.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Using Fair Value Hierarchy</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Level 1</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Level 2</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Level 3</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Financial assets:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Loans and investments, net</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,610,535,691
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,644,421,518
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,644,421,518
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Financial liabilities:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Credit facilities and repurchase</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">agreements</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>397,975,374
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>397,248,343
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>397,248,343
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Collateralized loan obligations</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>500,250,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>501,416,875
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>501,416,875
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Collateralized debt obligation</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87,659,614
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,498,137
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,498,137
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Senior unsecured notes</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,860,025
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98,290,609
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98,290,609
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Junior subordinated notes</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>159,969,563
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>102,981,052
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>102,981,052
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Notes payable</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,300,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,280,115
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,280,115
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Mortgage note payable — real</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">estate owned </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,155,000
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,125,857
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,125,857
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We</font><font style="display: inline;font-size:10pt;"> measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair value of these financial assets was determined using the following inputs as of March 31, 2015:</font><font style="display: inline;font-size:10pt;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 10pt;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Net </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:35.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair Value Measurements</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:35.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Using Fair Value Hierarchy</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Level 1</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Level 2</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Level 3</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Financial assets:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Impaired loans, net (1)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105,880,502
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105,880,502
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105,880,502
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">We had an allowance for loan losses of $116.5 million relating to 10 loans with an aggregate carrying value, before loan loss reserves, of approximately $222.4 million at March 31, 2015.</font></p></td></tr></table></div>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">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>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:72pt;">
<tr>
<td valign="bottom" style="width:78.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Available-for-sale</font></p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:78.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Securities</font></p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:78.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:78.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Balance as of December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:15.06%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,000,000
</td>
<td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:78.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Adjustments to fair value:</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:78.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Net changes in fair value</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:78.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Balance as of March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:15.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,000,000
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">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 our financial instruments as of March 31, 2015 and December 31, 2014:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:27.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:28.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Estimated</font></p>
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Estimated</font></p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying Value</font></p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair Value</font></p>
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying Value</font></p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair Value</font></p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Financial assets:</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:11.46%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.38%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Loans and investments, net</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,610,535,691
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.46%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,644,421,518
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,459,475,650
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,478,778,674
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Available-for-sale securities</font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,558,498
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,558,498
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,499,709
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,499,709
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Derivative financial instruments</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,564
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,564
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,995
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,995
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Financial liabilities:</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Credit and repurchase facilities</font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>397,975,374
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.46%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>397,248,343
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>180,386,200
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>179,964,341
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Collateralized loan obligations</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>500,250,000
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>501,416,875
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>458,250,000
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>459,673,750
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Collateralized debt obligations</font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87,659,614
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,498,137
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>331,395,126
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>240,541,397
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Senior unsecured notes</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,860,025
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98,290,609
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,860,025
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95,902,825
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Junior subordinated notes</font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>159,969,563
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>102,981,052
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>159,833,260
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>102,600,561
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Notes payable</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,300,000
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,280,115
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,292,461
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Mortgage note payable - real estate owned and held-for-sale </font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,155,000
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,125,857
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,984,357
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,962,066
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Derivative financial instruments</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,769,143
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,769,143
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,908,163
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,908,163
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Note 10 — Fair Value</font>
</p>
<p style="margin:0pt 0pt 0pt 28.8pt;text-indent: -28.8pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Fair Value of Financial Instruments</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">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 our financial instruments as of March 31, 2015 and December 31, 2014:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:27.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:28.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Estimated</font></p>
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Estimated</font></p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying Value</font></p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair Value</font></p>
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying Value</font></p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair Value</font></p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Financial assets:</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:11.46%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.38%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Loans and investments, net</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,610,535,691
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.46%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,644,421,518
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,459,475,650
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,478,778,674
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Available-for-sale securities</font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,558,498
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,558,498
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,499,709
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,499,709
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Derivative financial instruments</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,564
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,564
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,995
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,995
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Financial liabilities:</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Credit and repurchase facilities</font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>397,975,374
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.46%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>397,248,343
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>180,386,200
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>179,964,341
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Collateralized loan obligations</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>500,250,000
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>501,416,875
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>458,250,000
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>459,673,750
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Collateralized debt obligations</font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87,659,614
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,498,137
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>331,395,126
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>240,541,397
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Senior unsecured notes</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,860,025
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98,290,609
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,860,025
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95,902,825
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Junior subordinated notes</font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>159,969,563
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>102,981,052
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>159,833,260
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>102,600,561
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Notes payable</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,300,000
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,280,115
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,292,461
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Mortgage note payable - real estate owned and held-for-sale </font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,155,000
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,125,857
</td>
<td valign="bottom" style="width:01.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,984,357
</td>
<td valign="bottom" style="width:01.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,962,066
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Derivative financial instruments</font></p>
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,769,143
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.76%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,769,143
</td>
<td valign="bottom" style="width:01.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.42%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,908,163
</td>
<td valign="bottom" style="width:01.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.68%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,908,163
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Fair Value Measurement</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">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="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">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>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Symbol;font-size:10pt;;"> ·</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">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></p></td></tr></table></div>
<p style="margin:0pt 0pt 0pt 18pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Symbol;font-size:10pt;;"> ·</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">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></p></td></tr></table></div>
<p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Symbol;font-size:10pt;;"> ·</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">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></p></td></tr></table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Determining which category an asset or liability falls within the hierarchy requires significant judgment and we evaluate our hierarchy disclosures each quarter.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">Loans and investments, net:</font><font style="display: inline;font-size:10pt;color:#000000;"> Fair values of loans and investments that are not impaired are estimated using Level 3 inputs based on 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 using Level 3 inputs by us that require 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="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">Available-for-sale securities:</font><font style="display: inline;font-size:10pt;color:#000000;"> 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 value of a CMBS security is estimated by us 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="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">Derivative financial instruments:</font><font style="display: inline;font-size:10pt;color:#000000;"> Fair values of interest rate swap derivatives and LIBOR caps 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 sheets. We incorporate credit valuation adjustments in the fair values of our derivative financial instruments to reflect counterparty nonperformance risk.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">Credit facilities, repurchase agreements, notes payable and mortgage notes payable:</font><font style="display: inline;font-size:10pt;color:#000000;"> 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="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">Collateralized debt obligations and collateralized loan obligations:</font><font style="display: inline;font-size:10pt;color:#000000;"> 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="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">Senior unsecured notes:</font><font style="display: inline;font-size:10pt;color:#000000;"> Fair values are estimated at Level 1 based on current market quotes received from active markets.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">Junior subordinated notes:</font><font style="display: inline;font-size:10pt;color:#000000;"> 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="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">We measure certain financial assets and financial liabilities at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs as of March 31, 2015:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:35.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Fair Value Measurements</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Fair</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:35.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Using Fair Value Hierarchy</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Level 1</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Level 2</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Level 3</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Financial assets:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Available-for-sale securities (1)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,558,498
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,558,498
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>558,498
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,000,000
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Derivative financial instruments</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,564
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,564
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,564
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Financial liabilities:</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Derivative financial instruments</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,769,143
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,769,143
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,769,143
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Our equity securities were measured using Level 1 inputs and our CMBS investment was measured using Level 3 inputs.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">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>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:72pt;">
<tr>
<td valign="bottom" style="width:78.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Available-for-sale</font></p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:78.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Securities</font></p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:78.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:78.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Balance as of December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:15.06%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,000,000
</td>
<td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:78.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Adjustments to fair value:</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:78.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Net changes in fair value</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:78.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Balance as of March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:15.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,000,000
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">We</font><font style="display: inline;font-size:10pt;color:#000000;"> measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair value of these financial assets was determined using the following inputs as of March 31, 2015:</font><font style="display: inline;font-size:10pt;color:#000000;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 10pt;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Net </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:35.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Fair Value Measurements</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Fair</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:35.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Using Fair Value Hierarchy</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Level 1</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Level 2</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Level 3</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Financial assets:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Impaired loans, net (1)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105,880,502
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105,880,502
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105,880,502
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">We had an allowance for loan losses of $116.5 million relating to 10 loans with an aggregate carrying value, before loan loss reserves, of approximately $222.4 million at March 31, 2015.</font></p></td></tr></table></div>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">Loan impairment assessments</font><font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">:</font><font style="display: inline;font-size:10pt;color:#000000;"> 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. We consider a loan impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. We perform evaluations of our loans to determine if the value of the underlying collateral securing the impaired loan is less than</font><font style="display: inline;font-size:10pt;color:#000000;"> </font><font style="display: inline;font-size:10pt;color:#000000;">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 and discount rates, revenue growth 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="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:28.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:68.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:28.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Significant </font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:25.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:28.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Valuation</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Unobservable</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:25.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Range</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:28.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Fair Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Technique(s)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Inputs</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:25.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">(Weighted Average)</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:28.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Financial assets:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:25.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:28.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Impaired loans (1):</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:25.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:28.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="top" style="width:10.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,349,965
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Direct capitalization analysis and discounted cash flows</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Discount rate Capitalization rate Revenue growth rate</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">8.00%</font><br /><font style="display: inline;font-size:10pt;color:#000000;">6.50% to 8.00% (7.09%)</font><br /><font style="display: inline;font-size:10pt;color:#000000;">2.00%</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:28.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Office</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="top" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,278,377
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Discounted cash flows</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Discount rate Capitalization rate Revenue growth rate</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:25.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">10.00% to 11.25% (10.50%)</font><br /><font style="display: inline;font-size:10pt;color:#000000;">8.25% to 9.50% (9.08%)</font><br /><font style="display: inline;font-size:10pt;color:#000000;">2.50% to 3.00% (2.63%)</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:28.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Land</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="top" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,533,657
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Discounted cash flows</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Discount rate Capitalization rate Revenue growth rate</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">15.00%</font><br /><font style="display: inline;font-size:10pt;color:#000000;">7.25%</font><br /><font style="display: inline;font-size:10pt;color:#000000;">3.00%</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:28.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Hotel</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="top" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,718,503
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Discounted cash flows</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Discount rate Capitalization rate Revenue growth rate</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:25.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">9.25%</font><br /><font style="display: inline;font-size:10pt;color:#000000;">7.25%</font><br /><font style="display: inline;font-size:10pt;color:#000000;">3.00%</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:28.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">CMBS </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="top" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,000,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Discounted cash flows</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Discount rate</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">14.16%</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Includes all impaired loans regardless of the period in which a loan loss provision was recorded.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">We measure certain assets and liabilities for which fair value is only disclosed. The fair value of these assets and liabilities was determined using the following input levels as of March 31, 2015:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:35.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Fair Value Measurements</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Fair</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:35.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Using Fair Value Hierarchy</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Level 1</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Level 2</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Level 3</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Financial assets:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Loans and investments, net</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,610,535,691
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,644,421,518
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,644,421,518
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Financial liabilities:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Credit facilities and repurchase</font><font style="display: inline;font-size:10pt;color:#000000;"> </font><font style="display: inline;font-size:10pt;color:#000000;">agreements</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>397,975,374
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>397,248,343
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>397,248,343
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Collateralized loan obligations</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>500,250,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>501,416,875
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>501,416,875
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Collateralized debt obligation</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87,659,614
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,498,137
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,498,137
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Senior unsecured notes</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,860,025
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98,290,609
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98,290,609
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Junior subordinated notes</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>159,969,563
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>102,981,052
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>102,981,052
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Notes payable</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,300,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,280,115
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,280,115
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Mortgage note payable — real</font><font style="display: inline;font-size:10pt;color:#000000;"> </font><font style="display: inline;font-size:10pt;color:#000000;">estate owned </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,155,000
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,125,857
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,125,857
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:28.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:68.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:28.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Significant </font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:25.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:28.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Valuation</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Unobservable</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:25.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Range</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:28.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Technique(s)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Inputs</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:25.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">(Weighted Average)</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:28.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Financial assets:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:25.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:28.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Impaired loans (1):</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:25.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:28.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="top" style="width:10.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,349,965
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Direct capitalization analysis and discounted cash flows</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Discount rate Capitalization rate Revenue growth rate</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">8.00%</font><br /><font style="display: inline;font-size:10pt;">6.50% to 8.00% (7.09%)</font><br /><font style="display: inline;font-size:10pt;">2.00%</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:28.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Office</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="top" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,278,377
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Discounted cash flows</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Discount rate Capitalization rate Revenue growth rate</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:25.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">10.00% to 11.25% (10.50%)</font><br /><font style="display: inline;font-size:10pt;">8.25% to 9.50% (9.08%)</font><br /><font style="display: inline;font-size:10pt;">2.50% to 3.00% (2.63%)</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:28.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Land</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="top" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,533,657
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Discounted cash flows</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Discount rate Capitalization rate Revenue growth rate</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">15.00%</font><br /><font style="display: inline;font-size:10pt;">7.25%</font><br /><font style="display: inline;font-size:10pt;">3.00%</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:28.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Hotel</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="top" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,718,503
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Discounted cash flows</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Discount rate Capitalization rate Revenue growth rate</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:25.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">9.25%</font><br /><font style="display: inline;font-size:10pt;">7.25%</font><br /><font style="display: inline;font-size:10pt;">3.00%</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:28.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CMBS </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="top" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,000,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Discounted cash flows</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Discount rate</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">14.16%</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Includes all impaired loans regardless of the period in which a loan loss provision was recorded.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
0.0725
0.0725
0.0800
0.0650
0.0709
0.0925
0.0825
0.0908
0.0800
0.1416
0.0925
0.1500
0.1225
0.1000
0.1050
0.0200
0.0300
0.0300
0.0300
0.0250
0.0263
2000000
2000000
858396
36000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">A summary of the loan portfolio’s weighted average internal risk ratings and LTV ratios by asset class as of March 31, 2015 and December 31, 2014 is as follows:</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;">
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="10" valign="bottom" style="width:65.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Asset Class</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Balance</font></p>
</td>
<td valign="bottom" style="width:02.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Percentage</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">of Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Wtd. Avg.</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Internal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Risk Rating</font></p>
</td>
<td valign="bottom" style="width:02.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;"> </font><font style="display: inline;font-weight:bold;font-size:8pt;">First Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">LTV Ratio</font></p>
</td>
<td valign="bottom" style="width:02.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Last Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">LTV Ratio</font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,173,551,778
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67.5
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.9
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:10.44%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Office</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>336,785,253
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19.3
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.4
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:10.44%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Land</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>157,509,869
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.1
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.8
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:10.44%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Hotel</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,250,000
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.8
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.5
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:10.44%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Retail</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,133,333
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.2
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.5
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:10.44%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Commercial</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.1
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.5
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,738,930,233
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100.0
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.1
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:10.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>74
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;">
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="10" valign="bottom" style="width:65.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Asset Class</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Balance</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Percentage</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">of Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Wtd. Avg.</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Internal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Risk Rating</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">First Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">LTV Ratio</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Last Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">LTV Ratio</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,157,462,400
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72.9
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.9
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>73
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Office</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>230,491,164
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14.5
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.3
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:10.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>79
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Land</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>128,367,601
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8.1
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.9
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Hotel</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,250,000
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.2
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.5
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:10.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Retail</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,158,333
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.2
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.5
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Commercial</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.1
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.5
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,587,429,498
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100.0
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.1
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
40277757
32000000
8277757
41043538
32765799
8277739
41043556
32765799
8277757
41043538
32765799
8277739
-4289450
4000000
518640
500000
8200000
6500000
3984364
47800000
200000
105880502
105880502
105880502
2349965
30718503
66533657
6278377
115487320
36469894
3700000
51344982
23972444
116470000
36952574
3700000
51344982
24472444
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">A summary of our impaired loans by asset class is as follows:</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 83.00%;margin-left:36pt;">
<tr>
<td valign="bottom" style="width:14.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:49.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:29.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three Months Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;"> March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Asset Class</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Balance</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Value (1)</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Allowance</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">for Loan</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Losses</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Average</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Recorded</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Investment (2)</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Interest</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Income</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Recognized</font></p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,222,574
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,302,539
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,952,574
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,231,234
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70,089
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Office</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,086,582
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,750,821
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,472,444
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,086,582
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>274,853
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Land</font></p>
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>122,336,882
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>117,878,639
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,344,982
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>122,073,641
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Hotel</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,750,000
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,418,503
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,700,000
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,750,000
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>257,130
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total</font></p>
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>232,396,038
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>222,350,502
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>116,470,000
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>232,141,457
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>602,072
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 83.00%;margin-left:36pt;">
<tr>
<td valign="bottom" style="width:14.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:49.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:29.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three Months Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;"> March 31, 2014</font></p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Asset Class</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Balance</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Value (1)</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Allowance</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">for Loan</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Losses</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Average</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Recorded</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Investment (2)</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Interest</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Income</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Recognized</font></p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,239,894
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,232,710
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,469,894
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,468,774
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>213,741
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Office</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,086,582
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,498,273
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,972,444
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,086,582
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>274,795
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Land</font></p>
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>121,810,400
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>117,621,457
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,344,982
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>116,264,564
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Hotel</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,750,000
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,249,959
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,700,000
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total</font></p>
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>231,886,876
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>221,602,399
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115,487,320
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>214,819,920
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>488,536
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Represents the UPB of impaired loans less unearned revenue and other holdbacks and adjustments by asset class. Comprised of 10 loans at both March 31, 2015 and December 31, 2014.</font></p></td></tr></table></div>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Represents an average of the beginning and ending UPB of each asset class.</font></p></td></tr></table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
101900000
117500000
214819920
62468774
116264564
36086582
232141457
39231234
34750000
122073641
36086582
488536
213741
274795
602072
70089
257130
274853
231886876
39239894
34750000
121810400
36086582
232396038
39222574
34750000
122336882
36086582
40048
3095913
3100000
3000000
100000
6706
215331
2566938
1450479
1836582
1179481
1437250
3866294
83686
-2461713
416505
288161
10591378
13927367
14320477
13282028
24911855
27209395
900000
300000
100000
200000
1200000
31000000
100000
600000
700000
10928537
12091253
-5700000
14381733
100000
2939465
4869066
98578
578000
425000
100
1894727
1872661
21183938
16294803
98647
578000
425000
100
1894727
1892661
100000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following is a summary of our investments in equity affiliates at March 31, 2015 and December 31, 2014:</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:43.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:34.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Investment in Equity Affiliates at</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">UPB of Loans to</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Equity Affiliates at</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Equity Affiliates</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Arbor Residential Investor LLC</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,294,803
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Lightstone Value Plus REIT L.P.</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,894,727
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,894,727
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">West Shore Café</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,892,661
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,872,661
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,687,500
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Issuers of Junior Subordinated Notes</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>578,000
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>578,000
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">JT Prime</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>425,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>425,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">East River Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98,647
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98,578
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,994,166
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Lexford Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>94,640,000
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Ritz-Carlton Club</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:43.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,183,938
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,869,066
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>101,321,666
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Note 4 — Securities</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following is a summary of our securities classified as available-for-sale at March 31, 2015:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;">
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Face</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Amortized</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cumulative</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Unrealized</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Value /</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"> Estimated</font></p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cost</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">(Loss) / Gain</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair Value</font></p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Commercial mortgage-backed security (CMBS) </font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(100,000
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,000,000
</td>
<td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Common equity securities</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,789
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>499,709
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>558,498
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total available-for-sale securities</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,158,789
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>399,709
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,558,498
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following is a summary of our securities classified as available-for-sale at December 31, 2014:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;">
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Face</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Amortized</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cumulative</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Unrealized</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Value /</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"> Estimated</font></p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cost</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">(Loss) / Gain</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair Value</font></p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Commercial mortgage-backed security (CMBS) </font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(100,000
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,000,000
</td>
<td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Common equity securities</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,789
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>440,920
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>499,709
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total available-for-sale securities</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,158,789
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>340,920
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,499,709
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We own a CMBS investment, purchased at a premium in 2010 for $2.1 million, which is collateralized by a portfolio of hotel properties. The CMBS investment bears interest at a spread of 89 basis points over LIBOR, has a stated maturity of six years, but has an estimated life of approximately one year based on the extended maturity of the underlying asset and a fair value of $2.0 million at both March 31, 2015 and December 31, 2014.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Our available-for-sale debt security had an underlying credit rating of CCC- based on the rating published by Standard & Poor’s at both March 31, 2015 and December 31, 2014.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We own 2,939,465 shares of common stock of CV Holdings, Inc., formerly Realty Finance Corporation, a commercial real estate specialty finance company, which had a fair value of $0.6 million and $0.5 million at March 31, 2015 and December 31, 2014, respectively.</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Available-for-sale securities are carried at their estimated fair value with unrealized gains and losses reported in accumulated other comprehensive loss. We evaluate 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. </font><font style="display: inline;font-size:10pt;">Our evaluation is based on our assessment of cash flows, which is supplemented by third</font><font style="display: inline;font-size:10pt;">-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. No other-than-temporary impairment was recorded on our available-for-sale securities for the three months ended March 31, 2015 and 2014.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In the first quarter of 2014, we sold all of our residential mortgage backed securities (“RMBS”) investments, which had an aggregate carrying value of $33.4 million, for approximately $33.9 million</font><font style="display: inline;font-size:10pt;"> and recorded a net gain of $0.5 million to other income, net on our consolidated statement of income, which includes the reclassification of a net unrealized gain of $0.4 million from accumulated other comprehensive loss on our consolidated balance sheet</font><font style="display: inline;font-size:10pt;">. Included in these sales were two RMBS investments with deteriorated credit quality that had an aggregate carrying value of $25.8 million and that were sold for $25.9 million. The RMBS investments were financed with two repurchase agreements totaling $25.3 million which were repaid with the proceeds. </font><font style="display: inline;font-size:10pt;">See Note 7 — “Debt Obligations” for further details.</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The weighted average yield on our CMBS and RMBS investments based on their face values was 1.07% and 2.25%, including the amortization of premium and the accretion of discount, for the three months ended March 31, 2015 and 2014, respectively.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
159833260
159833260
102600561
159800000
159969563
159969563
159969563
102981052
102981052
102981052
160000000
3385949
4290206
1344967119
1350764213
1880422590
1901690415
0.00125
0.0013
0.00175
0.0035
0.0025
50000000
50000000
40000000
75000000
45000000
110000000
60000000
75000000
100000000
150000000
150000000
25000000
87000000
75000000
122277411
116743412
115487320
116470000
112100000
46500000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Note 3 — Loans and Investments</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table sets forth the composition of our loan and investment portfolio at March 31, 2015 and December 31, 2014:</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;"> 2015</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Percent</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">of Total</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Loan</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Count</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Wtd.</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Avg. Pay</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Rate (1)</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Wtd. Avg.</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Remaining</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">Months to</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Maturity</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">First</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">LTV</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Ratio (2)</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Last</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">LTV</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Ratio (3)</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Bridge loans</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,460,398,282
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.32
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17.2
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>73
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Mezzanine loans</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64,289,959
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.73
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41.2
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Junior participation loans</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104,088,985
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.62
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.2
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Preferred equity investments</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>110,153,007
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.82
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48.4
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,738,930,233
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.47
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19.6
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>74
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Unearned revenue</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,924,542
</td>
<td valign="bottom" style="width:02.00%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Allowance for loan losses</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(116,470,000
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Loans and investments, net</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,610,535,691
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Percent</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">of Total</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Loan</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Count</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Wtd.</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Avg. Pay</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Rate (1)</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Wtd. Avg.</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Remaining</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">Months to</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Maturity</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">First</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">LTV</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Ratio (2)</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Last</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">LTV</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Ratio (3)</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Bridge loans</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,273,439,238
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>101
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.19
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19.8
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>74
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Mezzanine loans</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76,392,650
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.78
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37.1
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Junior participation loans</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104,091,952
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.62
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12.3
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Preferred equity investments</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133,505,658
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.11
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45.5
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,587,429,498
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.45
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22.3
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Unearned revenue</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,466,528
</td>
<td valign="bottom" style="width:02.00%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">)</font></p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Allowance for loan losses</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(115,487,320
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">)</font></p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Loans and investments, net</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,459,475,650
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt 0pt 0pt 18.9pt;text-indent: -18.9pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">“Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balances of each loan in our 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.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">The “First Dollar LTV Ratio” is calculated by comparing the total of our 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 we will absorb a total loss of our position.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (3)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss.</font></p></td></tr></table></div>
<p style="margin:0pt 0pt 0pt 23.4pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">During the first quarter of 2015, we acquired a $116.0 million defaulted first mortgage, at par (included in bridge loans in the table above). We financed this acquisition primarily with a new $87.0 million warehouse repurchase facility. In April 2015, the first mortgage paid off and as a result, we repaid the $87.0 million warehouse facility and expect to recognize approximately $6.5 million of income in the second quarter of 2015.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">Concentration of Credit Risk</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">We operate in one portfolio segment, commercial mortgage loans and investments. Commercial mortgage loans and investments can potentially subject us to concentrations of credit risk. We are subject to concentration risk in that, at both March 31, 2015 and December 31, 2014, the unpaid principal balance (“UPB”) related to 31 loans with five different borrowers represented approximately 23% of total assets. We measure our relative loss position for our mezzanine loans, junior participation loans, and preferred equity investments by determining the point where we will be exposed to losses based on our position in the capital stack as compared to the fair value of the underlying collateral. We determine our 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 our 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 we will absorb a total loss of our position. Last dollar LTV is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">We assign 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 our 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. Assets are subject to, at minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed. Generally speaking, given our typical loan and investment profile, a risk rating of three suggests that</font><font style="display: inline;font-size:10pt;color:#000000;"> </font><font style="display: inline;font-size:10pt;color:#000000;">we expect 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 we anticipate that the loan will require a modification of some kind. A risk rating of five indicates we expect the loan to underperform over its term, and 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="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">As a result of the loan review process at March 31, 2015 and December 31, 2014, we identified loans and investments that we consider higher-risk loans that had a carrying value, before loan loss reserves, of approximately $190.0 million and $189.4 million, respectively, and a weighted average last dollar LTV ratio of 94% for both periods.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">A summary of the loan portfolio’s weighted average internal risk ratings and LTV ratios by asset class as of March 31, 2015 and December 31, 2014 is as follows:</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;">
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="10" valign="bottom" style="width:65.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Asset Class</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Balance</font></p>
</td>
<td valign="bottom" style="width:02.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Percentage</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">of Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Wtd. Avg.</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Internal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Risk Rating</font></p>
</td>
<td valign="bottom" style="width:02.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;"> </font><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">First Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">LTV Ratio</font></p>
</td>
<td valign="bottom" style="width:02.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Last Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">LTV Ratio</font></p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,173,551,778
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67.5
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.9
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:10.44%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Office</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>336,785,253
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19.3
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.4
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:10.44%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Land</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>157,509,869
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.1
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.8
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:10.44%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Hotel</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,250,000
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.8
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.5
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:10.44%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Retail</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,133,333
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.2
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.5
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:10.44%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Commercial</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.1
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.5
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67
</td>
<td valign="bottom" style="width:01.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Total</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,738,930,233
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100.0
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.1
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:10.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>74
</td>
<td valign="bottom" style="width:01.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;">
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="10" valign="bottom" style="width:65.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Asset Class</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Balance</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Percentage</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">of Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Wtd. Avg.</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Internal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Risk Rating</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">First Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">LTV Ratio</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Last Dollar</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">LTV Ratio</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,157,462,400
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72.9
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.9
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>73
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Office</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>230,491,164
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14.5
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.3
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:10.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>79
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Land</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>128,367,601
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8.1
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.9
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Hotel</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,250,000
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.2
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.5
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:10.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Retail</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,158,333
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.2
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.5
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Commercial</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.1
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.5
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:29.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Total</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,587,429,498
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100.0
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:09.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.1
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:10.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">Geographic Concentration Risk</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:39pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">As of March 31, 2015, 22%, 12% and 12% of the outstanding balance of our loan and investment portfolio had underlying properties in New York, Florida and Texas, respectively. As of December 31, 2014, 28%, 14% and 10% of the outstanding balance of our loan and investment portfolio had underlying properties in New York, Florida and Texas, respectively.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">Impaired Loans and Allowance for Loan Losses</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">We perform an evaluation of the loan portfolio quarterly to assess the performance of our loans and whether a reserve for impairment should be recorded. We consider a loan impaired when, based upon current information and events, it is probable that we 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="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">During the three months ended March 31, 2015, we recognized provision for loan losses totaling $1.0 million. During the period, we also recorded net recoveries of previously recorded loan losses totaling less than $0.1 million, resulting in a provision for loan losses, net of recoveries totaling $1.0 million.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">During the three months ended March 31, 2014 we recognized a provision for loan losses totaling $1.0 million. During the period, we also recorded net recoveries of previously recorded loan losses totaling $0.9 million, resulting in a provision for loan losses, net of recoveries totaling $0.1 million.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">The provision for loan losses recorded in the first quarter of 2015 was comprised of two loans with an aggregate carrying value before loan loss reserves of $13.0 million, while the provision for the first quarter of 2014 was comprised of one loan with a carrying value before loan loss reserves of $4.8 million.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">A summary of the changes in the allowance for loan losses is as follows:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:69.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Three</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Months Ended</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Three</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Months Ended</font></p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">March 31, 2014</font></p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.02%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Allowance at beginning of the period</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:11.16%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115,487,320
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:11.16%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>122,277,411
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.02%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Provision for loan losses</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000,000
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000,000
</td>
<td valign="bottom" style="width:00.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Charge-offs</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,668,342
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.02%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Recoveries of reserves</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17,320
</td>
<td valign="bottom" style="width:02.58%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(865,657
</td>
<td valign="bottom" style="width:00.98%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Allowance at end of the period</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:11.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>116,470,000
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:11.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>116,743,412
</td>
<td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">A summary of charge-offs and recoveries is as follows:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;">
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:30.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Three Months Ended</font></p>
</td>
<td valign="bottom" style="width:02.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">March </font><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">March </font><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">31, 2014</font></p>
</td>
<td valign="bottom" style="width:02.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">Charge-offs:</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,668,342
</td>
<td valign="bottom" style="width:02.30%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Total</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,668,342
</td>
<td valign="bottom" style="width:02.30%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">Recoveries:</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17,320
</td>
<td valign="bottom" style="width:02.88%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(865,657
</td>
<td valign="bottom" style="width:02.30%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Total</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17,320
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(865,657
</td>
<td valign="bottom" style="width:02.30%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Net Recoveries (Charge-offs)</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,320
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,802,685
</td>
<td valign="bottom" style="width:02.30%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:64.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Ratio of net charge-offs during the period to average loans and investments outstanding during the period</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.0
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.3
</td>
<td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">There were no loans for which the fair value of the collateral securing the loan was less than the carrying value of the loan for which we had not recorded a provision for loan loss as of March 31, 2015 and 2014.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">We have six loans with a UPB totaling approximately $117.5 million at </font><font style="display: inline;font-size:10pt;color:#000000;">March </font><font style="display: inline;font-size:10pt;color:#000000;">31, 2015, which mature in September 2017, that are collateralized by a land development project. The loans do not carry a pay rate of interest, but four of the loans with a UPB totaling approximately $101.9 million entitle us to a weighted average accrual rate of interest of approximately 9.60%. We 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. We have recorded cumulative allowances for loan losses of $46.5 million related to these loans as of </font><font style="display: inline;font-size:10pt;color:#000000;">March </font><font style="display: inline;font-size:10pt;color:#000000;">31, 2015. 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="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">A summary of our impaired loans by asset class is as follows:</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 83.00%;margin-left:36pt;">
<tr>
<td valign="bottom" style="width:14.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:49.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:29.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Three Months Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;"></font><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;"> March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Asset Class</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Balance</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Carrying</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value (1)</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Allowance</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">for Loan</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Losses</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Average</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Recorded</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Investment (2)</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Interest</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Income</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Recognized</font></p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,222,574
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,302,539
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,952,574
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,231,234
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70,089
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Office</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,086,582
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,750,821
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,472,444
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,086,582
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>274,853
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Land</font></p>
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>122,336,882
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>117,878,639
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,344,982
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>122,073,641
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Hotel</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,750,000
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,418,503
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,700,000
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,750,000
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>257,130
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Total</font></p>
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>232,396,038
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>222,350,502
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>116,470,000
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>232,141,457
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>602,072
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 83.00%;margin-left:36pt;">
<tr>
<td valign="bottom" style="width:14.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:49.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:29.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Three Months Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;"></font><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;"> March 31, 2014</font></p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Asset Class</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Balance</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Carrying</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value (1)</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Allowance</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">for Loan</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Losses</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Average</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Recorded</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Investment (2)</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Interest</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Income</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Recognized</font></p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,239,894
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,232,710
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,469,894
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,468,774
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>213,741
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Office</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,086,582
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,498,273
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,972,444
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,086,582
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>274,795
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Land</font></p>
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>121,810,400
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>117,621,457
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,344,982
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>116,264,564
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Hotel</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,750,000
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,249,959
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,700,000
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:03.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Total</font></p>
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>231,886,876
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>221,602,399
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115,487,320
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:13.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>214,819,920
</td>
<td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>488,536
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Represents the UPB of impaired loans less unearned revenue and other holdbacks and adjustments by asset class. Comprised of 10 loans at both March 31, 2015 and December 31, 2014.</font></p></td></tr></table></div>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Represents an average of the beginning and ending UPB of each asset class.</font></p></td></tr></table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">As of March 31, 2015, three loans with an aggregate net carrying value of approximately $6.5 million, net of related loan loss reserves on two of the loans of $34.5 million, were classified as non-performing. 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. As of December 31, 2014, three loans with an aggregate net carrying value of approximately $7.0 million, net of related loan loss reserves on the two loans of $34.0 million, were classified as non-performing.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">A summary of our non-performing loans by asset class as of March 31, 2015 and December 31, 2014 is as follows:</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:26.24%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:34.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:34.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:00.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Asset Class</font></p>
</td>
<td valign="bottom" style="width:02.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Carrying</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:02.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Less Than</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">90 Days</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Past Due</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Greater</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Than 90</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Days Past</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Due</font></p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Carrying</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Value</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Less Than</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;"> 90 Days</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;"> Past Due</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Greater</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Than 90</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Days Past</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Due</font></p>
</td>
<td valign="bottom" style="width:00.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:26.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:26.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:02.04%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.78%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,765,799
</td>
<td valign="bottom" style="width:02.04%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,765,799
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,765,799
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>765,799
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,000,000
</td>
<td valign="bottom" style="width:00.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:26.24%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Office</font></p>
</td>
<td valign="bottom" style="width:02.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,277,739
</td>
<td valign="bottom" style="width:02.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,277,739
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,277,757
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,277,757
</td>
<td valign="bottom" style="width:00.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:26.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Total</font></p>
</td>
<td valign="bottom" style="width:02.04%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,043,538
</td>
<td valign="bottom" style="width:02.04%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,043,538
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,043,556
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>765,799
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,277,757
</td>
<td valign="bottom" style="width:00.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">At March 31, 2015, we did not have any loans contractually past due 90 days or more that are still accruing interest.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">During the quarter ended March 31, 2015, we had not refinanced and/or modified any loans which we considered to be a troubled debt restructuring, however, we extended one loan for four months with a </font><font style="display: inline;font-size:10pt;color:#000000;">UPB </font><font style="display: inline;font-size:10pt;color:#000000;">of $6.2 million which we considered to be a troubled debt restructuring. During the quarter ended March 31, 2014, we had not refinanced and/or modified or extended any loans which we considered to be troubled debt restructurings. We had no unfunded commitments on the extended loan which were considered a troubled debt restructuring as of March 31, 2015.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">A summary of loan modifications and extensions by asset class that we considered to be troubled debt restructurings during the three months ended March 31, 2015 and 2014 were as follows:</font>
</p>
<p style="margin:0pt;text-indent:18pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:16.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="11" valign="bottom" style="width:45.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Three Months Ended March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="11" valign="bottom" style="width:36.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Three Months Ended March 31, 2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Asset Class</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Number</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">of Loans</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Original</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Balance</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Original</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Rate of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Interest</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Modified</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Balance</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Modified</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Weighted</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Average</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Rate of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Interest</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Number</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">of Loans</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Original</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Balance</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Original</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Weighted</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Average</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Rate of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Interest</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Modified</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Balance</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Modified</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Weighted</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Average</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Rate of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Interest</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Multifamily</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">1</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,192,666
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.93
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,192,666
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.93
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">%</font></p>
</td>
<td valign="bottom" style="width:06.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:04.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:04.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">There were no loans in which we considered the modifications to be troubled debt restructurings that were subsequently considered non-performing as of March 31, 2015 and 2014 and no additional loans were considered to be impaired due to our troubled debt restructuring analysis for the three months ended March 31, 2015 and 2014. These loans were modified to increase the total recovery of the combined principal and interest from the loan.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. As of March 31, 2015, we had total interest reserves of $15.7 million on 48 loans with an aggregate </font><font style="display: inline;font-size:10pt;color:#000000;">UPB</font><font style="display: inline;font-size:10pt;color:#000000;"> of $726.8 million.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
0.0790
0.055
LIBOR
one-month LIBOR
763400000
3
2
73
2
25000000
1587429498
76392650
133505658
1273439238
1587429498
104091952
7000000
189400000
1157462400
1700000
66250000
128367601
230491164
3158333
1738930233
64289959
110153007
1460398282
1738930233
104088985
6500000
190000000
187300000
1173551778
1700000
66250000
157509869
336785253
3133333
116000000
40300000
1459475650
1459475650
1478778674
968600472
1610535691
1610535691
1610535691
1644421518
1644421518
1644421518
773742712
1300000
18000000
23000000
1300000
28800000
0.0545
0.0978
0.0611
0.0519
0.0462
0.0547
0.0973
0.0582
0.0532
0.0462
0.0638
0.0720
139
17
17
101
4
3
31
139
14
16
105
4
3
31
2
-27994877
201455583
-4263474
-148710572
4572971
2271727
92194
-4382
5874761
15010469
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Recently Issued Accounting Pronouncements</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In April 2015, the Financial Accounting Standards Board (“FASB”) amended its guidance on the balance sheet presentation of debt issuance costs. The guidance is effective for the first quarter of 2016 and we do not expect it to have a material effect on our consolidated financial statements other than the balance sheet presentation of debt and other assets.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In February 2015, the FASB amended its guidance on the consolidation analysis of variable interest entities. The guidance is effective for the first quarter of 2016 and we are currently evaluating the impact it may have on our consolidated financial statements.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In January 2015, the FASB eliminated the concept of extraordinary items and thus the requirement to assess whether an event or transaction requires extraordinary classification on the financial statements. The guidance is effective for the first quarter of 2016. We early adopted this new guidance in the first quarter of 2015 and it did not have a material effect on our consolidated financial statements.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
1300000
1300000
2300000
1300000
1000000
1300000
1300000
1292461
2300000
2300000
2300000
2280115
2280115
2280115
2
763205
345529
17011318
18669461
1084354
354187
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Note 1 — Description of Business</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Arbor Realty Trust, Inc. is a Maryland corporation that was formed in June 2003 to invest in a diversified portfolio of multifamily and commercial real estate related assets, primarily consisting of bridge and mezzanine loans, including junior participating interests in first mortgage loans, preferred and direct equity. We may also directly acquire real property and invest in real estate-related notes and certain mortgage-related securities. We conduct substantially all of our operations through our operating partnership, Arbor Realty Limited Partnership (“ARLP”), and ARLP’s wholly-owned subsidiaries. We are externally managed and advised by Arbor Commercial Mortgage, LLC (our “Manager”). We organize and conduct our operations to qualify as a real estate investment trust (“REIT”) for federal income tax purposes.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Our 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.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
45716002
14949956
51100398
12960749
431476
431476
-10706246
-4285995
-1730927
-3440877
-1730927
-1730927
-441773
-741571
-741571
-58789
58789
58789
10116484
8486343
49332212
7385474
46163241
1823701
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">A summary of our non-performing loans by asset class as of March 31, 2015 and December 31, 2014 is as follows:</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:26.24%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:34.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:34.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:00.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Asset Class</font></p>
</td>
<td valign="bottom" style="width:02.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Less Than</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">90 Days</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Past Due</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Greater</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Than 90</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Days Past</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Due</font></p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Less Than</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"> 90 Days</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"> Past Due</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Greater</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Than 90</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Days Past</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Due</font></p>
</td>
<td valign="bottom" style="width:00.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:26.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:26.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Multi-family</font></p>
</td>
<td valign="bottom" style="width:02.04%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.78%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,765,799
</td>
<td valign="bottom" style="width:02.04%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,765,799
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,765,799
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>765,799
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,000,000
</td>
<td valign="bottom" style="width:00.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:26.24%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Office</font></p>
</td>
<td valign="bottom" style="width:02.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,277,739
</td>
<td valign="bottom" style="width:02.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,277,739
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,277,757
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.02%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,277,757
</td>
<td valign="bottom" style="width:00.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:26.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total</font></p>
</td>
<td valign="bottom" style="width:02.04%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,043,538
</td>
<td valign="bottom" style="width:02.04%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,043,538
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,043,556
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>765,799
</td>
<td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,277,757
</td>
<td valign="bottom" style="width:00.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
347106
290000
20700000
2600000
6387720
6562050
1410305
4132
1888430
3894
716744
5491908
206000
1278339
894119
2100000
250000
44000
13259007
0.0825
0.0775
0.085
0.0825
0.0775
0.085
0.085
0.0825
0.0775
0.085
0.0825
0.0775
0.085
1590930
1888430
0.515625
0.484375
0.53125
0.515625
0.484375
0.53125
25.00
38787500
31500000
22500000
38787500
31500000
22500000
0.01
0.01
100000000
100000000
1551500
1260000
900000
1551500
1260000
900000
1551500
1260000
900000
1551500
1260000
900000
89295905
89295905
3646010
1270000
6800000
6500000
65200000
52900000
3500000
32500000
3900000
22500000
21600000
663684
27155000
132087708
409849941
-42020140
190312724
33904172
25900000
33900000
18800000
48000000
18482352
1400000
0
0
7465691
16898899
16898899
134344
982680
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Note 6 — Real Estate Owned and Held-For-Sale</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Our real estate assets were comprised of three multifamily properties (the “Multifamily Portfolio”) and four hotel properties (the “Hotel Portfolio”) at March 31, 2015 and four multifamily properties and five hotel properties at December 31, 2014.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">As of March 31, 2015 and December 31, 2014, the Multifamily Portfolio had a mortgage note payable of $27.2 million and $31.0 million, respectively. See Note 7 — “Debt Obligations” for further details.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Real Estate Owned</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:27.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:34.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:34.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:27.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Multifamily</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Hotel</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Total</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Multifamily</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Hotel</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">Portfolio</font></p>
</td>
<td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Total</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:27.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Land</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,538,844
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,393,651
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,932,495
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,538,844
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,393,651
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,932,495
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:27.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Building and intangible assets</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,953,328
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59,110,681
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>92,064,009
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,249,869
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,818,891
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>90,068,760
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:27.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Less: accumulated depreciation and amortization</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,281,627
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13,637,151
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22,918,778
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,414,267
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,661,347
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(20,075,614
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:27.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Real estate owned, net</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,210,545
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54,867,181
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84,077,726
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,374,446
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>55,551,195
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84,925,641
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">As of March 31, 2015 and December 31, 2014, our Multifamily Portfolio had a weighted average occupancy rate of approximately 91% and 90%, respectively.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">For the three months ended March 31, 2015 and 2014, our Hotel Portfolio had a weighted average occupancy rate of approximately 63% and 58%, respectively, a weighted average daily rate of approximately $103 and $102, respectively, and a weighted average revenue per available room of approximately $64 and $59, respectively.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Our real estate assets had restricted cash balances totaling $0.7 million and $1.7 million as of March 31, 2015 and December 31, 2014, respectively, due to escrow requirements.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Real Estate Held-For-Sale</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In the first quarter of 2015, we sold a property in our Multifamily Portfolio as well as a property in the Hotel Portfolio classified as held-for-sale for a total of $18.8 million and recognized a gain of $4.0 million. There were no sales of property in the first quarter of 2014.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The results of operations for properties sold or classified as held-for-sale are summarized as follows:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 62.00%;margin-left:57.6pt;">
<tr>
<td valign="bottom" style="width:52.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:42.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three Months Ended March 31,</font></p>
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Revenue:</font></p>
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Property operating income</font></p>
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:17.84%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>354,187
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:17.84%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,084,354
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Expenses:</font></p>
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Property operating expense</font></p>
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>345,529
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>763,205
</td>
<td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Depreciation</font></p>
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,040
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>228,955
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Net (loss) income</font></p>
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:17.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,382
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:17.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>92,194
</td>
<td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The results of operations for properties sold or classified as held-for-sale are summarized as follows:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 62.00%;margin-left:57.6pt;">
<tr>
<td valign="bottom" style="width:52.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:42.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three Months Ended March 31,</font></p>
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Revenue:</font></p>
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Property operating income</font></p>
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:17.84%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>354,187
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:17.84%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,084,354
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Expenses:</font></p>
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Property operating expense</font></p>
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>345,529
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>763,205
</td>
<td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Depreciation</font></p>
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,040
</td>
<td valign="bottom" style="width:03.98%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:19.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>228,955
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Net (loss) income</font></p>
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:17.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,382
</td>
<td valign="bottom" style="width:03.98%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:17.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>92,194
</td>
<td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
20075614
7414267
12661347
22918778
9281627
13637151
90068760
14932495
31249869
58818891
5538844
9393651
92064009
14932495
32953328
59110681
5538844
9393651
84925641
84925641
80732144
29374446
55551195
84077726
84077726
31951950
29210545
54867181
9258088
8450343
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2015 and 2014 were as follows:</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:45.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three Months Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:22.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Statement of Income Caption</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Net realized losses on derivatives designated as cash flow hedges:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:22.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Interest Rate Swaps</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,730,927
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,440,877
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Interest expense (1)</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Termination of Interest Rate Swaps</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,285,995
</td>
<td valign="bottom" style="width:02.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Loss on termination of swaps (1)</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Net realized gain on sale of available-for-sale investments:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">RMBS investment</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>431,476
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Other income (2)</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:9pt;"><p style="width:9pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">See Note 8 — “Derivative Financial Instruments” for additional details.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:9pt;"><p style="width:9pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">See </font><font style="display: inline;font-size:10pt;color:#000000;">Note 4 — “Securities” for additional details.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
2450000
2450000
2675000
2675000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Note 14 — Agreements and Transactions with Related Parties</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Management Agreement</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We, ARLP and Arbor Realty SR, Inc. have a management agreement with our Manager, pursuant to which our Manager provides certain services and we pay our Manager a base management fee and under certain circumstances, an annual incentive fee.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The base management fee is an arrangement whereby we reimburse our Manager for its actual costs incurred in managing our business based on the parties’ agreement in advance on an annual budget with subsequent quarterly true-ups to actual costs. We retain all origination fees on investments.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The incentive fee is measured on an annual basis and is calculated as (1) 25% of the amount by which (a) our 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 our Manager to ARLP per ARLP partnership unit, the offering price per share of our 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 our outstanding shares.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">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="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The management agreement also allows us to consider, from time to time, the payment of additional “success-based” fees to our Manager 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 we terminate or elect not to renew the management agreement without cause, we are required to pay the termination fee of $10.0 million.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table sets forth our base management fees and incentive fees for the periods indicated:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:72pt;">
<tr>
<td valign="bottom" style="width:59.10%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:36.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three Months Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font></p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Management Fees:</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.10%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Base (1)</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,675,000
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,450,000
</td>
<td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.10%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.10%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Incentive</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.10%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total management fee</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,675,000
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:14.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,450,000
</td>
<td valign="bottom" style="width:01.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Included in base management fees at March 31, 2015 and 2014 was $1.4 million and $1.2 million, respectively, which was included in due to related party.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">For the three months ended March 31, 2015 and 2014, no success-based payments were made.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">Other Related Party Transactions</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Due from related party was less than $0.1 million at both March 31, 2015 and December 31, 2014 and consisted primarily of escrows held by our Manager and its affiliates related to real estate transactions.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Due to related party was $1.4 million at March 31, 2015 </font><font style="display: inline;font-size:10pt;color:#000000;">and consisted primarily of base management fees due to </font><font style="display: inline;font-size:10pt;color:#000000;">our Manager</font><font style="display: inline;font-size:10pt;color:#000000;">,</font><font style="display: inline;font-size:10pt;color:#000000;"> of which $0.8 million will be remitted by us in the following quarter. At December 31, 2014, due to related party was $2.7 million </font><font style="display: inline;font-size:10pt;color:#000000;">and consisted primarily of base management fees due to </font><font style="display: inline;font-size:10pt;color:#000000;">our Manager that we remitted in the following quarter.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">In February 2015, we modified an $18.0 million preferred equity investment, increasing our balance to $23.0 million with a fixed interest rate of 10% and a maturity date of February 2018. In order to accomplish the modification, we formed a joint venture with a consortium of investors consisting of certain of our officers, including Mr. Ivan Kaufman, and other related parties, to invest in an additional $2.0 million preferred equity investment that is generally subordinate to ours. Interest income recorded from this loan was approximately $0.6 million for the three months ended March 31, 2015.</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">In the first quarter of 2015, we invested $9.6 million for 50% of our Manager’s indirect interest in a joint venture with a third party that was formed to invest in a residential mortgage banking business. As a result of this transaction, we own a 22.5% indirect interest in this entity. Also during the quarter, we invested $3.6 million through this joint venture in non-qualified residential mortgages purchased from the mortgage banking business’s origination platform. During the first quarter of 2015, we recorded income of $3.0 million from these investments. </font><font style="display: inline;font-size:10pt;color:#000000;">See Note 5 — “Investment in Equity Affiliates” </font><font style="display: inline;font-size:10pt;color:#000000;">for further details</font><font style="display: inline;font-size:10pt;color:#000000;">.</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">During the third quarter of 2014, we invested $0.1 million for a 5% interest in a joint venture that owns two multifamily properties. The joint venture consists of a consortium of investors consisting of certain of our officers, including Mr. Ivan Kaufman, and other related parties, who together own an interest of approximately 95%. In August 2014, we originated two bridge loans totaling $5.0 million to the joint venture with an interest rate of 5.5% over one-month LIBOR and a maturity date of August 2015. Interest income recorded from these loans totaled approximately $0.1 million for the three months ended March 31, 2015.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">In July 2014, we originated a $30.4 million bridge loan for an office property owned by a consortium of investors including Mr. Ivan Kaufman and his affiliates, who together own an interest of approximately 24% in the borrowing entity. The loan has an interest rate of LIBOR plus 7.90% and a maturity date of January 2016. </font><font style="display: inline;font-size:10pt;color:#000000;">Interest income recorded from this loan totaled approximately $0.7 million for </font><font style="display: inline;font-size:10pt;color:#000000;">the three months ended March 31, 2015.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">In March 2014, we originated a bridge loan to a third party borrower for a portfolio of properties with an unpaid principal balance of $70.1 million, of which, $15.0 million was financed with junior loan participations to our Manager. The loan has an interest rate of 6.38% and a maturity date of March 2016. In May 2014, the junior loan participations to our Manager were paid off. The participations had a weighted average interest rate of 7.20%. </font><font style="display: inline;font-size:10pt;color:#000000;">Interest income recorded from this loan totaled approximately $1.2 million for </font><font style="display: inline;font-size:10pt;color:#000000;">the three months ended March 31, 2015.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">We had two loans totaling $22.4 million, which were secured by a property purchased in 2011 by a third party borrower from </font><font style="display: inline;font-size:10pt;color:#000000;">our Manager</font><font style="display: inline;font-size:10pt;color:#000000;">. In the first quarter 2014, </font><font style="display: inline;font-size:10pt;color:#000000;">our Manager</font><font style="display: inline;font-size:10pt;color:#000000;"> purchased the property from the prior borrower subject to our loans. In connection with this purchase, </font><font style="display: inline;font-size:10pt;color:#000000;">our Manager</font><font style="display: inline;font-size:10pt;color:#000000;"> paid down the loans by $2.3 million and we restructured our remaining debt outstanding into a first mortgage of $14.6 million with a maturity date of March 2015 and a second mortgage of $5.1 million with a maturity date of April 2015, both with an interest rate of LIBOR plus 4.80%. In April 2015, the maturity date on both of these loans was extended to July 2015. Interest income recorded from these loans totaled approximately $0.2 million and $0.3 million for the three months ended </font><font style="display: inline;font-size:10pt;color:#000000;">March </font><font style="display: inline;font-size:10pt;color:#000000;">31, 2015 and 2014, respectively.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">In June 2013, our Board of Directors formed a special committee consisting of independent directors in connection with the exploration and evaluation of a potential transaction with our manager involving the acquisition of our Manager’s Fannie Mae, DUS, FHA and CMBS platforms, as well as the internalization of the management of our current business. There were preliminary discussions between the special committee and representatives of our Manager regarding a potential transaction during the second and third quarter of 2013. In connection therewith, the special committee engaged legal, financial and accounting advisors resulting in approximately $1.4 million of advisory fees during 2013. In late June of 2014, preliminary discussions regarding a possible transaction resumed</font><font style="display: inline;font-size:10pt;color:#000000;"> </font><font style="display: inline;font-size:10pt;color:#000000;">but we cannot provide any assurance whether any transaction between us and our Manager will occur, or if a transaction did occur, any information on 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. No advisory fees or other related fees were incurred during 2014 or the three months ended March 31, 2015.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">In December 2011, we completed a restructuring of a $67.6 million preferred equity investment on the Lexford Portfolio (“Lexford”), which is a portfolio of multifamily assets. We, along with a consortium of independent outside investors, made an additional preferred equity investment of $25.0 million in Lexford of which we held a $10.5 million interest, and Mr. Fred Weber, our 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 and was paid down during 2014 and 2015 to a balance of $31.0 million at March 31, 2015 and paid down $8.0 million subsequently. The additional preferred equity investment had a fixed interest rate of 12% and a maturity date in June 2020. We, along with the same outside investors, also made a $0.1 million equity investment into Lexford, of which we held a $44,000 noncontrolling interest, and do not have the power to control the significant activities of the entity. During the fourth quarter of 2011, we recorded losses from the entity against the equity investment, reducing the balance to zero. 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, our chairman and chief executive officer, and has a contract with the new entity for 7.5 years and is 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. We have provided limited (“bad boy”) guarantees for certain debt controlled by Lexford. The bad boy guarantees may become a liability for us upon standard “bad” acts such as fraud or a material misrepresentation by Lexford or us. At March 31, 2015, this debt had an aggregate outstanding balance of $763.4 million and is scheduled to mature between 2017 and 2025.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Interest income recorded from loans originated in 2013 or prior years with our affiliates totaled $0.1 million and $0.9 million for the three months ended March 31, 2015 and 2014, respectively.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">We are dependent upon our Manager with whom we have a conflict of interest, to provide services to us that are vital to its operations. Our chairman, chief executive officer and president, Mr. Ivan Kaufman, is also the chief executive officer and president of our Manager, and, our chief financial officer and treasurer, Mr. Paul Elenio, is the chief financial officer of our Manager. In addition, Mr. Kaufman and his affiliated entities (“the Kaufman Entities”) together beneficially own approximately 92% of the outstanding membership interests of our Manager and certain of our employees and directors also hold an ownership interest in our Manager. Furthermore, one of our former directors is general counsel to our Manager and another of our directors also serves as the trustee of one of the Kaufman Entities that holds a majority of the outstanding membership interests in our Manager and co-trustee of another Kaufman Entity that owns an equity interest in our Manager. Our Manager currently holds approximately 5.3 million of our common shares, representing approximately 11% of the voting power of our outstanding stock as of March 31, 2015. Our Board of Directors approved a resolution under our charter allowing Ivan Kaufman and our Manager, (which Mr. Kaufman has a controlling equity interest in), to own more than the 5% ownership interest limit of our common stock as stated in our charter as amended.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
28007831
191260767
2300000
10000000
8000000
87000000
30984357
10300000
119668296
232650676
218100529
5232226
64771797
69412808
59245183
7284919
1700000
139416831
66530102
216405894
26788686
7176997
6044575
7237093
700000
50000000
13281668
26093170
-152483322
-144038797
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following is a summary of our securities classified as available-for-sale at March 31, 2015:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;">
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Face</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Amortized</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cumulative</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Unrealized</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Value /</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"> Estimated</font></p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cost</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">(Loss) / Gain</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair Value</font></p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Commercial mortgage-backed security (CMBS) </font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(100,000
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,000,000
</td>
<td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Common equity securities</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,789
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>499,709
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>558,498
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total available-for-sale securities</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,158,789
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>399,709
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,558,498
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following is a summary of our securities classified as available-for-sale at December 31, 2014:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;">
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Face</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Amortized</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cumulative</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Unrealized</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Value /</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"> Estimated</font></p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cost</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">(Loss) / Gain</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair Value</font></p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Commercial mortgage-backed security (CMBS) </font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(100,000
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,000,000
</td>
<td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Common equity securities</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,789
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>440,920
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>499,709
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.92%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total available-for-sale securities</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,158,789
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>340,920
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,499,709
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table outlines borrowings under our notes payable as of March 31, 2015 and December 31, 2014:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31, 2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Junior loan participation, secured by our interest in a first mortgage loan with a principal balance of $1.3 million, participation interest was based on a portion of the interest received from the loan which has a fixed rate of 9.57%</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Junior loan participation, secured by our interest in a first mortgage loan with a principal balance of $28.8 million, expiration January 2016, interest is based on a portion of the interest received from the loan which has a fixed rate of 15.0%</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000,000
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000,000
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total notes payable</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,300,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,300,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table outlines borrowings under our credit facilities and repurchase agreements as of March 31, 2015 and December 31, 2014:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="7" valign="bottom" style="width:39.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015 </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:37.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31, 2014</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Weighted</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Weighted</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Average</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Average</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Note Rate</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Note Rate</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$150 million warehouse repurchase facility </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>132,505,286
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>218,741,287
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.42
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.78%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$100 million warehousing credit facility </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,643,095
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87,717,666
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.46
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>92,520,637
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>128,593,000
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.45
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$87 million warehouse repurchase facility </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87,024,993
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115,763,996
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.79
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$75 million warehousing credit facility </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56,622,000
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75,500,000
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.46
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,975,000
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,000,000
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.45
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$60 million warehousing credit facility </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,460,000
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,705,000
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.21
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,890,563
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,422,236
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.20
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$25 million term credit facility </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,720,000
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,200,000
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.21
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$15 million term credit facility </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,000,000
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.50
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,000,000
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.50
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:19.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total credit facilities and repurchase agreements</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>397,975,374
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:12.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>561,627,949
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.68
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>180,386,200
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>232,015,236
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.84
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table outlines borrowings and the corresponding collateral under our CDO as of March 31, 2015:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:14.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:39.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Loans</font></p>
</td>
<td valign="bottom" style="width:02.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cash</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Face</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Unpaid</font></p>
</td>
<td valign="bottom" style="width:02.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Restricted</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:01.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Principal (1)</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value (1)</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cash (2)</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">At-Risk (3)</font></p>
</td>
<td valign="bottom" style="width:01.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.12%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.04%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CDO III</font></p>
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>79,420,379
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87,659,614
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>195,580,494
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>163,771,280
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.02%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,176,997
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130,971,721
</td>
<td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table outlines borrowings and the corresponding collateral under our CDOs as of December 31, 2014:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:25.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:40.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:25.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:25.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Loans</font></p>
</td>
<td valign="bottom" style="width:02.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cash</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Face</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Unpaid</font></p>
</td>
<td valign="bottom" style="width:02.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Restricted</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Principal (1)</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value (1)</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cash (2)</font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">At-Risk (3)</font></p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CDO I </font></p>
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>69,972,159
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75,402,789
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>222,903,486
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>174,460,160
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,232,226
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>180,691,292
</td>
<td valign="bottom" style="width:00.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CDO II</font></p>
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,906,092
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103,484,624
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>192,522,685
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>143,824,571
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>69,412,808
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>106,139,494
</td>
<td valign="bottom" style="width:00.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CDO III</font></p>
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>144,192,804
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>152,507,713
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>202,758,120
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>171,457,394
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64,771,797
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>147,049,346
</td>
<td valign="bottom" style="width:00.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:00.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:15.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total CDOs</font></p>
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>312,071,055
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>331,395,126
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>618,184,291
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>489,742,125
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139,416,831
</td>
<td valign="bottom" style="width:02.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>433,880,132
</td>
<td valign="bottom" style="width:00.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CDO I — Issued four investment grade tranches in January 2005 with a stated maturity date of February 2040. Interest was variable based on three-month LIBOR; the weighted average note rate was 3.23% at December 31, 2014.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CDO II — Issued nine investment grade tranches in January 2006 with stated maturity date of April 2038. Interest was variable based on three-month LIBOR; the weighted average note rate was 6.22% at December 31, 2014.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CDO III — Issued ten investment grade tranches in December 2006 with a stated maturity date of January 2042. Interest is variable based on three-month LIBOR; the weighted average note rate was 1.32% and 0.98% at March 31, 2015 and December 31, 2014, respectively.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Amounts include loans to real estate assets consolidated by us that were reclassified to real estate owned and held-for-sale, net on the consolidated financial statements.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Represents restricted cash held for principal repayments in the CDOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (3)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">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></p></td></tr></table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table outlines borrowings and the corresponding collateral under our CLOs as of March 31, 2015:</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:18pt;">
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:27.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:41.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:27.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:27.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Loans</font></p>
</td>
<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cash</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Face</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Unpaid</font></p>
</td>
<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Restricted</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Principal</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cash (1)</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">At-Risk (2)</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CLO III</font></p>
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>281,250,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>281,250,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>363,222,090
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>361,637,105
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.48%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,237,093
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CLO IV</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>219,000,000
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>219,000,000
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>293,955,425
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>293,094,777
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,044,575
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total CLOs</font></p>
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>500,250,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>500,250,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>657,177,515
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>654,731,882
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.48%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,281,668
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table outlines borrowings and the corresponding collateral under our CLOs as of December 31, 2014:</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:18pt;">
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:27.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Debt</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:41.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:27.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:27.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Loans</font></p>
</td>
<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cash</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Face</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Unpaid</font></p>
</td>
<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Restricted</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Collateral</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Principal</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Cash (1)</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">At-Risk (2)</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CLO II</font></p>
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>177,000,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>177,000,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>252,353,210
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>251,658,406
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.48%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,284,919
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.42%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CLO III</font></p>
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>281,250,000
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>281,250,000
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>315,390,280
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>313,932,084
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59,245,183
</td>
<td valign="bottom" style="width:02.14%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:12.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total CLOs</font></p>
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>458,250,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>458,250,000
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>567,743,490
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>565,590,490
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.48%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,530,102
</td>
<td valign="bottom" style="width:02.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CLO II — Issued two investment grade tranches in January 2013 and a stated maturity date of February 2023. Interest was variable based on three-month LIBOR; the weighted average note rate was 2.56%.</font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CLO III — Issued three investment grade tranches in April 2014 with a replacement period through October 2016 and a stated maturity date of May 2024. Interest is variable based on three-month LIBOR; the weighted average note rate was 2.61%.</font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CLO IV — Issued three investment grade tranches in February 2015 with a replacement period through September 2017 and a stated maturity date of March 2025. Interest is variable based on three-month LIBOR; the weighted average note rate was 2.45%.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:23pt;"><p style="width:23pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:23pt;"><p style="width:23pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">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></p></td></tr></table></div>
<p style="margin:0pt 0pt 0pt 13.5pt;text-indent: -13.5pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table presents the effect of our derivative financial instruments on the Statements of Income as of March 31, 2015 and 2014 (dollars in thousands):</font>
</p>
<p style="margin:0pt;text-indent:18pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Amount of Loss</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Recognized in</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Other</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Comprehensive Loss</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">(Effective Portion)</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">For the Three</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Months Ended</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:14.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Amount of Loss</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Reclassified from</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Accumulated Other</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Comprehensive Loss</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">into Interest Expense</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">(Effective Portion)</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">For the Three</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Months Ended</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Amount of Loss</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Reclassified from</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Accumulated Other</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Comprehensive Loss</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">into Loss on</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Termination of Swaps</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">(Ineffective Portion)</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">For the Three</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Months Ended</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Amount of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Loss Recognized</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">in Loss on</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Termination of Swaps</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">(Ineffective Portion)</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">For the Three</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Months Ended</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Amount of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Loss Recognized</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">in Other Income</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">For the Three</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Months Ended</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Designation\</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Cash Flow</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Derivative</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.18%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.18%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Non-Qualifying</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Basis</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Swaps</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:04.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.94%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.94%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.96%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.02%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.18%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Qualifying</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Interest</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Rate</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Swaps/Cap</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>742
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>442
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,731
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,441
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,286
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:04.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="middle" style="width:10.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.74%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:04.88%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="middle" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Non-Qualifying</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Forward Contracts</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:04.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following is a summary of the derivative financial instruments held by us as of March 31, 2015 and December 31, 2014 (dollars in thousands):</font>
</p>
<p style="margin:0pt;text-indent:18pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:14.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="9" valign="bottom" style="width:34.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Notional Value</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:17.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair Value</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Designation\</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Cash Flow</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Derivative</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Count</font></p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Count</font></p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Expiration</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Date</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Balance</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Sheet</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Location</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">December 31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:09.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Non-Qualifying</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Basis</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Swaps</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:06.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">1</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,000
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">-</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Other</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Assets</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:09.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:07.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:09.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Non-Qualifying</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">LIBOR</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Cap</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">1</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:06.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71,701
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">1</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71,701
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Other</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Assets</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Qualifying</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">LIBOR</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Cap</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">1</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:06.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,500
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">2017</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Other</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Assets</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:05.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:14.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Qualifying</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Interest</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Rate</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Swaps</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">6</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:06.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115,729
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">12</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>250,321
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">2016 - 2017</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Other</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Liabilities</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:05.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,769
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13,908
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">)</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table presents dividends declared (on a per share basis) for the three months ended March 31, 2015:</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;">
<tr>
<td colspan="4" valign="bottom" style="width:35.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Common Stock</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="10" valign="bottom" style="width:60.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Preferred Stock</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td colspan="4" valign="bottom" style="width:35.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 26pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:40.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Dividend (1)</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:20.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Declaration Date</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Dividend</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Declaration Date</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Series A</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Series B</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Series C</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:20.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:20.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">February 11, 2015</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.94%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.46%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.13
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">February 2, 2015</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">0.515625</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.22%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">0.484375</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">0.53125</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:40pt;"><p style="width:40pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">The dividend declared on February 2, 2015 for the Series A, B and C preferred stock was for the period December 1, 2014 through February 28, 2015.</font></p></td></tr></table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following is a reconciliation of the numerator and denominator of the basic and diluted EPS computations for the three months ended March 31, 2015 and 2014.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three Months Ended</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three Months Ended</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">March 31, 2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Basic</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Diluted</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Basic</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Diluted</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Net income attributable to Arbor Realty Trust, Inc. common stockholders (1)</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,010,469
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,010,469
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,874,761
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,874,761
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Weighted average number of common shares outstanding</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,544,575
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,544,575
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,336,308
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,336,308
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Dilutive effect of restricted stock units (2)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>288,161
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Dilutive effect of warrants (3)</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>416,505
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Weighted average number of common shares outstanding </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,544,575
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,832,736
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,336,308
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,752,813
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Net income attributable to Arbor Realty Trust, Inc. per common share (1)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.30
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.30
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.12
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.12
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Net of preferred stock dividends.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Mr. Kaufman was granted restricted stock units which vest at the end of a four-year performance period based upon our achievement of total shareholder return objectives. See Note 12 — “Equity” for further details.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (3)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">On July 1, 2014, we acquired and canceled all of our warrants. See Note 12 — “Equity” for further details.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We measure certain financial assets and financial liabilities at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs as of March 31, 2015:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:35.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair Value Measurements</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Fair</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:35.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Using Fair Value Hierarchy</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Level 1</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Level 2</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Level 3</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Financial assets:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Available-for-sale securities (1)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,558,498
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,558,498
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>558,498
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,000,000
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Derivative financial instruments</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,564
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,564
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,564
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Financial liabilities:</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:36.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Derivative financial instruments</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,769,143
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,769,143
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,769,143
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Our equity securities were measured using Level 1 inputs and our CMBS investment was measured using Level 3 inputs.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following is a summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of March 31, 2015:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:72pt;">
<tr>
<td valign="bottom" style="width:59.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Type</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Carrying</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">Amount (1)</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Maximum</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">Exposure to</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Loss (2)</font></p>
</td>
<td valign="bottom" style="width:01.34%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.34%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Loans</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:15.06%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>387,100,762
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:15.06%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>387,100,762
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.14%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Loans and equity investments</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88,780,401
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88,780,401
</td>
<td valign="bottom" style="width:01.34%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">CMBS</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.14%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Junior subordinated notes (3)</font></p>
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>578,000
</td>
<td valign="bottom" style="width:03.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>578,000
</td>
<td valign="bottom" style="width:01.34%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:59.14%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Total</font></p>
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:15.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>478,559,163
</td>
<td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:15.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>478,559,163
</td>
<td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Represents the carrying amount of loans and investments before reserves. At March 31, 2015, $187.3 million of loans to VIEs had corresponding loan loss reserves of approximately $112.1 million and $40.3 million of loans to VIEs were related to loans classified as non-performing. See Note 3 — “Loans and Investments” for further details.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">Our maximum exposure to loss as of March 31, 2015 would not exceed the carrying amount of its investment.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (3)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">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 our investments were funded by the entities that issued the junior subordinated notes, it is not considered to be at risk.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
331395126
75402789
152507713
103484624
281250000
177000000
331395126
331395126
458250000
240541397
331395126
219000000
87659614
87659614
219000000
281250000
87659614
87659614
500250000
47498137
47498137
47498137
87659614
1982219
2897810
97860025
97860025
95902825
97860025
97860025
97860025
98290609
98290609
98290609
147016
1692066
P4Y
0.25
0.33
0.33
0.25
0.25
0.25
0.33
256989
203002
445765
6.95
53128075
3711500
-2650767
53593769
3711500
-2650767
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Note 2 — Summary of Significant Accounting Policies</font>
</p>
<p style="margin:0pt;text-indent:9pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Basis of Presentation and Principles of Consolidation</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), for interim financial statements and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared under GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2014 Annual Report, which was filed with the SEC.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The accompanying unaudited consolidated financial statements include our financial statements, our wholly owned subsidiaries, and partnerships or other joint ventures in which we own a voting interest of greater than 50 percent, and variable interest entities (“VIEs”) of which we are 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 us 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, we have separately disclosed parenthetically the assets and liabilities of our collateralized debt obligation (“CDO”) and collateralized loan obligation (“CLO”) subsidiaries on our consolidated balance sheets. Entities in which we have significant influence are accounted for primarily under the equity method.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">As a REIT, we are generally not subject to federal income tax on our REIT—taxable income that we distribute to our stockholders, provided that we distribute at least 90% of our REIT—taxable income and meet certain other requirements. As of March 31, 2015 and 2014, we were in compliance with all REIT requirements and, therefore, have not provided for income tax expense for the three months ended March 31, 2015 and 2014. Certain of our assets that produce non-qualifying income are owned by our taxable REIT subsidiaries, the income of which is subject to federal and state income taxes. During the three months ended March 31, 2015 and 2014, we did not record any provision for income taxes for these taxable REIT subsidiaries as we expect any income to be offset by available federal and state net operating loss carryforwards.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Certain prior year amounts have been reclassified to conform to current period presentation. In the second quarter of 2014, we reclassified a property from real estate held-for-sale to real estate owned when it was determined that a sale of the property would not take place, resulting in reclassifications of the property’s operating activity and related depreciation for all prior periods presented from discontinued operations to property operating income and property operating expenses.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Significant Accounting Policies</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">As of March 31, 2015, our significant accounting policies, which are detailed in our 2014 Annual Report, have not changed materially.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Recently Issued Accounting Pronouncements</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In April 2015, the Financial Accounting Standards Board (“FASB”) amended its guidance on the balance sheet presentation of debt issuance costs. The guidance is effective for the first quarter of 2016 and we do not expect it to have a material effect on our consolidated financial statements other than the balance sheet presentation of debt and other assets.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In February 2015, the FASB amended its guidance on the consolidation analysis of variable interest entities. The guidance is effective for the first quarter of 2016 and we are currently evaluating the impact it may have on our consolidated financial statements.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In January 2015, the FASB eliminated the concept of extraordinary items and thus the requirement to assess whether an event or transaction requires extraordinary classification on the financial statements. The guidance is effective for the first quarter of 2016. We early adopted this new guidance in the first quarter of 2015 and it did not have a material effect on our consolidated financial statements.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
535455471
-14668250
629880774
531280
89295905
-152483322
-17100916
550926202
-9334110
631568183
535937
89295905
-144038797
-17100916
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Note 12 — Equity</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Preferred Stock</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In February 2014, we completed an underwritten public offering of 900,000 shares of 8.50% Series C cumulative redeemable preferred stock with a liquidation preference of $25.00 per share, generating net proceeds of approximately $21.6 million after deducting the underwriting discount and other offering expenses.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Common Stock</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In February 2014, we 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 we may issue and sell through JMP up to 7,500,000 shares of our common stock. Sales of the shares are made by means of ordinary brokers’ transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices. During the first quarter of 2014, we sold 1,000,000 shares for net proceeds of $6.5 million. As of March 31, 2015, 6,500,000 shares are available for sale under this offering.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We used the net proceeds from our preferred and common offerings to make investments, to repurchase or pay liabilities and for general corporate purposes.</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">As of May 1, 2015, we have $330.4 million available under our $500.0 million shelf registration statement that was declared effective by the SEC in August 2013.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;">Distributions</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table presents dividends declared (on a per share basis) for the three months ended March 31, 2015:</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;">
<tr>
<td colspan="4" valign="bottom" style="width:35.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Common Stock</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="10" valign="bottom" style="width:60.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Preferred Stock</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td colspan="4" valign="bottom" style="width:35.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 26pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.30%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:40.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Dividend (1)</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:20.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Declaration Date</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Dividend</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Declaration Date</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Series A</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Series B</font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Series C</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:20.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.40%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:20.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">February 11, 2015</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.94%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.46%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.13
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:17.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">February 2, 2015</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">0.515625</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.22%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">0.484375</font></p>
</td>
<td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:09.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">0.53125</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:40pt;"><p style="width:40pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">The dividend declared on February 2, 2015 for the Series A, B and C preferred stock was for the period December 1, 2014 through February 28, 2015.</font></p></td></tr></table></div>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">Common Stock </font><font style="display: inline;font-size:10pt;color:#000000;"> — On April 29, 2015, the Board of Directors declared a cash dividend of $0.15 per share of common stock. The dividend is payable on June 1, 2015 to common stockholders of record as of the close of business on May 15, 2015.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">Preferred Stock</font><font style="display: inline;font-size:10pt;color:#000000;"> — On April 29, 2015, the Board of Directors declared a cash dividend of $0.515625 per share of 8.25% Series A preferred stock; a cash dividend of $0.484375 per share of 7.75% Series B preferred stock;</font><font style="display: inline;font-size:10pt;color:#000000;"> </font><font style="display: inline;font-size:10pt;color:#000000;">and a cash dividend of $0.53125 per share of 8.50% Series C preferred stock. These amounts reflect dividends from March 1, 2015 through May 31, 2015 and are payable on June 1, 2015 to preferred stockholders of record on May 15, 2015.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">Deferred Compensation</font>
</p>
<p style="margin:0pt;text-indent:27pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">In March 2015, we issued 328,400 shares of restricted common stock under the 2014 Omnibus Stock Incentive Plan (the “2014 Plan”) to certain employees of ours and our Manager, inclusive of 105,000 shares granted to our chief executive officer, Mr. Ivan Kaufman, with a total grant date fair value of $2.3 million and recorded $0.4 million to employee compensation and benefits and $0.4 million to selling and administrative expense in our consolidated statements of income. One third of the shares vested as of the date of grant, one third will vest in March 2016, and the remaining third will vest in March 2017. In March 2015, we also issued 63,000 shares of fully vested common stock to the independent members of the Board of Directors under the 2014 Plan and recorded $0.4 million to selling and administrative expense in our consolidated statements of income.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">During the first quarter of 2015, we also issued 74,294 shares of restricted common stock to Mr. Kaufman under his 2015 annual incentive agreement with a grant date fair value of $0.5 million and recorded $0.1 million to employee compensation and benefits in our consolidated statements of income. O</font><font style="display: inline;font-size:10pt;color:#000000;">ne quarter of the shares vest as of the date of grant and one quarter will vest on each of the first, second and third anniversaries of the date of grant. </font><font style="display: inline;font-size:10pt;color:#000000;"> Mr. Kaufman was also granted up to 445,765 performance-based restricted stock units that vest at the end of a four-year performance period based on the our achievement of certain total shareholder return objectives. The restricted stock units had a grant date fair value of $1.2 million and we recorded $0.1 million to employee compensation and benefits in our consolidated statements of income.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">As of March 31, 2015, unvested restricted stock consisted of 256,989 shares granted to our employees with a grant date fair value of $1.8 million and 203,002 shares granted to employees of our Manager with a grant date fair value of $1.4 million, which is subject to remeasurement each reporting period. Expense is recognized ratably over the vesting period in our consolidated statements of income in selling and administrative expense and employee compensation and benefits expense, respectively. During the three months ended March 31, 2015 and 2014, we recorded the ratable portion of the unvested restricted stock to employees as employee compensation and benefits for $0.1 million for both periods, and for non-employees to selling and administrative expense for $0.2 million and $0.1 million, respectively.</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Vesting of restricted shares is dependent on a service requirement. Dividends paid on restricted shares are recorded as dividends on shares of our common stock whether or not they are vested. For accounting purposes, we measure 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 ours 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="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">Warrants</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">In connection with a debt restructuring with Wachovia Bank in 2009, we issued Wachovia 1,000,000 warrants at an average strike price of $4.00 and an expiration date in July 2015. On July 1, 2014, we acquired and canceled all of the warrants in return for the payment of $2.6 million, recorded to additional paid in capital, which reflects a 5% discount to the prior day closing price of our common stock of $6.95.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">Accumulated Other Comprehensive Loss</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">At March 31, 2015, accumulated other comprehensive loss was $9.3 million and consisted of $8.7 million of net unrealized losses on derivatives designated as cash flow hedges, net deferred losses on terminated interest swaps of $1.0 million, less a $0.4 million unrealized gain related to available-for-sale securities. At December 31, 2014, accumulated other comprehensive loss was $14.7 million and consisted of $13.9 million of net unrealized losses on derivatives designated as cash flow hedges, net deferred losses on terminated interest swaps of $1.1 million, less a $0.3 million unrealized gain related to available-for-sale securities.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2015 and 2014 were as follows:</font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:45.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Three Months Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;"></font><font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">March 31,</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">2014</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:22.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Statement of Income Caption</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Net realized losses on derivatives designated as cash flow hedges:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:22.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Interest Rate Swaps</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,730,927
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,440,877
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">)</font></p>
</td>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Interest expense (1)</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Termination of Interest Rate Swaps</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,285,995
</td>
<td valign="bottom" style="width:02.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">)</font></p>
</td>
<td valign="bottom" style="width:01.30%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Loss on termination of swaps (1)</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Net realized gain on sale of available-for-sale investments:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">RMBS investment</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>431,476
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:22.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Other income (2)</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:9pt;"><p style="width:9pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">See Note 8 — “Derivative Financial Instruments” for additional details.</font></p></td></tr></table></div>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:9pt;"><p style="width:9pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> (2)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
<font style="display: inline;font-size:10pt;color:#000000;">See </font><font style="display: inline;font-size:10pt;color:#000000;">Note 4 — “Securities” for additional details.</font></p></td></tr></table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;color:#000000;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
1000000
465694
74294
63000
328400
105000
1692066
1687409
4657
7400000
2650767
2650767
17100916
17100916
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">A summary of loan modifications and extensions by asset class that we considered to be troubled debt restructurings during the three months ended March 31, 2015 and 2014 were as follows:</font>
</p>
<p style="margin:0pt;text-indent:18pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:16.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="11" valign="bottom" style="width:45.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three Months Ended March 31, 2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="11" valign="bottom" style="width:36.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three Months Ended March 31, 2014</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Asset Class</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Number</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">of Loans</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Original</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Balance</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Original</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Rate of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Interest</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Modified</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Balance</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Modified</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Weighted</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Average</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Rate of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Interest</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Number</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">of Loans</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Original</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Balance</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Original</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Weighted</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Average</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Rate of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Interest</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Modified</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Unpaid</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Principal</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Balance</font></p>
</td>
<td valign="bottom" style="width:01.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Modified</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Weighted</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Average</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Rate of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Interest</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Multifamily</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">1</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,192,666
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:06.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.93
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,192,666
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.93
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">%</font></p>
</td>
<td valign="bottom" style="width:06.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:04.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:04.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
<td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
478559163
2100000
387100762
88780401
578000
49752813
50832736
49336308
50544575